Welcome to Diamond Homes Real Estate Inc., your source for Scott, Clark, Jefferson, Washington, Floyd, Jefferson and Jackson County Real Estate. FIRST TIME HOME-BUYER TAX CREDIT Purpose of Form Use Form 5405 to claim the first-time homebuyer credit. The credit may give you a refund even if you do not owe any tax. For homes purchased in 2008, the credit operates much like an interest-free loan. You generally must repay it over a 15-year period. For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. See Repayment of Credit on page 2 or for 5405 You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase. Example ( You bought your new home in March 2009 You can not have own a home after March 2006.)If you constructed your main home, you are treated as having purchased it on the date you first occupied it. Main home. Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. You cannot claim the credit if any of the following apply. 2. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any tax year.This rule does not apply for a home purchased in 2009. 3. Your home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a home purchased in 2009. 4. You are a nonresident alien. 5. Your home is located outside the United States. 6. You sell the home, or it ceases to be your main home, before the end of 2008. 7. You acquired your home by gift or inheritance. 8. You acquired your home from a related person. A related person includes: A partnership in which you directly or indirectly own more than 50% of the capital interest or profits CALL TODAY FOR MORE INFORMATION ON HOW TO GET YOUR TAX CREDIT. IT'S ALMOST LIKE GETTING FREE MONEY!!!!!!!!!!!! |