Like What You're Reading? Submit your email to be notified of new articles! Really Simple Syndication

Homes For Sale

Real Estate Info

IRS Releases Rules for Repeat Buyer Tax Credit

By Andrew Levy, Capitol Title (Crofton, MD)

Tax formWhen Congress extended the $8,000.00 First-Time Homebuyer Tax Credit to April 30, 2010, a new tax credit was enacted for “repeat” homebuyers. The problem was that taxpayers couldn’t utilize the credit because the IRS had not published the rules, nor created the forms which must be used.

Finally, on January 15, 2010, the IRS posted its revised Form 5405 on its web site, www.irs.gov.

The key provisions of the new rules are as follows:

When the taxpayer files the applicable return, it must include the following:

Because of the IRS delay in issuing the rules and providing the forms, this provision does not appear to have been utilized. Now that the rules and forms are available, an additional group of prospective purchasers should be motivated to enter the market and claim their $6500.

__________________

Thanks, Andy, for keeping Crofton home owners and real estate agents updated on the constantly-changing laws affecting our real estate transactions.

Copyright © 2007 Focus On Crofton     Agent Login    IDX Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Margaret Woda on Zillow
My Davidsonville Real Estate Listings