Category:First-time homebuyer credit

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search


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 1, see Sec. 1006 (in Division B, Title I) of the act - page 316 of the pdf: 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:

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

Pages in category "First-time homebuyer credit"

The following 65 pages are in this category, out of 65 total.



D cont.

D cont.





Personal tools