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Tax Credit

Homebuyer tax credit: new 5405 form released today

January 15, 2010

The IRS has finally released a new Form 5405, the form that is required to claim the homebuyer tax credit. You can download the new form here. Because the original tax credit had been amended and expanded, the form had to be updated to reflect the changes, and as a result, people who purchased a [...]

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Update on using the $8,000 tax credit as a down payment

May 14, 2009

Yesterday, it was announced that the Federal Housing Administration was going to allow homebuyers to use the $8,000 first-time home buyer’s tax credit as part of a down payment through a short-term bridge loan. Almost as quickly as it was announced, however, the Office of Management and Budget placed at least a temporary hold on [...]

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Can the $8000 First Time Home Buyer’s Tax Credit be used for a down payment?

May 12, 2009

Update: this program has been at least temporarily put on hold. Read here. No one could definitely give an answer to that question – until today! This morning the secretary of U.S. Department of Housing and Urban Development, Shawn Donovan, announced that FHA lenders will allow buyers to use the $8,000 tax credit towards the [...]

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A brief explanation of the $8,000 First Time Home Buyer’s Tax Credit

March 31, 2009

Jeremy explains the First Time Home Buyer’s Tax Credit in plain English, including important information on the deadlines you must meet to claim the credit: We have a lot more information on the First Time Home Buyer’s Tax Credit here at SpringsHomeBlog – see posts tagged “tax credit“. If you have any question we haven’t [...]

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More notes on the Federal Housing Tax Credit

March 16, 2009

There’s still a lot of questions about the $8,000 first-time home buyer’s tax credit this year, so I thought I’d review some of the questions and misinformation I’ve been hearing. The $8,000 tax credit is available if you purchase a home between January 1st and December 1st, 2009. This means that you must close on [...]

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How to claim the first time home buyers’ tax credit

February 27, 2009

If you’re buying a home this year and qualify to use the Federal Housing Tax Credit, you just need to file the new IRS Form 5405 along with your 1040. I contacted TurboTax to find out what to do if you want to use their software to prepare and e-file your taxes. They told me [...]

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Federal Housing Tax Credit: Common questions answered

February 17, 2009

The President signed the economic stimulus package just now in our own capital city of Denver. Only time will tell if it will be of long-term effect on the overall economy, but there’s hope that the Federal Housing Tax Credit, in combination with the great values in real estate right now, will pump some life [...]

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