The Internal Revenue Service (IRS) has finally announced two important clarifications regarding the documentation required for taxpayers seeking to claim the first-time and move-up homebuyer tax credits. Local guidelines, especially for closing statements have caused a lot of confusion for both claimants and their tax preparers.
The IRS announcement said that while they still are requiring the filing of Form 5405, they are no longer demanding that all parties’ signatures be on the HUD-1 settlement statement in areas where the buyer and the seller signatures are not common practice. However, they are encouraging all buyers to sign the settlement statement prior to attaching it to the tax return.
Continue Reading Two Important IRS Clarifications for Claiming the Tax Credit
The following are excerpts from the 2009 Florida Home Buyer and Seller Profile Report released by NAR. A review of the data gives some intriguing and interesting information to real estate professionals and provides many valuable insights into who their potential clients are and what motivates them to buy a home. Having this information is more important than ever in order to understand the changing demands of consumers in today’s dynamic marketplace.
