bentleyWIRE | blogged

Here's the Cliff Note version of the passed first-time homeowner tax credit as detailed at MortgageNewsDaily.com.

• Credit available to first-time homeowner defined as one who has not owned a home for the 36 mos prior to the new home purchase.
• Home must be purchased in 2009 before 12/1/09.
• Credit can be claimed either on '08 or '09.
• Credit equals 10% of purch price up to max $8k total.
• No repayment req'd unless homeowner sells home before 36 mos or if home ceases to be principal residence within that timeframe.
• Available to taxpayers w/ AGIs up to $75k or $150k for married taxpayers filing jointly. Credit is phased out above these limits.

Here's the IRS Form 5405 First-Time Homebuyer Credit form to claim your bounty.  Go wild!