How to Get the Extended Home Buyer Tax Credit
All the Realtors at Realty Executives - Hedges Real Estate are very happy that the home buyer tax credit was extended and expanded to also help home buyers who owned their previous home for 5 years or more. We would love to help you find your next Lawrence, Kansas, Eudora, Kansas, Baldwin, Kansas, Douglas County Kansas, Northeast Kansas, or Olivia Farms in Junction City, Kansas home.
If you are thinking about buying a home in Kansas, then please talk with us about the purchase of a home in Kansas in order for you to take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
- Close on your home purchase between the date President Obama signs the bill and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
- Decide whether to:
- apply the credit to your 2009 tax return, filed on or before April 15, 2010;
- file an amended 2009 return; or,
- apply the credit on your 2010 return, filed on or before April 15, 2011.
- Attach documentation of purchase to your return.
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
- Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
- File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
- Claim the credit on their 2010 tax returns.
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
- Fill out Form 5405 to determine the amount of your available credit;
- Apply the credit when you file your 2009 tax return or file an amended return;
- Attach documentation of purchase to your return or amended return.
Consult your accountant or tax preparer for details to be sure that you qualify.
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