If you’re one of the millions of Americans who have taken advantage of the First-Time Homebuyer Tax Credit, now is actually the time (read: tax season) to see your credit come to life. Claiming the credit is simple.

1. Complete IRS Form 5405 to determine your credit amount. Download one at http://www.irs.gov/pub/irs-pdf/f5405.pdf (Note that although the form is titled “First-Time Homebuyer Tax Credit” it is the correct form for both the $8,000 first-time buyer credit and the $6,500 repeat buyer credit.)

2. Claim your credit amount on line 67 of the 1040 income tax form for 2009 returns.

3. Buyers must also attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.

Got Questions?

On the Web
• www.federalhousingtaxcredit.com
• www.irs.gov

On Twitter
• www.twitter.com/FTHBtaxcredit

On Facebook
• www.facebook.com/federalhomebuyertaxcredit

(c) CTW Features