Tag Archives: First-time Home Buyer

Line C Form 5405

Today TaxMama hears from Seth in the TaxQuips forum, with this question. “The instructions for line C in Part 1 of Form 5405 (Rev. December 2009) are confusing to me. It states “If the date purchased is after April 30, 2010, and before July 1, 2010, did you enter into a binding contract before May […]

Garage or Home

Today TaxMama hears from Carole in Washington State who tells us. “My brother, a 1st time real estate buyer, is considering the purchase of a property with a garage/shop on it (not a house). Would this purchase qualify for the $8,000.00 1st time buyer tax credit?”

Husband co-signed

Today TaxMama hears from Nancy in Florida with this problem. “I am a first time home buyer. My husband co-signed for someone 4 years ago. That house was never his primary residence. We can prove it with lease papers from our apartment. My house mortgage is only on my name. My husband is in the […]

Manufactured Home

Today TaxMama hears from Larry in Texas with an interesting question. “My son and his wife purchased a manufactured home this year that is located on land in my name. Would they qualify as a ‘’first-time home buyer’’ in the 2009 program?”

How to Waste First Time Homebuyers Credit

Today TaxMama hears from Kevin in Ohio who wants proof. “I want to buy my first home before December 1, 2009, but not move into it until April 2010. Do I actually have to be living in it by November 30, 2009 to qualify for the First-Time Homebuyers Credit? Is there some written proof? I […]

Fiance Wants to Buy Her House

Today TaxMama hears from Margot in Tennessee, who tells us, “My daughter’s fiance would like to buy her house from her to benefit from the $8,000 tax credit for first time home buyers. They are wondering now if he could qualify for this benefit. He has good credit and is a first time home buyer. […]

1st Time Homebuyer Credit Allocation For Unrelated Co-Owners

by David & Mary Mellem, EAs Overview ­ The 1st Time Homebuyer Credit was created in 2008. Basiically it allows a refundable credit of 10% of the cost of a principal residence, up to a maximum credit of $7,500 ($3,750 for MFS). The credit is reported on the Form 1040, line 69. (The credit is […]