The Internal Revenue Service has released IR-2010-006 which offers a revised Form 5405 that shows the changes made to the tax credit with the extension legislation passed in November 2009. All tax returns claming the tax credit must be filed manually. No e-file returns can be utilized. The revised form also has a section for the buyers who are eligible for the $6500 credit.
Evidence of the transaction, or HUD-1, must be filed with all returns claiming either the $6500 or $8000 tax credit. Those claiming the $6500 credit must provide proof that they have owned and lived in their prior residence for 5 years. Instructions show that homeowners insurance records or property tax records are sufficient proof. For detailed IRS info, visit Tax Credit Info
There is still time to take advantage of the tax credit. Buyers have until April 30th, 2010, to be under contract on their property. Click here to view your new Wilmington home or call Diane Parker at 910-617-5244.
Diane Parker, Broker/Realtor/e-PRO
Coldwell Banker Sea Coast Realty
DianeParker@SeaCoastRealty.com
Comments(0)