IRS Clarifies What is Needed to Claim Tax Credit
Reno/Sparks Real Estate - Buying Real Estate in Reno/Sparks, Nevada
The Washington Post reports: "While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. The IRS clarification says: "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. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.” For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements." Full article link : http://www.realtor.org/RMODaily.nsf/pages/News2010022201?OpenDocument Robert Range is a REALTOR® serving Reno and Sparks, Nevada. He is certified in Short Sales and Foreclosure properties by NAR. Robert’s articles and notifications are cross-published on RobertRange.com, Examiner.com, Trulia.com, Reno Sparks Real Estate Blog, Facebook and Twitter. You are welcome to contact Robert by phone at 775-200-0658 or Email.
