$8000 First Time Homebuyer Credit
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hiThere has been a lot of talk recently about the $8000 first time home buyer credit. It’s really a fantastic incentive – a gift really – if you are buying a home now. In fact, if you have already bought a home (after April 8, 2008) you can file (or modify) your 2008 federal tax return in order to claim the credit.
You Qualify for the credit IF you haven’t owned any other property for the last 3 years.
Here’s a link to the actual First Time Home Buyer Credit IRS form 5405. Use the form to claim the first-time homebuyer credit. The credit may give you a refund even if you do not owe any tax. For homes purchased in 2008, the credit operates much like an interest-free loan. You generally must repay it over a 15-year period. For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. (See Repayment of Credit on page 2 of the form)
