First-Time Homebuyer Tax Form

Here's the link to the 2009 first-time homebuyer credit. It was revised in February 2009 to include up to $8,000 credit: http://www.irs.treas.gov/pub/irs-pdf/f5405.pdf.

To be eligible:

• The home must have be purchased after April 8, 2008 and before December 1, 2009.
• Purchaser of home (and spouse, if married) didn't own any other main home during the three-year period ending on the date of the purchase.
• The maximum credit is $7,500, or $8,000 if home is purchased in 2009, or 10% of the purchase price, whichever is smaller.
• For homes purchased in 2008, the credit operates like an interest-free loan. It must be repayed over a 15-year period.
• For homes purchased in 2009, the credit doesn't have to be repaid if homebuyer remains the main home for 36 months after the purchase date.
• If the purchaser buys home this year and qualifies for the credit, homebuyer can claim it in 2008 or 2009.
• If adjusted income is, with certain modifications, $75,000 up to $95,000, or $150,000 up to $170,000 if married and filing jointly, a fraction of the credit can be taken. Income above these levels is not eligible for this credit.
• The credit can't be taken if the home was purchased from a related person, such as spouse or parents.