Homebuyer Tax Credit - Form 5405
There has been a lot of talk about the First-Time Homebuyer Tax Credit and that it ends at midnight 04/30/2010, the date by which a binding contract must be signed. Also that title on the property must closed before 07/01/2010. There also is a tax credit available for a home buyer who is a qualified "long-time resident of the same main home". That tax credit has similar deadlines, but is for a different amount and has additional rules.
You can get IRS FORM 5405, and the separate Instructions for IRS FORM 5405 from the official IRS website, your local IRS office, your tax professional or other sources. The form and the instruction sheet will give detailed information and advice. For example, in some instances there can be an extra year to purchase a home for members of the uniformed services or Foreign Servive and employees of the intelligence community. The form and instructions will explain who cannot claim the credit, and other deadlines that may come into play. And yes, if qualified and you bought your home in 2010, you CAN claim the credit on your 2009 tax return!
So check out the form and make sure you do not pass up a great cash incentive that may never be seen again!
Call Larry Mraz, Prudential New Jersey Properties. (732) 715-5849 (cell)
Larry Mraz is not a tax professional - you should seek detailed professional tax advice regarding this and all of your tax matters.
