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What is Needed to Claim the Tax Credit?

All of you new homeowners in Arlington, VA out there that took advantage of the first-time homebuyer tax credit are probably wondering what is needed to claim the tax credit.  I hope your Realtor® has informed you as they should have.  There is no reason for you to struggle for that information.  If you haven’t received this information, I apologize on behalf of your real estate agent.

The Internal Revenue Service has clarified what is needed to claim the tax credit.  You will still need to file Form 5405, but the IRS is not demanding that all parties’ signatures be on the HUD-1 settlement statement.  Those of you that have closed on a house before know what I’m talking about.  The IRS suggest that you, the buyer, sign the HUD-1 settlement statement prior to attaching it to the tax return.

For the move-up homebuyer tax credit, you’re probably wondering what is needed to claim the tax credit.  The IRS requires that you show documentation that you’ve lived in the previous property for a consecutive 5 of the past 8 years.  This proof can include property tax records, home owner insurance records, or mortgage interest statements.

I hope this clears up any confusion that you may have for what is needed to claim the tax credit.  It’s really not complicated or difficult to file for the credit.  The hardest part is finding a home in time before it expires!

Below are some properties in Arlington, VA that you can pass along to your friends, family, and co-workers that are looking to buy.

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