5/12/09 – Another change to the First-time Buyer $8,000 Tax Credit – it can now be used as a downpayment!  Click here to see the Colorado Housing & Finance Authority’s JumpStart Fact Sheet on the details of using the Tax Credit as a downpayment in Colorado.

2/19/09 – American Recovery and Reinvestment Act of 2009 expands the first-time homebuyer credit to include purchases made before Dec. 1, 2009.  Click here to see The National Association of Realtors’ full breakdown of the 2009 First-Time Homebuyer Tax Credit

The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 (with no payback) and can be claimed on a buyer’s 2008 federal tax return. 
The credit is claimed using Form 5405. 

Click here to learn more IRS Information Related to the American Recovery and Reinvestment Act of 2009.  Or here for an informative Alert Letter from Michael Bennet, Senator for Colorado, dated 3/23/09.

Seem confusing?  Click here for further explanation, or contact a Perry & Co. agent with questions of how you can benefit from the revised First-time Homebuyer Tax Credit.

Be the first to like this post.

One Response to “Revised First-time Homebuyer Tax Credit”  

  1. 1 Vanessa Coates

    Great post! I’ve never seen this provision of the ARRA laid out quite like this. Thank you for providing this comparison!


    Leave a Reply