The Form For The First Time Homebuyers Tax Credit

by Tyler Osby on April 2, 2009

The First Time Home Buyer Tax Credit Form

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 (a.k.a. the First-Time Homebuyer Credit Form).

I’m sure you’re not surprised to learn that this simple 10-field form is accompanied by 3 pages of instructions.  Fantastic.  It wouldn’t be a government form without it.

Truth Be Told

Honestly, the Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit.

For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.

In addition, Form 5405 highlights the math behind the tax credit.  In general, the First-Time Homebuyer Credit is equal to the lesser of:

  • $8,000 for homes bought in 2009
  • 10 percent of the home’s purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.

Form 5405 is a comprehensive reference.  However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances.  There is no substitute for professional, paid advice.  If you need a recommendation, I would be happy to help make one!

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