Attention First Time Home Buyer!
Note that this information is outdated.
Just in case you haven't already heard, the first time homebuyer tax credit has been revised. This revision is posted on IRS.gov form 5405. This year, qualifying taxpayers who buy their first home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10% of the purchase price up to $8,000, or $4,000 for married individuals filing separately. The amount of the credit begins to phase out for taxpayers who's adjusted gross income is more than $75,000, $150,000 for joint filers.
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