First Time Home Buyers-Choose When You want to Claim Your Tax Credit

April 15th is fast approaching, buyers must complete IRS Form 5405 to calculate the amount of the tax credit, and enter it on line 69 of the IRS 1040 income tax return.Qualified buyers have several options for when to claim the tax credit, but they can claim it only after the purchase of the home is complete.Buyers who complete their home purchase prior to April 15, 2009, can claim the credit on their 2008 income tax return. If the qualifying home purchase will be completed shortly after April 15, buyers can file an extension for tax year 2008 and claim the credit when they file their 2008 return, which must be done by Oct. 15. Or home buyers can claim a qualified purchase on their 2009 income tax return, which they will file in 2010.

http://www.irs.gov/newsroom/article/0,,id=202107,00.htmlhttp://www.irs.gov/newsroom/article/0,,id=202107,00.html