Welcome to the How To Center!
Here you will find tips and tools to help you file for tax credits on your new home.
- Click here to use the Homebuyer Savings Estimator tool
- Visit the Learn section to find out more about the homebuyer tax savings
- Click here to read the full text of the extended and expanded tax credit law
- Click here read new IRS rules released on January 15, 2010
- Purchase a qualifying home before 5/1/2010 and close before 7/1/2010
- You or your spouse must not have owned any other home within three years
- Your maximum eligible tax credit is up to $8,000 or 10% of the purchase price
- Use the home as your main residence for three years to avoid a tax recapture
- Purchase a qualifying home before 5/1/2010 and close before 7/1/2010
- Over the past 8 years, you owned a prior main home for 5 consecutive years
- Claim a tax credit up to $6,500, for purchase price up to $800,000
- Use the home as your main residence for three years to avoid a tax recapture
- Decide which tax year to claim the credit against
- Ensure that you meet the income limitations and all other requirements
- File using IRS Form 5405 by paper, along with the required documentation
- Consult your tax advisor for advice based on your specific circumstances
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