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Q: How do I find out if I qualify for the home buyers tax credit?  | See Question Detail

I just bought another house. I owned my one I just sold since 1997. I paid cash for it when I bought it but I took out a mortgage on it in 2002. Will I qualify for the tax credit? And how do I get information on it?

Submitted by srburton34 on March 12, 2010 at 8:00PM

A: Homebuyers Credit  | See Full Answer

Hello! To determine if you are eligible, look back 3 years from the date of purchase of the new home. If you owned a home and lived in it for 5 consecutive years as your principal residence during that period, you may be eligible. You must close the purchase by April 30, 2010 or have a contract signed by April 30,2010 and close on the purchase before July 1, 2010. No credit is available if you have adjusted gross income of at least $145,000 ($245,000 MFJ). The credit phases-out beginning at $125,000 adjusted gross income ($225,000 MFJ). The maximum price of the new home is $800,000—there’s no phase-out. It is all or nothing. You must also live in the new home as your principal residence for 36 consecutive months or you will have to repay the credit. The credit is claimed by filing Form 5405 with your 2009 or 2010 tax return. If you have already filed your 2009 tax return, you can amend the 2009 retun to claim the credit. You must attach a copy of the HUD-1 closing statement to the return with the Form 5405, and the return claiming the credit must be mailed, it can't be e-filed. Thanks for trusting H&R Block. Bruce

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Submitted by Arnold Skoglund, Senior Tax Advisor 5, Small Business/Sole Proprietors, Retirement, Investment Income, Military , H&R Block March 12, 2010 at 8:17PM

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