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horacegra...

M$1 January 29, 2009 06:57 PM

First time home buyer tax credit, how do I apply for one?

I heard that this was going to be in the economic stimulus plan. What are the specifics of this and how do I apply to get one.

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mritty

January 29, 2009 08:09 PM

You don't. You just claim it, the same way you claim any other credit on your income tax forms. Which means it's up to you (or your tax preparer) to make sure you qualify for it. Because if you don't, the IRS will audit you and you will have to pay it back in full with penalties and/or interest.

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nativenerd

January 29, 2009 07:03 PM

Here's some general info: http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html http://www.federalhousingtaxcredit.com/faq.php#3 "How do I claim the tax credit? Do I need to complete a form or application? Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests."

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