Highlights of 2008 Tax Law Changes
Self-Employment Tax Changes ....More
Highlights of 2008 Tax Law Changes
Exemptions Rise ....More
Highlights of 2008 Tax Law Changes
Standard Mileage Rates Adjusted for 2008 ....More
Highlights of 2008 Tax Law Changes
First-Time Homebuyer Credit ....More
Highlights of 2008 Tax Law Changes
Standard Deduction Increased for Most Taxpayers ....More
Highlights of 2008 Tax Law Changes
Expiring Tax Breaks Renewed ....More
Highlights of 2008 Tax Law Changes
Economic Stimulus Payments Tax Free ....More
First-Time Homebuyer Credit Information
Congress recently approved a tax credit for first-time homebuyers that can be worth up to $7,500. The credit, however, acts more like a no-interest loan because it must be repaid to the government over 15 years.
The First-Time Homebuyer Credit can be claimed on Form 5405, which is filed with your 2008 or 2009 federal tax return.
IRS Notice 2009-12 has instructions for non-married persons who co-own a house and want to take the credit. ....More
Next >>>
|
