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Irs Form 5405

Recently, Congress announced that Americans who purchased their first homes this year would receive a tax credit of either $7,500 or $8,000 for stimulating the economy through real estate. Taxpayers who wish to claim this credit are required to file the IRS Form 5405. The same form is used for both credits and can help the filer determine his or her credit amount. However, those taxpayers who earn either $75,000 annually as an individual or $150,000 for a couple do not qualify for the credit.

Fast Facts

  • Homes that are inherited as a gift from someone else or that are purchased from a relative are ineligible for the tax credit. Also, those homes, which are sold or cease to be the primary residence of the taxpayer are ineligible.
  • Non-resident aliens are not able to claim the $7,500 or $8,000 credit.

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