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Useful Resources

There is confusion concerning The 2009 Stimulus Bill which

provides first time home buyers a refundable credit (rebate) up to 10%

of the purchase price or $8,000 whichever is lower. This credit does

not have to be repaid if you live in the home for three years.

For most buyers, it is advantageous to amend the 2008 return and

file Form 5405 to receive the refund in 10-12 weeks. The credit is

refundable even if buyers did not have taxable income. First time

buyers are individuals who have not owned a home in three years.

The credit can be taken on the 2008 or 2009 federal tax return