There is always much talk when it comes to the homebuyer tax credits – however, with the deadline looming for buyers who are not yet under contract and who are still looking for a property now is an excellent time to really explain: HOW TO CLAIM THE CREDIT!

As explained excellently by the National Association of Realtors in their latest article about the credit, there are things you have to consider. Firstly, to be eligible you need to close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010. Also, you also have to decide whether you want to apply the credit to your 2009 tax return, filed on or before April 15, 2010; (or if you have already filed for 2009, file an amended 2009 return) or, apply the credit on your 2010 return, filed on or before April 15, 2011. (If you purchased your home before Dec. 31st 2009 you can only claim on your 2009 return.

Your accountant or tax preparer will assist you in completing Form 5405 to determine the amount of your available credit.

Here in Northwest Indiana these tax credits really are working in getting the housing market back on track and there has been a surge of interest in homes these last few months as buyers who are renting or just were holding back to wait and see what happened are coming to the surface looking for that perfect home. With mortgage rates still remaining low it is no surprise either.

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As one of the top producing teams of experts in our field both locally and Nationally, our full service team strives hard to make sure your real estate transaction is a truly rewarding experience.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Northwest Indiana Real Estate using our complimentary Northwest Indiana Real Estate MLS Search service. Alternatively please contact Jana Caudill and the team if you need more specific assistance in your Northwest Indiana Real Estate needs. You can call the office on: 219-661-1256 or email us on: jana@janacaudillteam.com

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