Congress finally approved an extension of the first-time and move-up buyer tax credits ($8000.00 and $6500.00 respectively) to September 30, 2010. This only applies to those who already signed a contract by April 30, 2010. I have very few clients who will be affected by this. I guess it’s good to help out those unfortunate [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Real Estate Tax Credit
Forms for tax credit
There is a blitz of closings this month as the $8000/$6500 tax credits wind down. Here are the forms needed to amend your 2009 tax return to claim the credit. Be sure to use the updated 5405 form. A sharp client pointed out that form 1040x was amended recently too. All revised 2010 forms [...]
New form 5405 for home tax credit issued
We have been waiting for the new Form 5405 from IRS to claim the $8000 first-time buyer tax credit and the $6500 move-up buyer tax credit. The form was just issued on January 15, 2010. Click here to get the form and instructions. This form must be used for all closings after November 6, 2009.
Still waiting for new form 5405
For closings after November 7, 2009, a new form 5405 is required to file for the $8000 first-time buyer tax credit and the $6500 move-up buyer tax credit as I discussed here. Please don’t use the 2008 Form 5405 for closings after November, 7, 2009, because your tax refund will not be processed. The IRS [...]
Wait for new form to file for real estate tax credit
It’s great that the$6500 move up buyer tax credit was added and that the $8000 first-time buyer credit was extended. But, IRS is advising buyers to wait until the end of December to file for the tax credit until it issues a new form 5405 that reflects the new changes. Real estate writer Ken Harney [...]
Home buyer tax credit extended: The new rules
// The House and Senate have passed an extension of the $8000 first-time buyer tax credit and added a $6500 tax credit for move-up buyers. The Senate is expected to also sign it shortly and President Obama will sign it today signed it on November 6. This was absolutely necessary because the housing market was [...]
