It's almost tax time again. With so many home buyers wanting to claim the tax credit this tax season, what papers are required? According to Realtor Magazine, the Internal Revenue Service is still requiring that taxpayers fill out Form 5405, however they have changed the requirements for the HUD-1 settlement document signatures. In areas, on the settlement statement, where it is uncommon for both the buyer and seller to sign, the IRS is not requiring both signatures as long as the document meets all local laws.
For repeat home buyers claiming the credit, proof must be given that they have lived in the previous home for 5 consecutive years out of the last 8 years.
If you live in the Broken Arrow, OK area, get more information on the home buyer tax credit and find out if you are eligible, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website here.
To buy a home in the Broken Arrow, OK area before the tax credit expires, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.
