Building Family Dreams, One Home At A Time
Am I eligible to claim the $8000 tax credit?The credit is available for any "first-time home buyer". The law
defines "first-time home buyer" as a buyer who has not owned a
principal residence during the three-year period prior to the
purchase. For married taxpayers, the law tests the homeownership
history of both the home buyer and his or her spouse.
How long do I have to take advantage of this opportunity?
To qualify for the tax credit, a home purchase must occur on or
after January 1, 2009 and before December 1, 2009. For the purposes
of the tax credit, the purchase date is the date when closing occurs
and the title to the property transfers to the home owner.
How do I claim my tax credit, is it difficult?Participating in the tax credit program is easy. You claim the tax
credit on your federal income tax return. Specifically, home buyers
should complete IRS Form 5405 to determine their tax credit
amount, and then claim this amount on Line 69 of their 1040
income tax return. No other applications or forms are required, and
no pre-approval is necessary!
Complete details regarding the $8,000 Tax Credit can be found at www.FederalHousingTaxCredit.com and the IRS Website. We recommend that you visit those websites for complete details regarding receiving your tax credit.
Scott Custom Homes does not counsel on any personal income tax matters or issues. The information on this website is provided for broad direction only and does not represent tax or legal advice (either express or implied). The above information is not a representation or guarantee of loan qualification, affordability of home ownership, entitlement of a federal tax credit, state tax credit or any other tax benefits of homeownership. Because individual tax and financial circumstances vary, we advise you consult with your accountant, attorney or other professional advisor regarding the tax credit and how it will affect the purchase of your new home.
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Builder reserves the right, without prior notification, to adjust prices, specifications, features, and elevations.
All square footage numbers are approximate and may vary in production.