Let’s face it, for those of us who are first time homebuyers or our upgrading to another home, the tax credit has been very helpful. But how exactly do you get that money?
I just received an email today that states exactly what is needed…
If you’re a first time homebuyer, go to the IRS website and download Form 5405. You’ll include it with the rest of your documents when you go to file your taxes. One thing that has changed is that it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. Check out http://www.irs.gov/newsroom/article/0,,id=204671,00.html for more details on this.
If you are taking advantage of the move-up tax credit, the IRS is requesting proof that you have lived in your current home for at least five of the past eight years consecutively. Proof can include property tax records, home owner insurance records, or mortgage interest statements.
Just a friendly reminder that the deadlines are fast approaching. You need to be under contract by April 30, 2010 and close by June 30,2010 in order to be eligible.