Five Tips About the First-Time Homebuyer Credit Documentation Requirements

March 4, 2010 by · Leave a Comment 

Special Edition Tax Tip 2010-02

Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the documentation requirements? The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements.

1. Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement.

2. Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties’ names and signatures, property address, sales price and date of purchase. However, settlement documents, including the Form HUD-1, can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.

3. Retail Sales Contract: Purchasers of mobile homes who are unable to get a settlement statement must attach a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.

4. Certificate of Occupancy: For a newly constructed home, where a settlement statement is not available, attach a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

5. Long-Time Residents: If you are a long-time resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.

For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.

12-10

Upcoming Events in Michigan (and one big event in New Jersey)

March 4, 2010 by · Leave a Comment 

By Adil James, MMNS

ACCESS 39th Annual Dinner

Tickets for the ACCESS Gala dinner are now on sale.  Nobel Laureate Ahmed Zewail and Lynx Investment CEO Peter Tanous will be there to receive the Arab American of the Year Award.

Tickets are $75.  The event is May 1, at the Marriott Hotel at the Detroit Renaissance Center.  Contact Rose Assi at rasi@accesscommunity.org or visit

ww.accesscommunity.org to purchase tickets.

IRS Deadline

The IRS has $40 million in unclaimed tax refund money from the 2006 Tax Year.

If you have not filed your 2006 return, you must file it by this April 15th in order to claim your 2006 refund.  Nationwide the IRS has approximately $1.3 billion in unclaimed tax refunds from the 2006 year.

CAIR 10th Anniversary Gala

CAIR will hold its 10th Annual Gala March 28, 2010 at the Hyatt Regency, 600 Town Center, Dearborn Michigan.

The keynote speaker is the founder of the Rainbow/Push Coalition and famous speaker and activist Rev. Jesse Jackson.  Also speaking will be CAIR national director and co-founder Nihad Awad.

Tickets will be $50 for general admission and $30 for students.

This gala will be an afternoon program which will begin at 1pm and end at 4:30pm insha`Allah.

For sponsorship and ticket information please contact Suehaila Amen at 313-615-1515.

Islamic Games

For those interested in competing, the Islamic Games Northeast Regional  Event will be May 25-30 in South Brunswick, New Jersey.

The games will have competitions in many interesting events, from track and field events to basketball, soccer, volleyball, softball, cricket, flag football, tennis and table tennis, to wrestling, archery and martial arts.

The events will be separated by age categories, including events for children in age groups as young as 8 and masters categories for people in their 40s and up. The registration is only $15 per athlete for participation in unlimited events until May 10, and $20 per athlete from May 11 to the date of the event.  Spectators can attend for free.

For more information please visit www.Islamic-Games.com, or call 800-670-7901, or email info@islamic-games.com.

12-10