Got the Tax Credit, What now?

Mind you, obviously, I am not a tax accountant or a lawyer...a relatively frequently asked question among first time homebuyers is: Now that I've gotten my homebuyer tax credit when can I file it, for what year, with what forms,and with what proof of purchase?

Well, as I am not an accountant I certainly will defer you to some helpful site to shed some light...costing you nothing except for a few clicks and ask that you strive to perform your due diligence to become well informed and take accountability for those decisions....Annnd ask that you would defer to the experts for further clarification, i.e. lawyers, accountants and the works.

Extended tax credit beneficiaries are those who close between November 7, 2009 and April 30, 2010 or have mutual agreement agreed offer by April 30, 2010 and closed by June 1, 2010.  You need to determine to which tax year you would like to take advantage of the said tax credit on or before April 15, 2010 or 2009 tax return or file tax credit on or before April 15, 2011 for 2010 tax return.  You can claim 2009 buyer tax credit even when the purchase was completed/closed after December 31, 2009 OR file an amended return after April 15, 2010.

What documents do you need?  Hmm...you need a proof of purchase, YOUR proof of purchase.  Well, this becomes unclear as to what particular purchase and sale documents are necessary to provide proof.  But in short the following are a necessity:

1. Tax Form 5405 - to help determine the amount you qualify for
2. Apply the tax credit when you file your 2009 or 2010 tax return, which ever you choose
3. And attach documentation of purchase, the details of which have not been released.  You may wish to consult with a trustworthy and qualified tax accountant.

Homebuyer Tax Credit - Summary Chart  (slow load...so have patience)
Frequently Asked Homebuyer Tax Credit Questions
Tax Credit towards FHA downpayment - Limited States