What is the Credit?

The first time homebuyers tax credit can provide an excellent opportunity for new home buyers.

You could receive as much as an $8,000.00 tax credit if you qualify and if you purchased a new principal residence between January 1^st, 2009 and December 1^st, 2009. 
If you missed out on the first time homebuyers tax credit you can file an amended return using tax form 1040X to try to claim your tax credit through TurboTax Online.

How Do I Qualify?

You are eligible for this credit if you meet the following criteria:

• You have not owned a principal residence in the three years prior to claiming the credit.
• The home purchased cannot be a vacation or rental purchase.
• The home must be considered your primary residence.
• The credit is available for individuals making less than $75,000.00 per year and couples making less than $150,000.00 per year.
• The purchase of the home must be complete before claiming the credit.

How Do I Claim this Credit?

If the purchase of your home is complete by December 1^st, 2009 then you will claim this credit on Form 5405. This is a form that you will attach with your 1040 filing Form.

Do I Have To Repay This Credit?

Unlike in previous years, you will not have to repay this credit. This is an expansion of the previous first time homebuyers tax credit that was offered as a part of The American Recovery and Reinvestment Act of 2009.

You generally have three years to file a tax return. for more information about the first time homebuyers tax credit you can visit the overview provided by the IRS.
To claim your first time homebuyers tax credit, visit TurboTax Online.