Question by greatmom: I was looking for details about first time home owners 8000 dollars stimulus pay?
I am a first time home owner i was looking for a 8000 dollar stimulus money that the government is giving away.
Best answer:
Answer by Heather
$ 8,000 Home Buyer Tax Credit at a GlanceThe tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.The tax credit does not have to be repaid.The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $ 8,000.The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.Single taxpayers with incomes up to $ 75,000 and married couples with incomes up to $ 150,000 qualify for the full tax credit.How do I claim the tax credit? Do I need to complete a form or application?Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
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