As you make preparations for your tax filings here are some tips provided by IAR (Illinois Association of Realtors) to help you get that hard earned money.
Claiming the tax credit on your taxes:
- The National Association of REALTORS® estimates the tax credits have helped 4.4 million people buy homes. If you are one of them, learn about how to file for the credit from http://www.irs.gov/ and get five tips about the first-time homebuyer credit documentation requirements.
- Specific tax questions? Call the Internal Revenue Service at 800-829-1040. NOTE: You must have signed a purchase contract by April 30, 2010 and closed on the home by September 30, 2010 to qualify for this credit.
- Making your home more “green” could save you some too. Learn about tax credits for “green” upgrades.
The homebuyer tax credit continues for U.S. military personnel.
Members of the U.S. military, foreign service and intelligence communities have until April 30, 2011 to purchase a home and claim the home buyer tax credit.
According to the Internal Revenue Service, the credit applies to “any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.”
Qualifying service members have until on or before April 30, 2011, to sign a sales contract and on or before June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
Learn more from the IRS and download an informational flyer.
Information provided by: http://yourillinoishome.com/default.htm