Tax day is here but you still have time for the homebuyer tax credit

The April 15 tax deadline has arrived, but a couple weeks remain to qualify for the $8,000 first-time homebuyer or $6,500 long-time homeowner tax credit. According to the Internal Revenue Service (IRS) you must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. Income limitations and other qualifications apply.

Due to the documentation requirements for claiming the credit, the IRS requires a paper return (not electronic) attaching Form 5405.

Learn more from the IRS newsroom: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

This entry was posted in Consumer Information, Housing Market, Uncategorized and tagged , , , by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR's Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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