Tax Info for First Time Home Buyers
Posted: December 21, 2009
For those of you planning on taking advantage of the first time home buyers credit (or $6,500 for moving-up buyers), filing your taxes may take a little bit longer this year. Apparently, once the extension was signed into law, a new tax rule was also put into effect.
Mainly, this change just pertains to the form buyers must complete and remit with their tax package. Buyers that were able to close on their property sale during the original time frame (before Nov. 6, 2009) can still use IRS form 5405 (available on www.irs.gov). However, now that the credit extension has taken place, it is now up to the IRS to revise form 5405 for the additional buyers that qualify for the credit.
The IRS has not set a definitive date on when the revised form will debut on their website, but have noted on their website that customers can expect it in late December of this year. Customers should also expect that it may take longer for the IRS to issue refunds or credits to these qualified buyers. With tales of fraudulent claims running rampant, the IRS is taking additional measure to ensure that the right people receive the credit. Taxpayers looking to "cash in", so to speak, on the credit may be asked to submit additional information, such as a driver's license copy, or copy of the HUD/closing statement.
For more information, please visit the links below:
* http://www.irs.gov/formspubs/article/0,,id=203083,00.html
* http://www.irs.gov/newsroom/article/0,,id=204671,00.html
* http://www.irs.gov/pub/irs-pdf/f5405.pdf
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information for this article provided by Florida Realtors.
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