Here’s a friendly reminder: You need to have a binding contract by Friday, April 30, 2010 to qualify for the federal home buyer tax credits. (Besides, mortgage interest rates have been rising too.)
Who qualifies?
o 1st time buyers: Single or married folks who have not owned with in the last three years.
o Longtime residents: Folks who buy by the deadline, and move from a house they owned (and lived in) for five consecutive years.
How to get the credit?
Use IRS Form 5405 for 2008, 2009, or 2010 federal tax returns. (Yes, if you didn’t claim it previously amend your earlier returns with Forms 1040x + 5405)
How much is it worth?
10% of purchase price up to $8,000. Married filing separately get half the amount.
More information is here at the IRS web site
I’d love to see a photo of your new home here!
