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 […]
Tax Credit
Update on using the $8,000 tax credit as a down payment
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 […]
Can the $8000 First Time Home Buyer’s Tax Credit be used for a down payment?
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 […]
How to claim the first time home buyers’ tax credit
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 […]
Federal Housing Tax Credit: Common questions answered
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 […]
