How to Claim the $8,000 First Time Homebuyer Tax Credit

QUESTION: How do I claim my tax credit and what type homes qualify for the first time homebuyer tax credit?

CRIBBIN REALTY'S ANSWER: When you file your taxes you must complete form 5405 and claim the amount that amount. Then that amount gets entered on line 69 of your 1040 form. That's it. There is nothing else required.

Now to what type homes qualify for the first time homebuyer tax credit? Single family homes, condos, townhomes, manufactured homes, mobile homes and even houseboats.

Remember the new tax credit requires homeowners to live in the home for at least three years or face repaying the entire credit amount. Some exception do apply.