IRS Tax Helper

Good news from the Internal Revenue Service: the IRS is now giving a Tax Credit for those first-time homebuyers as it is included in the recently enacted House and Economic Recovery Act of 2008.
If you are one of those first-time homebuyers, then you better not think twice anymore. Do not let this great opportunity to pass by just like that. It is available for a limited time only, so you better start planning now.
This Tax Credit only applies to home purchases made between April 9th of this year and June 30th of the following year. It functions similarly like an interest-free loan: the Tax Credit for first-time homebuyers is repayable for 15 years.
True enough, this is a wonderful chance for first-time homebuyers. However, not every one of us is entitled to this very rare, yet great offer.
For obvious reasons, said tax credit is basically eliminated for higher-income taxpayers. These include joint filers, whose modified adjusted gross income (MAGI) is $170,000 and up, plus those other taxpayers with a MAGI of $95,000 and above.
Those who can be qualified creditors are couples only, who are married and are filing a joint return with a MAGI of $150,000 or less. The tax credit is also available for other taxpayers, as long as their MAGI amount to $75,000 or less.
Now not because you bought a house means you can immediately take advantage of the credit. Only those who purchased main houses after April 8, 2008 and not later than June 30, 2009 are considered eligible. Additionally, only main houses are qualified. Vacation homes and rental properties are exempted from the tax credit.
Meanwhile, entitled taxpayers can claim the tax credit on the new IRS Form 5405. This form will be included in 2008 tax forms and instructions, which will later be available online.
For more guidelines on who can take the credit or not, you can visit IRS.gov, the official site of IRS.