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    sdamenon's Avatar
    sdamenon Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 6, 2009, 12:26 PM
    Tax form and credit
    Hi
    I have been on H1B visa since nov 2007 and my wife on H4 (has ITIN from last year).
    I bought a house on 30July 2008. What is my status in US and which form should I file (1040a, 1040).
    Am I eligible for $7500 1st time homebuyer credit?
    Or will it be better for me to file a standard deduction and not itemize?

    Advise how to go about it. Thanks a lot
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 11, 2009, 02:33 PM
    File Form 1040 with Form 5405 for the First-Time Home Buyer Credit.

    You will get the standard deduction most likely. It depends on whether your itemized deductions exceeds the $10,900 joint standard deduction.
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