How Do I Claim my Homebuyers Tax Credit?

You've decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you need to do to get your benefit:

First, you have the option for filing an amended 2009 return or filing for tax credit on your 2010 tax return.

• You must have bought - or entered into a binding contract to buy- a principal residence on or before April 30, 2010.
• 
  If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010.

2009 Tax Return

• Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement showing all parties' names, property address, purchase price and date of purchase.

Move-up Home Buyer Tax Credit - To be eligible for this, taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period.

• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,


• Property tax records or


• Homeowner's insurance records.

There is much more helpful information on the government website. For Frequently Asked Questions, different scenarios and more - try this page. Make sure you have all "your ducks in a row" so you don't miss out on this tax credit. If you have any questions, give us a call. If we don't have the information, we'll direct you to the appropriate people.

BOB 979-2883 BILL 770-2455

TAX CREDIT EXTENDED

This is GOOD news for a lot of people and should keep the real estate market moving along here in the Des Moines area. Congress has passed the Home Buyer Tax Credit extension and President Obama is expected to sign the bill Friday. Also a $6500 tax credit for current home owners (owned home for 5 consecutive years) moving to a different house is expected to be signed. There are a lot of quetions answered here and here . Want to start looking for a new home?? Call the Eisenlauer Team. Bill Eisenlauer at 770-2455 or Bob Eisenlauer at 979-2883

Tax Credit First Time Home Buyers

There are a lot of questions concerning the Tax Credit for first-time home buyers - signed into law 2/17/09. Here are some basic rules.
1.Buyer has to be a "first time" Buyer.

2.Buyers may not have owned a home for the past three years

3. Home was purchased by 01/01/09 thru 11/30/09.

4.Income limit restrictions are: $75,000 Singles and $150,000 Couples. Higher incomes will receive a partial credit.

5. Must live in the home for three years, or Buyer will be obligated to pay it back.

6.Credit is 10% of the home value or $8,000, whichever is less. Any purchase over $80,000 will be the $8,000 tax credit.

7.Buyers will claim the credit on their tax return

Any questions regarding the Tax Credit should be directed to the your CPA or Tax Accountant.

Any questions regarding real estate should be directed to your local Real Estate Experts - Bill Eisenlauer 770-2455 or Bob Eisenlauer 979-2883.