TIME IS RUNNING OUT! ACT FAST! Deadline is April 30 2010
1. To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
2. Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
3. Buyers who claim the credit in 2009 can't file electronically because the Internal Revenue Service hasn't put the required forms on line. The wait for a refund is three or four months.
4. The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn't qualify.
5. The home can't be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
6. A buyer who earns no taxable income or doesn't owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
7. For purchasers of conventional homes, a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names and signatures, property address, sales price and date of purchase.
8. For purchasers of mobile homes who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
9. For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner's name, property address and date of the certificate.
10. For Move Up Buyers a Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements, property tax recods, or homeowners insurance records
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