Attach Settlement Statement for New Homebuyer Credit
In addition to filling out a Form 5405 for claiming the New Homebuyer Credit, all eligible homebuyers must include with their 2009 tax returns following document in order to receive the credit - a copy of the settlement statement showing all parties' name and signatures, property address, sales price, and date of purchase. Taxpayers claiming the homebuyer credit must file a paper tax return because of the added documentation requirements.

The new law allows a long-time resident of the same main home to claim the homebuyer credit, if they purchse a new principal residence, by attaching documentation covering the five-consecutive-year period - Form 1098, property tax records or homeowner's insurance records.

01/15/2010 16:06:59
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