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IRS form 5405

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My Opinion of IRS form 5405:

IRS form 5405 is a form to claim a first-time homebuyer credit as part of a 2008 US federal tax return.

First time homebuyers making under $95000 (filing singly) can receive up to a $7500 credit (the exact amount is one's (Adjusted Gross Income - $75000) * $7500). $500 (the amount is adjusted for those who do not receive the full $7500 credit) of the loan is payable immediately, as part of the 2008 taxes, and $500 payable each subsequent year until the loan is repayed.

The rebate is a reasonable Kenesian stimulus in that it encourages people to buy houses, help alleviating the crash following the recent housing bubble that was a major cause for the 2008 recession.