The Internal Revenue Service has clarified which documentation taxpayers will need to submit to claim the first-time and move-up home buyer tax credit.
Though the IRS is still requires the filing of Form 5405, it is not requiring all parties' to sign the HUD-1 settlement document, further stating: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. Further, the IRS encourages buyers to provide original signatures on the settlement statement prior to attaching it to the tax return."
Repeat buyers will need to provide documentation verifying residency at the previous address for a consecutive five of the past eight years. This documentation can include any or all of the following: property tax records, home owner insurance records, or mortgage interest statements.
View and print a Home Buyer Tax Credit and IRS requirement summary report in PDF.
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