Feb
20
2009
Who is a First Time Buyer According to the IRS?
By Charles TurnerThe Obama’s stimulus package has altered the the First Time Buyer Credit to
be a true credit and not a loan that must be repaid. The two images here show
how the IRS defines who is and is not qualified to take the credit in 2008 and
are taken directly from IRS Form 5045
for 2008. IF YOU HAVE ANY QUESTION AS TO WHETHER OR NOT YOU DO OR WILL QUALIFY
ASK A TAX PROFESSIONAL. This post is not tax advice.
Helpful article. I just came across another two helpful articles on 2008 taxes.
http://www.recessioninfocenter.com/2008_tax_tips_for_recession.html
http://www.recessioninfocenter.com/Taxes_in_recession.html
[...] to a Realtor, accountant and mortgage broker. Talk to an accountant to verify that you qualify as a first time buyer (check the details). Talk to a mortgage broker and see how much you qualify for and decide if that [...]
[...] tax advice and have referred you directly to the IRS Form 9054 in my previous post regarding the tax credit. There are many forums where the advice given seems to counter the information on the IRS form. [...]