FTB Homebuyer's Tax Credit Forms Changed, Santa Clarita Ca.
This information was sent to me by my Title rep. Please always confirm with your personal cpa regarding any tax information. California guidelines regarding the home buyer tax credit are known to change at any given notice.
Bulletin 09/10-94 - May 28, 2010
The Franchise Tax Board form for the homebuyer's tax credit has been changed to indicate that Seller information is no longer required for the First-Time Buyer Credit for existing homes. This change is due to the efforts of the California Escrow Association working with the Franchise Tax Board. The revised form makes it clear that the seller information is only required if the Buyer is applying for the New Home Credit. A revised application should not be sent to the FTB if one was already sent containing the seller information.
The updated forms and FAQ can be found at:
Application for New Home / First-Time Buyer Credit
Form: http://www.ftb.ca.gov/forms/2010/10_3549a.pdf
2010 Tax Credit for New Home / First-Time Buyer Frequently Asked Questions
FAQ: http://www.ftb.ca.gov/individuals/New_Home_Credit_FAQs.shtml
As previously reported in the May CLTA eNews,
the FTB instructions have also been changed to specifically state that the buyer has the ultimate responsibility to timely file a completed form. Section F of the Instructions indicate that while it is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement, the ultimate responsibility in on the buyer.
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