So, you took advantage of the $8,000 first-time homebuyer tax credit, or the $6,500 repeat-buyer tax credit, and you’re sitting pretty in your new dream home. You can’t wait to claim your credit on your 2009 taxes, but you’re not exactly sure what documentation you’ll need to do so. What do you do now?
The Internal Revenue Service has posted on its web site the revised Form 5405 that you’ll need to file when preparing your 2009 taxes. The new guide describes exactly who qualifies for the credit, what documentation you’ll need to submit when filing and how to go about filing for your 2009 taxes.
Read on to learn exactly what you’ll need to claim the homebuyers tax credit on your 2009 returns. (more…)