The IRS has issued a new Form 5405, First-Time Homebuyer Credit to incorporate provisions from the recently enacted American Recovery and Reinvestment Act. Under the new law, qualifying taxpayers who buy a home this year before December 1 can claim up to $8,000, or $4,000 for married individuals filing separately, on either their 2008 or 2009 tax returns. Unlike the prior first-time homebuyer tax credit, this is money individuals do not have to pay back. This new Form 5405 provides additional information on who can and cannot claim the credit, income limitations and repayment of the credit. The form and IRS news release can be found here: www.irs.gov
Our Long Island, New York firm represents buyers and sellers and homeowners in distress, helping them work out solutions. We do consultations, short sells, real estate closings, and settlement conferences. All of these transactions are designed to save homes and avoid foreclosure. Our firm also handles real estate transfers after the death of a family member. For more information visit us at www.pjgoodmanesq.net
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