move up buyers tax credit: First Time Buyers--Not So FAST! - 12/08/09 03:32 PM
Congratulations! You bought your first home and you are filing for your tax credit. NOT SO FAST! The IRS has not released the full guidelines yet. If you file now your application may go nowhere slowly.
First Time and Move Up Buyers are advised to wait until the the IRS publishes its updated Form 5405 with all the fine print instructions on how to apply. The current form online does not incorporate major changes in legislation signed by President Obama on Nov. 6, 2009. The changes refer to expanded income limits, a cap on the home's price, the documents you will need and screeds of detailed warnings about … (2 comments)