Wondering if the First-Time Homebuyer credit applies to you?

I’ve recently been asked some very good questions regarding the government’s First-Time Homebuyer credit.  In both instances I’ve had to do some research on the IRS’s website in order to get reliable answers.

In one instance I was asked to figure out if a first-time homebuyer would still qualify for the credit if they were relying on co-signors to qualify for their mortgage who were not first-time homebuyers.  The answer? Yes, the first-time homebuyer still qualifies.

In the other instance I was asked to see if a household would qualify for the credit if they bought a home in 2009 when their household income was less than $150,000 in 2008 but was expected to be greater than $150,000 in 2009 ($150,000 is the income threshold for spouses filing jointly at which the credit phases out).  The answer? I am 95% sure they do qualify because the IRS will allow you to apply for the credit by amending your 2008 tax returns using the form 5405.

Do you have a question about whether or not you qualify for the credit?  Here is the link to the IRS’s website regarding the first-time homebuyer credit.

Please leave a comment below if you would like to explain your unique circumstance.