How to Claim Your First Time Home Buyers Tax Credit

2009 was a very good year for the 1st Time Home Buyer.  Many of you out there purchased a home and now qualify for the 1st Time Home Buyer Tax Credit worth up to $8000, but how do you get it.  My first suggestion is to have you taxes done by a professional but for those of you who still enjoy filing your taxes yourself here is the process you will need to complete:

1. First begin Form 1040.
2. Be sure to take note of your adjusted gross income, which you enter on lines 37 of the form. Form 5405 actually requires you to note your modified adjusted gross income, but that affects few people, so most will just use their adjusted gross income.
3. When you come to Line 69 you’ll be asked to enter your tax credit amount. To do that, you’ll need to first complete Form 5405.
4. Once you complete Form 5405, enter the amount on Line 69, then complete your return.
5. Attach Form 5405 to your return.

IRS Form 5405 can be found by CLICKING HERE!

*Please note that this form can only be used for homes that were purchased before November 7th, 2009.  The new form for purchases between November 7th, 2009 and June 30th, 2010 will not be available until December 2009.  The Kunselman Team will post the form here when it becomes available.