If you are one of the many buyers who have or plan to benefit from the Home Buyer Tax Credit here are a few points to remember.
- To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for a period of five consecutive years out of the last eight.
- You can elect to claim the credit on 2009 or 2010 tax return, whichever is better.
- If you claim the credit in 2009 you can’t file electronically because the required forms are not on line. The wait for a refund is three or four months.
- The new home can be a mobile home or travel trailer that is permanently affixed to the land.
- The new home can’t be purchased from a close relative.
- If you do not earn taxable income or don’t owe federal income tax, you can qualify for the tax credit and file a tax return just to claim it.
Be sure to consult with your tax advisor to ensure you qualify.
Don Grafues
Resource: realtor.org
Resource: realtor.org
