On January 15th the IRS released a new form for home buyers who want to claim the tax credit when they file their taxes this year.  This is Form 5405.  Form 5405 is a revision of the previous  2009 First Time Home Buyer Tax Credit so that the current 2010 Home Buyer Tax Credit program is covered. 

I would like to point out 2 important changes:  Along with Form 5405 you MUST include documentation such as your RESPA closing statement.  Because there is more documentation required to claim your tax credit for both a repeat and a first time home buyer, your tax return must be filed manually.  So remember – more documentation and manual filing is what you’ll have to do. 

For more information, just go to the IRS website .  It’s really not hard to take care of this and since you will have purchased your home recently, it shouldn’t be difficult to access your RESPA closing statement.  As always, I recommend that you consult with a tax professional.

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Here’s the New Jersey Association of Realtors announcement for a free webinar on the tax credit for buying a home that expires on December 1st – sign up for this Friday’s free  webinar to find out how to qualify for up to a $8,000 tax credit whether you’re buying a home in Bergen County or elsewhere:

FREE Home Buyer Tax Credit Webinar – April 3 at Noon

The countdown to December 1, 2009 has begun. Learn how to take advantage of the tax credit during a free Get the Real StorySM webinar on Friday, April 3, 2009 at noon. Register for the webinar on Friday by visiting http://www.njar.com/rs_register.php. The website address for participating will be e-mailed to you in advance of the event. Please note, space for the live event is limited.

NJAR^® Executive Vice President Jarrod C. Grasso, RCE will officially kick off the new REAL Story website during the webinar, and then Linda Goold, tax counsel for the NATIONAL ASSOCIATION OF REALTORS^®, will discuss the detailed advantages of the first-time buyer tax credit and how purchasers can claim the credit

If you can’t make the webinar, you can find answers to questions about today’s market in New Jersey anytime at www.REALstoryNJ.com. The webinar will also be available on the site to view after it is presented live.

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