First Time Buyer Credit Forms Just Realeased:IRS
Friday, January 15, 2010
The program was originally designed for First Time Buyers only. With the extension of the tax credit came some other great news. Just released today was the new IRS form for attachment to your tax filing. Los Gatos home buyers should be attaching this form when filing.
The new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible 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. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period.
what you can and cannot deduct as a homeowner
Great short Video Explanation of Credit
