Daily Dupaco

Sunday, August 08, 2010

There may still be time to claim your homebuyer tax credit

Some homebuyers still may have the chance to claim a tax credit for home purchase contracts entered into before April 30, 2010. The U.S. Internal Revenue Service (IRS) announced a closing extension, until Sept. 30, 2010, for homebuyer tax credits under the Homebuyer Assistance and Improvement Act of 2010. The previous closing deadline was June 30.

Special filing and documentation requirements apply to those who are looking to claim the homebuyer credit. To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach to their return a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract, the IRS instructs.

Eligible home buyers also should include a copy of the settlement statement, an executed retail sales contract, or a certificate of occupancy with their tax returns.

Taxpayers must have lived in their previous home for at least five years to qualify for the tax break.

For more information, read the full IRS release.

For more articles on tax savings visit the Home & Family Finance Resource Center.
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