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Federal Tax Credits

Claiming Your Home Buyers Tax Credit for 2009

Wednesday, February 17th, 2010

I know none of you would forget to file your 2009 taxes, right? Well if you purchased a home in 2009 you may be eligible for a federal tax credit worth up to $6,500 for move up buyers and up to $8,000 for first time home buyers. 

To claim your first time home buyers tax credit for 2009 you will  need a proof of purchase, a HUD-1 statement or certificate of occupancy. You should have received a HUD-1 from your title company at closing. If you need a copy of your HUD-1 contact your realtor or your title company for assistance. You will also need a completed 5405 IRS form.

To claim your move up buyers tax credit for 2009 you will need the same above documents and proof that you occupied your previous residence for at least 5 consecutive years. The best documentation you can provide would be one or more of the following,

  • Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
  • Property tax records
  • Homeowner’s insurance records
  • For more information and forms for claiming your home buyers tax credit for 2009 visit www.irs.gov or check with your tax preparer or attorney.

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