If You Are a New Homeowner, Claim Your Deductions!

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People with Higher Incomes
If you happen to have a higher income you may or may not qualify for the tax credit. For homes purchased after November 6, 2009, the new law raises income limits. If you have an adjusted gross income up to $125,000 for singles and up to $250,000 for joint filers then, the full credit is available for you. The IRS has a revised Form 5405 for you to fill out to claim this credit on your 2009 tax return.

New homeowner tax deduction
How to File the Tax Return

There is one tricky part. If you do purchase the new home and attach the revised Form 5405 then, you cannot file electronically. You must send in a paper return. If your home is $800,000 or more you will not qualify to claim this new homeowner tax deduction. You do have to be eighteen years or older and if you’re married only one of you needs to be eighteen.
To Buy or not to Buy

Don’t run out and buy a home if you can’t afford it though. This is a great new homeowner tax deduction but, be smart about it

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