To qualify for the home buyer tax credit, you must have an accepted offer on a home by April 30, 2010 and you must close on the home by June 30, 2010.
The first time homebuyer tax credit amount is 10 percent of the purchase price of the home, with a maximum available credit of $8,000.
To apply for the credit IRS Form 5405 is filed with your federal income tax return.
Detailed information on the home buyer tax credit can be found on the IRS website page: First-Time Homebuyer Credit Questions and Answers: Basic Information.
*This is for informational purposes only and is not intended as legal or professional advice. Consult a professional attorney or accountant for advice and questions on filing your tax return.
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