Home Buyer Tax Credit Is Over – Now What-mide-031

UnCategorized Approval of the extension of the home buyer tax credit, for first time home buyers, has given home buyers until September 30, 2010 to arrange a closing and still qualify for the $8,000/$6,500 tax credit. The original deadline was June 30, 2010 but due to data released in May 2010 revealing sharp declines in sales of existing and new homes and continued foreclosure activity. Home buyers that have entered into a contract on a home purchase by April 30, 2010, but having a problem setting up a closing before June 30th, the required 60 days, now has an additional 90 days to close and qualify for the Home Buyer Tax Credit. The new bill does not allow an extension for home buyers to enter into a contract. It only extends the deadline from June 30th to September 30th. The extension is estimated to help about 200,000 home buyers that were concerned that they had already signed a purchase agreement and would miss the deadline to close the contract. Form 5405, the First Time Home Buyer Credit and Repayment of the Credit, must be filled out along with at least one of the following documents: The settlement statement including all parties names and signatures, if required by local law, the property address, the sale price, and the date of purchase. Form HUD-1, Settlement Statement. Mobile home purchasers are required to obtain a copy of the signed executed retail sales contract showing all parties names and signatures, the property address, the purchase price and the date of purchase. Newly constructed home purchasers are required to obtain a copy of the certificate of occupancy from the county and city offices showing the owner name, the property address and date of the certificate. Existing home buyers must provide proof that they lived in their old homes for five years during the eight-year period ending on the purchase date of the new home, by providing Mortgage interest statements, Property tax records or Homeowner insurance records. To claim the Home Buyer Tax Credit on a qualifying 2010 home purchase three options that can be utilized. Use the Form 1040 for tax-year 2009. You will not be able to file electronically, but taxpayers can still use IRS Free File to prepare their return. You must print the form out and send it to the IRS, along with all required documentation. It is best to choose Direct Deposit for any refunds. There is an amended return, Form 1040X, for those that have already filed a return for 2009. If you need additional time you can wait until next year and claim it on a 2010 Form 1040. About the Author: 相关的主题文章: