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IRS Releases New Forms, Instructions for Tax Credit
IRS Releases New Forms, Instructions for Tax Credit
You can help your clients claim the home buyer tax credit. Let them know that Form 5405, recently released by the IRS, has now been revised to allow them to claim the extended and expanded credit. The revised form includes a section for repeat buyers who are eligible to claim the $6500 tax credit and reminds all buyers that tax returns claiming the credit must be filed manually (i.e., they cannot utilize the IRS E-File automatic system). The HUD-1 form or some evidence of the real estate transaction must be filed with all returns claiming the credit (whether it is $8000 and $6500). Individuals who claim the repeat buyer credit must also provide evidence that they have owned and used their prior residence for 5 consecutive years. The instructions indicate that property tax or homeowners insurance records are sufficient for this purpose. For more details, visit the IRS website.To learn more about claiming the tax credit and other exciting real estate opportunities in New Jersey to share with your clients, visit www.REALstoryNJ.com.
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