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$8000 first time home buyer tax credit?

How can I claim $8000 first time home buyer tax credit when Im unemployed?

  • I read that I have to file my taxes in order to receive my $8,000 first time home buyer credit. Thing is I have been unemployed so I have no taxes to file. How do I go about doing this? Anyone know the correct way for me to claim my $8000 first time home buyer tax credit?

  • Answer:

    In theory, you can qualify if you have $0 income and live on savings. Unless you paid cash for the entire house, the IRS is going to wonder how you financed it. At any rate, 1040 with form 5405 even if you have $0 income.

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your dad is exceeding the yearly limit to giving gifts and he might eventually have taxes to pay on the gifts if you comply with the r'qments for the FTHB credit, without income it is very unusual but you might try it

OK 1040 federal income tax return correctly completed along with the form 5405 and all of the necessary documentation attached to the 1040 tax form and make 2 copies 1 to sign and mail to the correct IRS address and 1 copy to keep for your records in case you should ever need it in the future. Go to the www.irs.gov website and use the search box for 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf Instructions for Form 5405 http://www.irs.gov/pub/irs-pdf/i5405.pdf Hope that you do find the above enclosed information useful for your situation and good luck to you with this matter.

The same way as normal people. What do you use to buy groceries?

Sounds like you are your dads dependent and maybe cannot claim the money.

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