You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit.  Below are the steps to follow to get your benefit.

Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.

Decide whether to:  apply the credit to your 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or, apply the credit on your 2010 return, filed on or before April 15, 2011.

Attach documentation of purchase to your return.

 Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, it will be made available online.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

Buyers purchasing in 2010 will have the option to claim the credit on their 2009 return, even if the purchase is completed after April 15, 2010; or, claim the credit on their 2010 tax returns.

 Applying the Credit to Your 2009 Taxes

 You will need to do the following three things to claim the credit on your 2009 tax return-- fill out Form 5405 to determine the amount of your available credit, apply the credit when you file your 2009 tax return or file an amended return and attach documentation of purchase to your return or amended return.

For more information or questions regarding the Extended Home Buyer Tax Credit or, please contact a member of the Pistol Tingen Team.  The Pistol Tingen Team specializes in servicing real estate needs within Greenville, NC and the Pitt County area.