The IRS has released the revised Form and the instructions. As expected the instructions include items to attach to the Form.
1) Attach a copy of the settlement statement showing all parties' names and signatures, the property address, the contract sales price, and the date of purchase. In most cases this will be the properly executed Form HUD-1, Settlement Statement.
In the case of a motor home, attach a copy of the executed retail sales contract showing all parties' names and signatures, the property address, the purchase price, and the date of the purchase.
In the case of a newly constructed home that does not have an executed settlement statement, attach a copy of the certificate of occupancy showing the name, the property's address, and the date of the certificate.
2) If the taxpayer is claiming the credit as a long-time resident, you also need to attach copies of ONE of the following documents relating to the property which the taxpayer occupied as a long-time resident:
-- a) Form 1098, Mortgage Interest Statement (or substitute statement),
-- b) Property tax records, or
-- c) Homeowner's insurance records.
The copies should include at least 5 consecutive years out of the 8-year period ending on the purchase date of the new main home.
3) If the purchase is after April 30, 2010, and before July 1, 2010, and there was a binding contract in affect on April 30, 2010, you also need to attach a copy of the binding contract showing all parties' names and signatures, the property address, the purchase price, and the date of the contract.
The Form and instructions can be found at www/.irs.gov by clicking on Forms and entering Form 5405. The Tim Sova Team highly recommends Karen Ryan at Tax Savings Solutions, LLC. for all your tax preperation needs. Call Karen @ 800-498-8207 or email [email protected] to book your tax appointment now. |
