Homebuyers Credit – Get it Now

I Bought a Qualifying Home in 2010 – Do I have to wait until I file my 2010 taxes to claim the First Time Homebuyers Credit?

Many people bought homes in 2010 before the April 30, 2010 deadline. Those buyers can certainly use the tax credit for fix up projects and other expenses.

Do you have to wait until you file your 2010 taxes to get your credit?

Good news! No you do not. Qualifying purchasers may apply for the credit in 2009 or 2010. See the IRS article here.

How do I claim the credit immediately?

If you have already filed your 2009 income taxes you may file form 1040X along with Form 5405. You will need the following documents:

* Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties’ names, property address, sales price and date of purchase.
* Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties’ names, property address, purchase price and date of purchase.
* Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

If you were able to make a qualifying purchase before the April deadline, congratulations. With a little more work you can collect your credit now rather than wait.

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