How can you avoid IRS refund delays in receiving your first time homebuyer tax credit?

Now that the Government has extended the time to close for first time homebuyers who were under contract by April 30 until September 20, 2010, the IRS is offering suggestions on how you can avoid refund delays.

The IRS says to attach a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. If you do not have a copy you should contact your real estate agent, title company or attorney involved with your transaction to obtain one.

You will also need to complete IRS form 5405 and include a HUD-1, Settlement Statement with dates, names, signatures (if required by law), purchase price and address. Mobile home buyers and those who purchased new construction who do not have a HUD-1, Settlement Statement are offered other options listed on the IRS explanation page.

The information contained in this post is from an IRS update IR-2010-80, July 2, 2010. If you have questions or concerns about the forms or documentation needed to receive your refund, you should speak with a professional tax preparer or contact the IRS directly.

“Take Advantage of the Current Tax Credit – ends April 30th. Take Action Now!”

Time is running out if you intend to take advantage of the current home buyer tax credit program.  You must be under contract to purchase a home by April 30, 2010 in order to qualify for one of two different home buyer tax credits.

As long as you are under contract by April 30th you will have until June 30th to close the transaction so there is still type to view the very best homes for sale throughout Central Florida and negotiate a successful offer with the seller.

If you need assistance with financing Watson Mortgage is available 7 days a week to speak with you about your mortgage needs.

Don't miss out on this golden opportunity to buy a home and receive up to $8,000 from the IRS!


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What is the long-time resident home buying tax credit?

The Government expanded the first time home buyer tax credit to include those the IRS describes as a long-time resident.

The expansion allows the qualifying long-time resident home buyer to receive up to $6,500 tax credit if they buy, are under contract to buy, a replacement home they will use as their principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. An additional qualification factor for the long-time residence is that they must have lived in the same principal residence for any five-consecutive-year period during the eight-year period.

If you own a home and are thinking about buying another home to use as your personal residence, give me a call to discuss the long-time residence tax credit.


Related Florida real estate blog posts on home buyer tax credit

If I have never owned a home & buy a house for investment only with no plans of living in the home, do I qualify for first time home buyer tax credit

Individuals who go to contract by April 30, 2010 and close by June 30, 2010 may qualify for the first time home buyer tax credit of up to $8,000. There are specific qualifications that need to be met in order to qualify for the first time home buyer tax credit.

If you have never owned a home and you purchase a home strictly for investment with no intention of moving into the home as your primary residence, your purchase will not qualify for the tax credit. The IRS describes the home that qualifies as; “Main home. Your main home is the one you live in most of the time.”

There are other qualifications such as income guidelines you will need to meet in order to qualify for the first time home buyer tax credit. If you are interested in purchasing a home and would like to learn more about the tax credit, give me a call. 407-304-0255


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Do I have to sell my home to qualify for the up to $6500 home buyer tax credit?

Do I have to sell my home to qualify for the up to $6500 home buyer tax credit?

One of the questions being asked about the new tax credit of up to $6500 for home owners buying a replacement home is does the home buyer have to sell their current home to qualify for the up to $6500 home buyer tax credit?

The IRS addresses this question on their First-Time Home buyer Credit Questions and Answers: Homes Purchased in 2009 page:

Q: I’m already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?

A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence....

Related tax credit blog posts

You should speak with an attorney or tax professional to receive additional information and help in determining if you qualify for the tax credit.

Florida residents have until April 30, 2010 in order to qualify for tax credit

Just like the rest of the country, Florida residents have until April 30, 2010 in order to qualify for home buyer tax credit that was recently enhanced and extended. The new law allows home buyers that are under contract by April 30, 2010 and who close by June 30, 2010 the opportunity to receive up to $6,500 for qualified existing home owners buying a principal residence and for first time home buyers who qualify a chance to receive a credit up to $8,000.

Buyers who want to take advantage of the complete housing inventory will want to start looking for a home soon if they plan on qualifying for the tax credit. The length of time it takes for a short sale transaction to close and the multiple offers being received on bank owned property is increasing the time it takes for a buyer to find a home, receive an accepted offer, remove financing or inspection contingencies and finally close on their home.


Related blog posts on tax credit

7 suggestions for spending your $8,000 first time homebuyer tax credit

First time homebuyers can receive a tax credit of up to $8,000 if they buy a house before the December 1 deadline. What could you do with the 8,000 extra dollars? If you do not already have a plan on how to spend or save the money, you may want to consider one of the following 7 suggestions for spending your $8,000 first time homebuyer tax credit.

1. Buy another property with cash. As of this post there are over 2o properties listed for sale in Central Florida priced at $8,000 or below. These listings are either condos or manufactured homes.
2. Buy a new computer monitor. NEC CRV43
3. You could by an arcade/video game. Grand Daddy
4. Launch a personal Satellite. Interorbital Systems
5. Buy a camera. Nikon D3X
6. Buy a 'Battlestar Galactica' figure. Cylon
7. Something nice for your new home. Chandelier

Of course don't forget you could also donate the money to charity. The key is that you will miss out on the opportunity to spend the extra 8 grand if you do not buy a home before the deadline expires. Give me a call to find out if you qualify for the first time home buyer tax credit.

(Please check with manufacturer or dealer for price, availability, tax, shipping and handling fees and anything else that is important to you before buying any of the items listed above. I have no own or have a business relationship with any of the companies listed.)

Related Florida real estate views:

The following video offers an explanation of the first-time homebuyer tax credit.

First time home buyer tax credit is available to Florida home buyers

Has it been 3 years or longer since you owned a home?

Has it been 3 years or even longer since you last owned a home? If so now may be the right time to start owning again. Low home prices coupled with the ability to receive up to $8,000 as a tax credit make now a great time to own a Florida home!

There are additional criteria in order to qualify for the first time homebuyer tax credit. Give me a call 407-304-0255 or contact me to find out if you qualify.


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The tax credit to up to $8000, does not have to be repaid!

Video offers an explanation of the first-time homebuyer tax credit

Closing cost and down payment assistance for Florida home buyers with the help of the Government

The Government is trying to help those interested in buying a home by offering an opportunity for the first time home buyers to receive all or part of the first time home buyer tax credit in advance of closing.

While details are still sketchy, what is known is that local housing coordinator of the local counties will be responsible for the process.

Time is of the essence here as the ability to receive the tax credit will end on November 30th. I would encourage anyone who would like to find out if they qualify for this upfront Government down payment of closing cost assistance to contact me quickly for a one on one consultation.


Related Florida real estate views:

Explanation of the first-time homebuyer tax credit

You could receive the Federal home buyer tax credit even if you have owned a home in the past

Florida REALTORS first-time homebuyer tax credit video

The following video offers an explanation of the first-time homebuyer tax credit. This video was created by the Florida Association of Realtors®.

First time home buyers can apply for down payment assistance before closing and pay it back from tax credit refund

The Florida Legislature has set aside 30.1 million for qualified first time home buyers to apply for down payment assistance before closing and pay it back from the up to $8000 tax credit refund.

These down payment programs will be handled by the local county housing administrators. If you are interested in purchasing a home and would like to be kept updated about available programs and how to apply, contact me.


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Before buying a home make sure you understand the home buying process

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What are the income limits to qualify for the 2009 home buying tax credit?

First time home buyers in Florida incentives

Search for a home

First time home buyers in Florida who are are need of buying a house, want to buy a house or are thinking about buying a house should give special consideration to the tax credit now available for a limited time to first time home buyers.

Considering the advantages of this financial incentive of a tax credit up to $7500, this may very well be the right time for a first time home buyer to purchase a home.

To discuss your personal situation and find out more about the new home buyer tax credit, contact me or call 407-304-0255.

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Do I qualify for a first time home buyer tax credit?

- Greg Staker - 407-304-0255

Do I qualify for a first time home buyer tax credit?

For a limited time there is up to $7500 tax credit available for first time home buyers.

To qualify as a first time home buyer you must not have owned a home as your principal residence during the past three years.

To take advantage of this tax credit, contact me to get pre-qualified for a home loan.

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Direct mail campaign for first time home buyers

Can I afford to buy a home?

Builders confident buyers will take advantage of tax credit


- Greg Staker - Watson Realty Corp. - 407-304-0255

Direct mail campaign for first time home buyers

We will be starting a direct mail campaign in hopes of reaching first time home buyers who may be thinking of buying a home now. The campaign will be highlighting the $7500 tax credit available for a limited time. The postcards will contain the following information.

1. Attention Potential 1st time home buyers! Take advantage of the government limited $7500 tax credit incentive! FHA, VA, and CONVENTIONAL Home Loans are STILL AVAILABLE for a limited time to first time home buyers under the Federal Government's new Tax Credit Incentive! Plus, minimum down loan programs available to qualified buyers!
2. Time is running out... Limited $7500 tax credit still available to 1st time home buyers! Why rent when you can own your own home? It's true. The Federal Government’s limited Tax Credit Incentive to 1st Time Home buyers will not last forever and most likely will never be repeated. Don't miss out on this chance of a lifetime to experience the American Dream of Home ownership! Why rent when you can purchase a home of your own?
3. Don't let this opportunity slip through your fingers... The limited $7500 tax credit for 1st time home buyers won't last forever! This special Government Incentive for 1st Time Home buyers will be over before you know it and this very well could be your last chance to purchase a home of your own through a government-sponsored program that enables you to take advantage of low prices and low interest rates. The American Dream of home ownership is more than just a dream… it's here for you today!

This special promotion will surely attract those home buyers that are on the fence deciding if they should buy. Our current and future sellers will benefit as well as we attract these new buyers into the market place.

This is just one more reason to choose Watson Realty Corp.

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- Greg Staker - Watson Realty Corp. - 407-304-0255

Florida home buyers may qualify for tax credit

Search for homes

The new housing bill recently passed provides for a tax credit up to $7500. for first time home buyers. Florida home buyers who have never bought a home or have not purchased a home within the last 3 years are eligible for this tax credit.

Income limits are up to $75,000 for single individuals and up to $150,000 for married home buyers.

Florida home buyers can take advantage of this tax credit if they buy a home from April 9, 2008 to July 1, 2009.

If you would like to find out more about this first time home buyer tax credit or start looking for your first home, give me a call.

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Buyers are choosing fixed rate mortgages

I would not buy a house in Florida.

- Greg Staker - Watson Realty Corp. - 407-304-0255