| The First Time Homebuyers' Tax Credit is a | | | | your spouse can have ever owned a home before. |
| government measure to strengthen a crumbling | | | | While the size of the credit is proportional to the value |
| housing market. In order to be eligible, you have to | | | | of the house, that value can not exceed $800,000. |
| purchase, or have had purchased, your first primary | | | | Form 5045 is fairly simple and straightforward; Most of |
| residence between January 1, 2009 and April 1, 2010. In | | | | the information on this form will come from other |
| order to actually apply for this new tax credit, you | | | | forms you are using. However, as is always the case |
| have to file form 5045: the First Time Home Buyer | | | | in tax preparation, accuracy is critical, so double and |
| credit form. | | | | triple-check all of the numbers. |
| Beyond the actual purchase of the home, there are a | | | | Form 5045 requires that you know your income and |
| few other stipulations for those considering filing form | | | | the price of your home: frankly, if you are unable to |
| 5045. For houses purchased before November 6, | | | | find those two pieces of information, you have financial |
| 2009 you are ineligible if your singly filed income is | | | | difficulties that likely will not be cured by the First Time |
| above $75,000 or your jointly filed income is above | | | | Homebuyers' Tax Credit. Take note: The IRS expects |
| $150,000. For houses purchased after November 6, | | | | to post a new version of form 5045 on its official |
| 2009, you are ineligible if your singly filed income is | | | | website by January 10, 2010. Be sure you are using the |
| above $125,000 or your jointly filed income is above | | | | correct form and the proper instructions to receive the |
| $225,000. You must be 18 or older, and neither you nor | | | | maximum home credit. |