My Real Estate Blog

The IRS has recently released the new form that eligible home buyers need to claim the first-time home buyer credit this tax season. The eligible home buyers have to file a paper return, due to the additional documentation. These buyers can now complete their 2009 tax returns.

The tax credit to first-time home buyers has been extended. Also a tax credit is in effect for long-time home owners with a purchase of a new residence. These home owners will have to prove that they have owned their previous residences for at least 5 out of the previous 8 years. Proof can be-

-Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,

-Property tax records or

-Homeowners Insurance records.

In addition, according to www.zillow.com, an average for a 30 year fixed mortgage was 4.99% in the last week, down from 5.05%, the week prior.

Combine all of this with home prices the lowest in years. A good time to buy.

For more information see www.zillow.com and www.irs.gov.