Wondering if the First-Time Homebuyer credit applies to you?
I’ve recently been asked some very good questions regarding the government’s First-Time Homebuyer credit. In both instances I’ve had to do some research on the IRS’s website in order to get reliable answers.
In one instance I was asked to figure out if a first-time homebuyer would still qualify for the credit if they were relying on co-signors to qualify for their mortgage who were not first-time homebuyers. The answer? Yes, the first-time homebuyer still qualifies.
In the other instance I was asked to see if a household would qualify for the credit if they bought a home in 2009 when their household income was less than $150,000 in 2008 but was expected to be greater than $150,000 in 2009 ($150,000 is the income threshold for spouses filing jointly at which the credit phases out). The answer? I am 95% sure they do qualify because the IRS will allow you to apply for the credit by amending your 2008 tax returns using the form 5405.
Do you have a question about whether or not you qualify for the credit? Here is the link to the IRS’s website regarding the first-time homebuyer credit.
Please leave a comment below if you would like to explain your unique circumstance.
Posted: July 16th, 2009 under First-Time Homebuyer.
Tags: 1st time homebuyer tax credit, 2009 first time homebuyer tax credit, first time homebuyer tax credit, rules for homebuyer tax credit, tax credit, unique scenario for tax credit