| The government has introduced several measures | | | | must be purchased between January 1, 2009 and April |
| that seek to bolster a flagging housing market. One, | | | | 1, 2010 and can't be valued at over $800,000. |
| the First Time Homebuyers' Tax Credit, does exactly | | | | The First Time Home Buyer's credit is worth up to |
| what you'd expect: provides a tax incentive to those | | | | $8,000 so filling out the 5045 form correctly is vital: it |
| purchasing a house for the first time. Like anything | | | | never hurts to double or triple-check for accuracy. |
| government-related, however, there's paperwork | | | | Luckily, most of the information on the 5045 form can |
| involved: the 5045 form. | | | | be found elsewhere, so as far as government |
| Before you actually file the 5045 form, you should | | | | paperwork goes, it is fairly low-stress: essentially, you |
| make sure you're actually eligible for the First Time | | | | will need to know your reported income and the value |
| Home Buyer's Credit. Qualified applicants must be 18 or | | | | of your house. |
| older, and neither they nor their spouse can have ever | | | | Take heed: the IRS has announced on its website that |
| purchased a house. If filing singly, the applicant can't | | | | a new version of the 5045 form is expected by |
| have an income of greater than $75,000 (if the house | | | | January 10, 2010. Before you begin filling out this form, |
| was purchased before November 6th, 2009) or | | | | be sure you're using the correct version and following |
| $125,000 (if the house was purchased after November | | | | the correct rules and regulations to ensure you receive |
| 6th). For applicants filing jointly, the income limits are | | | | the full First Time Homebuyers' Tax Credit. |
| $150,000 and $225,000 respectively. The house itself | | | | |