The Federal Tax Credits Blog

Question: what forms should be submitting with IRS form 5140 (first time homebuyers tax credit)?

I received a letter from the IRS asking for a copy of my settlement statement as well as something that would include property tax transfer (or sometimes called tax stamps). I am somewhat confused on where to obtain this information, or if the settlement statement will suffice? I tried calling the number listed on the paperwork, but, it is the IRS…. I was on hold forever!
Anyone else have to do this?

Answer: 1040X, Form 5405 and HUD-1 (or RESPA) closing statement provided by title company. That document with columns and lots of lines, showing the whole sale/purchase/loan transaction. You received copies at your closing and should keep it for your tax filings and for the sale of your home. There is transfer tax declaration, although the stamps themselves are generally attached to the deed for recording. Takes 12-18 weeks processing, and sending along the HUD-1 avoids delays.

Reading the 5405 instructions, and information on irs website is very helpful and easier than holding.
www.irs.gov first time home buyers credit

Martin Marietta Materials, Inc. Announces Third Quarter Results

Martin Marietta Materials, Inc. today announced results for the third quarter and nine months ended September 30, 2010.

Equity Residential Reports Third Quarter 2010 Results

Equity Residential today reported results for the quarter and nine months ended September 30, 2010. All per share results are reported on a fully-diluted basis.

Taking Shelter from the Storm (MU Extension)

Question: First Time Home Buyers Credit – 2009 Stimulus Package?

Can anyone please help clarify the details on the updated tax credit for first time home buyers? What are the stipulations? Do they require your put a certain percentage down? Also, if you buy a house next month can you go back and amend your 2008 tax return to get the $8,000 now?

Thanks for the help!

Answer: If you buy a house in March of 2009 you cannot claim the credit until you file your 2009 taxes in early 2010! You cannot amend your 2008 tax return to get the credit because YOU DIDN’T BUY A HOUSE IN 2008!

The updated tax credit will have dates associated with it, just like the current $7500 tax credit has dates associated with it (and the current one is an interest free loan that is repaid with your taxes over 15 years starting in 2010 at $500 per year).

I don’t know what the final details were in the most recent stimulus program, but one of the proposals was to make it a true credit (not an interest free loan) if you keep the house for at least 3 years.

good luck!

Special Report: For GM IPO, the government is back-seat driver

By Clare Baldwin, Soyoung Kim and Kevin Krolicki

2010 CURRENT Home Buyer Tax Credit – forgotten details

PPL Corporation Reports Third-Quarter Earnings

PPL Corporation on Thursday reported increases in both third-quarter and nine-month earnings for 2010, compared with the same periods of 2009.

Senate Session 2010-04-15 (17:45:10-18:53:20)

Energy-saving tax deadline near

It’s not every day Uncle Sam wants to put money in your pocket, right?

National Commission on Fiscal Responsibility and Reform meeting