There is still just a bit of time left (three weeks!) to take advantage of the 2009 Home Buyer Tax Credit offered to those who purchase a home on or before April 30, 2010. Over the last 11 weeks I’ve shared some pertinent information pertaining to the tax credit; to take a look at all of my posts on the subject, click here.
Over the weeks we’ve gone over pretty much everything you need to know about how the 2009 Home Buyer Tax Credit works – income guidelines, prices of homes that qualify, the date by which you must sign a contract to purchase and the date by which you must close, but we haven’t yet discussed how to claim the credit. This week, the final in the 12-week series, I’ll tell you how to get the credit if you purchase(d) a home on or before April 30, 2010.
HOW TO GET THE CREDIT
To receive the homebuyer credit, you will need to claim it on IRS Form 5405, First-Time Homebuyer Credit, which was revised in December, 2009. You must be file this form with your 2008, 2009 or 2010 federal income tax return, depending on the year you are claiming the credit. If you have filed a 2008 or a 2009 tax return and purchased a home that qualifies, but you did not yet claim the credit, you can use Form 1040X to amend your return (with the December 2009 Form 5405 attached) and claim the credit.
You will also need additional supporting documents will that are required and need to be filed with your tax return; one of these items is a copy of the settlement statement used to buy your new home or a similar document.
Those seeking a credit for long-time residents will need to show proof that they have lived in their home for five consecutive years; mortgage interest statements, property tax records or homeowner’s insurance records for five consecutive years will need to be provided.
INCOME LIMITS (for full credit)
Purchases after Nov. 6, 2009:
- Single taxpayers — up to $125,000
- Married couples filing jointly — up to $225,000
Purchases before Nov. 7, 2009:
- Single taxpayers — up to $75,000
- Married couple filing jointly — up to $150,000
Get all the details by downloading a free guide to tax credit information by clicking the following link:
2009 Home Buyers Tax Credit Guide-HS-1
