Panama City Real Estate | Claiming your First time and move up buyer Tax credit

Posted on February 22, 2010
Filed Under Panama City Mortgage and Financing, panama city real estate | 2 Comments

I’ve just received information for those wanting to claim their first-time and move-up home buyer tax credit:

Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

Remember, my team and I are here to help you when you need assistance with your Panama City Florida Real Estate purchase.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”

Promote this article
SubscribeBlinklistBloglinesDiggdel.icio.usFacebookFurlRedditStumbleUponTechnorati

Author : Jennifer Mackay - Posts:280

Jennifer Mackay is an award winning real estate agent and Keller Williams team leader in the Panama City Florida area. Her website: Panama City Real Estate provides guidance, information and free buying and purchasing features for registered visitors. Follow: @realtorjennifer | Facebook

Comments

2 Responses to “Panama City Real Estate | Claiming your First time and move up buyer Tax credit”

  1. Open House Listing on February 26th, 2010 1:07 am

    Thank you for all the great posts from last year! I look forward to reading your blog, because they are always full of information that I can put to use. Thank you again, and God bless you in 2010.

  2. Jennifer Mackay on February 26th, 2010 9:57 pm

    Thank you so much for the kind words.

    I’m very pleased you are getting something out of the blog and the information the team and I provide.

    Best wishes for the new year :)

Leave a Reply