Those who want to purchase a principal residence for the first time are sure to get benefited from the tax credit scheme according to the Worker, Homeownership and Business Act of 2009. The first-time home buyer tax credit is applicable to any first-time home buyer given that he has purchased the house in the year 2009 before April 30, 2010.
Considering the benefits of the home buyer tax credit, it is quite obvious that everyone would want to ensure if they qualify for the credit before filing their tax return. For this, realize that it is important to understand the income eligibility and the homes that can qualify for the credit. For instance, a host of requirements need to be fulfilled based on the type of house purchased, the date of its purchase, and the person’s marital status. The eligibility and requirements also depend on the year on which you plan to claim the tax.

Moreover, claiming for the tax credit is not more difficult than a cakewalk. In order to claim the tax credit, simply a couple of documents including the 2009 tax return of the applicant and the form 5405 need to be submitted.