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First-Time Home Buyer Tax Credit
Friday, Nov 20, 2009
Question: I am in the process of buying my first home. I am purchasing it from the estate of my father's aunt who passed away. My grandmother is the executor of the estate. Will I be eligible for the first time home buyers credit?
Answer: The First-Time Home Buyer Tax Credit is a program available in 2008, 2009, and through June 30, 2010 for first-time home buyers. A first-time home buyer is defined as someone who has not owned a principal residence in the last three years. For married people, if either spouse owned a home in the last three years, both are considered to be recent homeowners, and hence do not qualify. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a
first-time buyer.
The First-Time Home Buyer Tax Credit :
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible
The First-Time Home Buyer Tax Credit :
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible
taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed using Form 5405, which you file with your original or amended tax return.
If get a free, online mortgage quotes, visit the Bills.com Free Mortgage Quote page.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
The credit is claimed using Form 5405, which you file with your original or amended tax return.
If get a free, online mortgage quotes, visit the Bills.com Free Mortgage Quote page.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
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