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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