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

Snow Sights Around Des Moines

We live in Iowa, so we expect snow. But none of us expected the amount we've received this winter! But certainly you've found some ways to enjoy it. Here's some pictures I took as I traveled about the past week or two.

The good news - winter won't last.

Not as good news - the low mortgage interest rates and the tax credit won't last either. You have a limited time to take advantage of the expanded and extended tax credits for home purchases. The interest rates...who knows how long that will last. Don't wait too long.

The Eisenlauer Team is ready to help you with your real estate needs.

call Bill at 770-2455 or Bob at 979-2883.

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