Form 8859 – Fill Out and Use This PDF

The Form 8859, known as the District of Columbia First-Time Homebuyer Credit, was designed for individuals purchasing their first home in the District of Columbia, allowing them to claim a tax credit. Specifically, for the year 2012, it enables taxpayers to carry forward any unused credit from 2011. Detailed instructions and information about this form can be found on the IRS website. To ensure you benefit from this potential tax credit, consider filling out the form by clicking the button below.

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Form 8859 PDF Details

Navigating through the complexities of tax forms can be a daunting task for many, especially when it comes to taking advantage of specific tax credits. This is where Form 8859, the District of Columbia First-Time Homebuyer Credit for 2012, plays a pivotal role. Although the chance to claim this credit for new purchases expired after 2011, individuals who haven't fully utilized their credit from 2011 have the opportunity to carry it forward to subsequent years, starting with 2012. The form, which is an attachment to Form 1040 or Form 1040NR, requires careful attention to various parts, including a section dedicated to calculating the tax liability limit and determining the credit carryforward amount. Parts I and II of the form, largely reserved for future use, hint at the possibility of the credit's extension by Congress for homes purchased in 2012 and beyond. Completing Form 8859 involves intricate steps, such as figuring out tax liability limits through a detailed worksheet, to accurately claim any remaining credit. Additionally, it's crucial for filers to stay informed about any legislative changes affecting the form, underlining the importance of reliable resources like the IRS's official website. This blend of rules underscores the significance of Form 8859 in enabling eligible first-time homebuyers in the District of Columbia to benefit from a financial boost, while also highlighting the complexities involved in navigating tax credits in general.

Question	Answer
Form Name	Form 8859
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	form 8859 instructions, 8859 form, 2555-EZ, irs form 8859

Form Preview Example

Form 8859	District of Columbia First-Time		OMB No. 1545-0074
Form 8859	Homebuyer Credit		2012
	Homebuyer Credit		2012
Department of the Treasury	▶ Information about Form 8859 and its instructions is at www.irs.gov/form8859.		Attachment
Internal Revenue Service	▶ Attach to Form 1040 or Form 1040NR.		Sequence No. 106
Name(s) shown on return		Your social security number

Before You Begin:

•The District of Columbia first-time homebuyer credit has expired for homes purchased after 2011. In 2012, you can only claim a carryforward of the unused credit from 2011.

•Figure the amounts of any of the following credits you are claiming: Adoption credit, mortgage interest credit, qualified plug-in electric vehicle credit, alternative motor vehicle credit, qualified plug-in electric drive motor vehicle credit, and credit for the elderly or disabled.

	Part I	Reserved
	Part I	Reserved

AReserved


			▲	B Reserved	C Reserved			D Reserved
				B Reserved	C Reserved			D Reserved
	Reserved



Part II		Reserved

1	Reserved					. . . . . . . . . .			1
1	Reserved					. . . . . . . . . .			1
2	Reserved						2
2	Reserved						2
3	Reserved
3	Reserved						3

4	Reserved					. . . . . . . . . .			4	×	.
5	Reserved					. . . . . . . . . .			5
6	Reserved					. . . . . . . . . .			6

Part III		Credit Carryforward From 2011

7	Enter the amount from line 10 of your 2011 Form 8859 . .					. . . . . . . . . .			7
		Tax Liability Limit
Part IV		Tax Liability Limit

8	Limitation based on tax liability. Enter the amount from the Tax Liability Limit
	Worksheet in the instructions					. . . . . . . . . .			8
9	Current year credit. Enter the smaller of line 7 or line 8. Also include this amount on
9
	Form 1040, line 53, or Form 1040NR, line 50. Check box c on that line and enter
	“8859” in the space next to that box					. . . . . . . . . .			9

10	Credit carryforward to 2013. Subtract line 9 from line 7 .					. . . . . . . . . .			10
For Paperwork Reduction Act Notice, see your tax return instructions.								Cat. No. 24779G		Form 8859 (2012)

Form 8859 (2012)	Page 2

General Instructions

Section references are to the Internal Revenue Code.

Future Developments

For the latest information about developments related to Form 8859 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form8859.

What's New

The District of Columbia first-time homebuyer credit has expired for homes purchased after 2011. In 2012, you can only claim a carryforward of the unused credit from 2011.

Purpose of Form

Use Form 8859 to claim a carryforward of the District of Columbia first-time homebuyer credit from 2011.

Parts I and II

When using lines 1 - 6 to figure amounts on other forms or worksheets, these lines should be considered to be zero. The lines in these parts have been reserved in case Congress extends the credit for homes purchased in 2012.

Line 8

Complete the following worksheet to determine the amount to enter on line 8 of Form 8859.

Tax Liability Limit Worksheet—Line 8

1.Enter the amount from Form 1040,

line 46; or Form 1040NR, line 44 . 1.

2.Form 1040 filers: Enter the total of any amounts from Form 1040, lines 47 through 50; line 12 of the Line 11 Worksheet in Pub. 972*, Form 5695, line 32; Form 8396, line 9; Form 8834, line 23; Form 8839, line 12; Form 8910, line 22; Form 8936, line 23; and Schedule R (Form 1040A or 1040), line 22.

Form 1040NR filers: Enter the total of the amounts from Form 1040NR, lines 45 through 47; line 12 of the Line 11 Worksheet in Pub. 972*; Form 5695, line 32; Form 8396, line 9; Form 8834, line 23; Form 8839, line 12; Form 8910, line 22; and

Form 8936, line 23 . . . . . . 2.

3.Subtract line 2 from line 1. Enter this amount on Form 8859, line 8. If zero or less, enter -0- here and on Form

8859, lines 8 and 9 . . . . . . 3.

*If you are not claiming the child tax credit, you do not need Pub. 972.

Line 10

Any unused credit shown on line 10 can be carried forward until it has been used. You cannot carry the unused credit back to prior years.

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Form 8859 – Fill Out and Use This PDF

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