Real Estate columnist Ken Harney thinks the IRS may be on track to finally helping people understand what exactly needs to be filed in claiming the $6,500 and $8,000 buyer credits.
Here's what's needed:
- A fully executed IRS Form 5405 (available at IRS.gov) on which taxpayers provide basic information supporting their claim of eligibility including income and home purchase date.
- A copy of the settlement statement proving that the sale and purchase transactions actually took place
- Normally, they want all parties to the transaction to sign the HUD-1 or Settlement Statement. In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is "completed and valid according to local law".
Dave Rosenmarkle
Broker/Owner
Highland Realty
Arlington, VA 22207
703-538-2566
davidrose@mris.com
www.HighlandAgents.com
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