FIVE TIPS ON 1st TIME HOMEBUYER CREDIT
FIVE TIPS ON 1st TIME HOME BUYER CREDIT
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation required by the IRS:
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation required by the IRS:
- SETTLEMENT STATEMENT: You must attach a copy of the HUD-1 to the tax return;
- PROPERLY EXECUTED SETTLEMENT STATEMENT: Generally a properly executed Settlement Statement, HUD-1, includes all parties names and signatures along with the property address, the purchase price, and date of purchase;
- RETAIL SALES CONTRACT: If you are purchasing a mobile home, you will need to provide a copy of the sales contract that is fulle executed and has all of the information from #2 above;
- CERTIFICATE OF OCCUPANCY: For newly constructed homes, you will need to provide a copy of the Certificate Of Occupancy showing the owner's name, property address, and the date of certificate; and
- LONG-TIME RESIDENTS: If you a re along time resident claiming the credit, the IRS also recommends you attach documentation covering the five (5) previous years such as your 1098s (Mortgage Interest Statement), Homeowner's Insurance, or even property tax records you may be able to easily access online.
Posted by Philip Fleishman at Wednesday, February 24. 2010 
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Tags: discount tax prep charleston sc tax prep charleston tax prep charleston sc bookkeeping discount bookkeeping charleston discount tax prep charleston sc discount tax prep homebuyer credit charleston bookkeeping charleston discount bookkeeping tips on homebuyer credit tax prep bookkeeping charleston sc discount bookkeeping
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