Home Buyer Tax Credit/ Criteria & IRS Form 5405…

The newly revised tax credit, in non-repayable form,  gives couples up to an $8,000, or  $4,000 each if filed separately, or 10% of purchase price, which ever is less. Please find below links to the press release issued by the Department of Treasury, and the IRS Form 5405.

We advise you to read thoroughly both the press release, and the General Information section included with the form.  We further advise you to seek professional advice from a credible tax professional. When speaking with a tax professional, ask alot of questions.

Read the Department of the Treasury press release… here.
Download a copy of the IRS Form 5405… here.

Additionally, here’s an article written by Jonathan Lansner at the OC Register where he offers up a short summary on the criteria to qualify. Please keep in mind that, as far as we know, Mr. Lansner is not a qualified tax professional. However, the information provided in his article should wet your whistle on several things to cover with your chosen tax guy or gal.

Read Lansner’s article… here.