[hutington]

Hi,

I work in US on H1-B visa. Live with wife and two kids. All are resident aliens for tax purposes. Our income is below 150K/annum. We purchased a home a few weeks back. We are first-time home owners. My questions

1. Are we eligible for the first-time home owner’s tax credit?
2. If yes, how this can be claimed ?

Thanks & Regards

[AtlantaTaxExpert]

1) Yes, for the amount of $8,000.

2) By filing Form 5405 with your 2009 tax return.

[hutington]

Thanks ATE! I will contact you at that time !

[MukatA]

Taxpayers will claim the credit on IRS Form 5405, First-Time Homebuyer Credit. You claim the first-time homebuyer credit on amended 2008 return or on your 2009 return. If you are claiming the credit on the amended tax return Form 1040X, then enter the credit on line 15 of Form 1040-X and enter "Form 5405" in the white space at the end of line 15, and attach the Form 5405.
Your U.S. Tax Return: First-Time Homebuyer Credit