Category:First-time homebuyer credit
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First time home buyer credits (2008 and 2009)
This is a collection of the various articles and discussions to date (at the bottom of the page) about the first-time home buyer credits in HR 3221 (2008), HR 1 (Feb 2009), HR 3548 (Nov 2009), and HR 5623 (2010) along with related links.
- For HR 3221, see Sec. 3011 (in Division C, Title I, Subtitle B) of the act - page 236 of the pdf: Legislative Text, and page 28 of the Technical Explanation
- For HR 1, see Sec. 1006 (in Division B, Title I) of the act - page 316 of the pdf: Legislative text
- For HR 3548, see Sec. 11 and 12 of the act: Legislative Text
- For HR 5623, see Sec. 2 of the act: HR 5623 Legislative Text
- For a mashup of the four bills, please see Sec. 36.
- For all: Notice 2009-12 - Allocation of the FTHB credit between taxpayers who are not married
Form and Instructions / IRS Info
As revised Dec 2009 and July 2010: Form 5405, Instructions
Prior version, as released by IRS 2/21/09: Form 5405 (2008)
Other IRS info:
- IRS Basic FAQ, 2009 FAQ, and more FAQ (scenarios).
- Modification of the form instructions with regard to HUD-1 signatures: HUD-1: local law prevails.
- INFO 2010-0018 - no FTHB credit if you inherited a partial interest in a home and buy the remaining interests from siblings
Tax court case: Packard v Commissioner (one spouse FT, other LT)
Excerpting DaveFogel's 11/6/12 post here:
11/5/12: In Packard v. Commissioner, 139 T.C. No. 15 (2012), the husband qualified as a first-time homebuyer, and the wife qualified as a long-time resident. The Court ruled that the intent of IRC §36(c)(6) was to provide an exception to the first-time homebuyer, and thus, the fact that the husband didn’t also qualify as a long-time resident didn’t matter. The taxpayers were entitled to the $6,500 credit that they claimed.
This contradicts the long-held IRS position (in their PLRs/Info letters and their FAQs), so an IRS appeal is expected. See more info in the linked discussion.
Specific common questions
- Electing to take the credit for a 2009 purchase on the 2008 tax return - see New homebuyer "credit" - $8000 vs $7500; also see IRS guidance for various options for amending 2008 to take a 2009 credit: amend 08 (IRS)
- How marital status on the date of purchase affects eligibility - 'first time home buyer', particularly certain posts on Aug 5 and Aug 6, and First Time Home Buyer Tax Credit, particularly certain posts on Feb 17 and Feb 22, also IRS FAQ
- Allocating the credit between unmarried buyers - see Notice 2009-12 and also 1st time home buyer? (Couple not yet married), and several of the conversations within First Time Home Buyer Tax Credit
- Mobile home owners - See Publication 530 for definition of "main home" and also First-time Homebuyer's Tax Credit (owned mobile home), which itself links to First time home buyer credit for mobile home owners, and then one or two posts from Feb 21/22 in 'first time home buyer'
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Pages in category "First-time homebuyer credit"
The following 65 pages are in this category, out of 65 total.
