First Time Homebuyer's Tax Credit Forms Now Available

IRSIf you were a first time homebuyer in 2009 then you want to make sure you read the IRS Rules for 2009 First Time Homebuyers Tax Credit

Then you will want to download and prepare or take to your account who prepares your taxes the 2009 the new IRS 5405 form for claiming your portion of the tax credit.

Many first time homebuyers are under the impression that they are automatically qualified for the full $8000 credit. The credit is for 10% of the qualifying home purchase so a $300,000 home has a potential tax credit value of $3000. For Virginia buyers the VHDA First Time Homebuyers Plus loan is one to consider. Two of my buyers used the program this year to be able to help with their downpayment.

It isn’t to late to take advantage of the extension to the tax credit. You have until April 30, 2010 to have your new home under contract and you need to close by July 1, 2010 in order to qualify.

If you are active duty military or foreign service and were stationed outside the US for over 3 months in 2009 you have an extension until November 1, 2010 to take advantage of the tax credit.

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