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