| There are two certainties in life: taxes and | | | | not exceed $150,000 (for houses purchased before |
| painstakingly tedious tax forms that require a long list | | | | November 6th) or $225,000 (purchased after). |
| of highly particular financial details. If you want to | | | | Your purchased house is also subject to qualifications, |
| take advantage of tax credits, however, these | | | | all of which can be determined by looking at the |
| forms are a necessary evil. If you've ever purchased | | | | HUD-1 form [ The purchase date must fall between |
| a home, the HUD-1 form should be a familiar one - it | | | | January 1, 2009 and April 10, 2009 in order for their |
| summarizes all the cost and charges of buying a new | | | | buyers to be eligible for the First Time Homebuyers' |
| home. If you're purchasing a new home, you should | | | | Tax Credit. While the size of your credit is |
| get familiar with it quickly: you need to fill one out to | | | | proportional to the value of the house you buy, that |
| take advantage of the First Time Homebuyers' Tax | | | | value can not exceed $800,000. To determine the |
| Credit. | | | | exact amount you are eligible for, carefully examine |
| Before filing for the First Time Homebuyers' Tax | | | | your HUD-1 form. |
| Credit, you should use your HUD-1 and other forms | | | | While all of the numbers can get a little confusing, |
| to determine your eligibility. For you to qualify, you | | | | properly filling and and sending your HUD-1 form is |
| must be 18 or older and neither you nor your spouse | | | | crucial to receiving the most possible money and the |
| can ever have owned a house before. Your singly | | | | least possible stress. The First Time Homebuyers' |
| filed income must not exceed $75,000 (for houses | | | | Tax Credit could mean up to $8,000 in your pocket - |
| purchased before November 6th) or $125,000 (for | | | | and that's worth reading a couple pages for. |
| houses purchased after). Jointly filed incomes must | | | | |