Florida Real Estate Blog

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.  Suggest you go to the following Home Builders link below it has all the info you need.

http://www.federalhousingtaxcredit.com/2009/faq.php

How can you not love our Government? Every time they attempt to do something to help the people they show just how inept they really are. So here we go again.

$8,000 first time home buyer credit. Sounds great and this time (unlike the $7,500 of last year) you don’t have to pay it back. But the devil is in the details. To qualify for this you cannot have owned a home in the past three years. Well that’s not entirely correct. You see in this new economy of ours we are neutral on all things that our founding fathers held dear. I.E. Marriage. In the details of this package a couple (not married but living together) can purchase a home and qualify for the $8,000 credit even if one of them has owned a home in the last 3 years. Where as a Married couple that has owned a property cannot qualify for even half of the credit. So the lesson to be learned from this is “Parents don’t let your kids grow up to be married”. In this case you are treated as a 2^nd class citizen and it cost you $8,000. Oh yes that’s right our new government as our President said during the campaign will decide how much you really need and what did Joe say, Oh yeah it is patriotic to give. I just don’t understand how a married couple making $50,000 has any more money to give than an unmarried couple making the same amount and living together has. Could someone explain this to me?