If so, first of all congratulations! Secondly, IRS has a new form for reporting the transaction, Form 5405, which can be found under “Forms and Publications” at www.IRS.gov. Avoid extra hassle by using the right form.
If you qualify as a first-time buyer but haven’t taken the plunge yet, remember time is running out and we’re not going to see many $8,000 gifts coming from a federal government that is burdened by so much debt. Contracts need to be fully executed by the end of April in order to get the credit. If your tax liability is less than $8,000, you will get a check for the difference.
For those on the fence post about whether or not to buy, perhaps talking to a mortgage loan professional will help you with your decision. By clicking on “Financing” at the top of this page, then on “Contact our Home Mortgage Consultants”, you can get a great deal of help determining your financial qualifications at no cost to you. Let us know if we can help with the process!
