Homebuyer Tax Credit
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on November 6, 2009 extends and expands the first-time homebuyer credit allowed by previous Acts.  The new law:    Extends deadlines for purchasing and closing on a home.     Authorizes the credit for long-time homeowners buying a replacement principal residence.     Raises income limitations for homeowners claiming the credit. Detailed information can be found at IRS Website FTHB Credit Details For a review of questions and answers go to FTHB Credit FAQs After closing claim the credit using Form 5405, which must be filed along with the Amended Income Tax Return Form 1040X

Page Last Reviewed or Updated: November 6, 2009