How Do I Apply For My $8000 Tax Credit??

By
Real Estate Agent with Coldwell Banker Woodland Schmidt - Hart, MI

CashHopefully by now, you already know everything there is to know about how to qualify for the Federal First Time Home Owner's Tax Credit.

But do you know HOW to apply for it?

The IRS has published Form 5405. The form was revised in February of 2009, and is usable for both the new $8000 tax credit, and the old $7500 tax credit.

This form is not only the application, but is also very specific as to what the eligibility requirements are.

Just click on the money bags for the form and all the details.

Some quick highlights of the program, in case this is the first time you've heard of it:

$7500 Tax Credit

  • For homes purchased between April 8, 2008 and December 31, 2008
  • Credit is a zero interest "loan" to be paid back over 15 years
  • Income limit of $75,000 if filing single or $150,000 if married filing jointly

$8000 Tax Credit

  • For homes purchased between January 1, 2009 and November 30, 2009
  • Credit DOES NOT have to be repaid
  • Income limit of $75,000 if filing single or $150,000 if married filing jointly

It is also important to note that the actual credit is limited to 10% of the purchase price of the home. For example, if you buy a $60,000 home, your credit is a maximum of $6,000.

KittyFor more money saving tips, and the latest updates, follow along with me at www.timwhitehomes.com.

 

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Topic:
Real Estate Sales and Marketing
Location:
Michigan Oceana County Hart
Groups:
Coldwell Banker Group
Greater GRAND RAPIDS, MI Real Estate
Kent County MI Real Estate
Realtors®
West Michigan Real Estate
Tags:
tax credit
first time home buyers
8000 credit
form 5405
irs

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Anonymous
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Rainmaker
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Jeff&Grace Safrin
SpousesSellingHousesTM
F.C.Tucker 1st Team Real Estate

Great Info for 1st time homebuyers Tim,

Love your twitter icons - where did you find them?

Sincerely,

Grace

 

March 28, 2009 11:01 AM
Rainer
19,981
Tim White
Coldwell Banker Woodland Schmidt - Hart, MI

Hi Grace! Thanks for the feedback. I got the blue one from twittersearch.com I think, and the red one from Eric Wong, a social media maven. You should be able to right click on them, and save them to your computer. Then upload them to photobucket, and use in your posts. They are both encouraged for use, since it drives Twitter traffic! If I can help with anything else, please let me know!

Tim

March 28, 2009 08:13 PM
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Rainer
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Tim White

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