Posts Tagged ‘first time home buyers’
The IRS has released their new form for the first time homebuyer’s tax credit.
The most important new line is here:
If you are claiming the credit on your 2009 (or later) tax return, you must attach a copy of the properly executed settlement statement (or similar documentation) used to complete the purchase (see instructions).
It seems the IRS finally wised up that people were fraudulently stating they had already purchased the home when indeed the purchase had not yet been completed.
Link to the document http://www.irs.gov/pub/irs-pdf/f5405.pdf
— Ken Cook NMLS ID 208452
Probably so, the House of Representatives voted on the 8th to give service members who served a minimum of 90 days overseas an extension on their ability to claim the $8000 federal tax credit for first time home buyers. TBWS reported the extension of 6 months based on Housing Wire reports while US News reported a 12 month extension.
Here’s the official story from Congressman Mark Schauer:
WASHINGTON, Oct 8 - Today, Congressman Mark Schauer voted to pass two key measures for our American veterans. The Service Members Home Ownership Tax Act (H.R. 3590), which passed with bipartisan support today, will extend the deadline for taking advantage of the first-time homebuyer tax credit under the American Recovery and Reinvestment Act for qualified service members by one year. Today’s House passage of an amendment to the Veterans Health Care Budget Reform and Transparency Act (H.R. 1016) will help advance the legislation towards a Presidential signature. The bill authorizes Congress to approve investments in Department of Veterans Affairs (VA) medical care one year in advance to provide more predictable health care funding for veterans.
If you have questions or comments about the First Time Home Buyer’s Tax Credit, FHA, VA or any other real estate finance questions I will be happy to answer. Telephone me at 678-439-8683
— admin