Tax day is here but you still have time for the homebuyer tax credit

The April 15 tax deadline has arrived, but a couple weeks remain to qualify for the $8,000 first-time homebuyer or $6,500 long-time homeowner tax credit. According to the Internal Revenue Service (IRS) you must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. Income limitations and other qualifications apply.

Due to the documentation requirements for claiming the credit, the IRS requires a paper return (not electronic) attaching Form 5405.

Learn more from the IRS newsroom: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

2010-04-15T11:43:10+00:00 April 15th, 2010|Uncategorized, Housing Market|2 Comments

About the Author:

Ann Londrigan is Vice President of Member & Association Engagement for the Illinois REALTORS®.

2 Comments

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