Welcome to the How To Center!

Here you will find tips and tools to help you file for tax credits on your new home.

How To: Estimate your tax savings for buying a new home

  • Click here to use the Homebuyer Savings Estimator tool
  • Visit the Learn section to find out more about the homebuyer tax savings
  • Click here to read the full text of the extended and expanded tax credit law
  • Click here read new IRS rules released on January 15, 2010

How To: Qualify for the first-time homebuyer tax credit

  • Purchase a qualifying home before 5/1/2010 and close before 7/1/2010
  • You or your spouse must not have owned any other home within three years
  • Your maximum eligible tax credit is up to $8,000 or 10% of the purchase price
  • Use the home as your main residence for three years to avoid a tax recapture

How To: Qualify for the long-time homeowner tax credit

  • Purchase a qualifying home before 5/1/2010 and close before 7/1/2010
  • Over the past 8 years, you owned a prior main home for 5 consecutive years
  • Claim a tax credit up to $6,500, for purchase price up to $800,000
  • Use the home as your main residence for three years to avoid a tax recapture

How To: Claim the First-Time Homebuyer Tax Credit

  • Decide which tax year to claim the credit against
  • Ensure that you meet the income limitations and all other requirements
  • File using IRS Form 5405 by paper, along with the required documentation
  • Consult your tax advisor for advice based on your specific circumstances
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The information contained herein is drawn from sources that are believed to be reliable, but it cannot be guaranteed as to completeness or accuracy. The content is not intended to be, and should not be relied upon as, tax, legal, or financial planning advice. Consult your tax advisor for specific advice.

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