Many homebuyers have taken advantage of the tax credits the federal government offered this Spring. Because of this, there are also many questions about how you actually get a hold of that money. Here is information right from the government's website about how to claim your $8k credit:

For Qualifying Purchases in 2010

For qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.

Deadlines

  • You must have bought — or entered into a binding contract to buy — a principal residence on or before April 30, 2010.
  • If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010.

Filing Requirements

2009 Tax Return

Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.

  • Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names, property address, sales price and date of purchase.
  • Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.
  • Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:

  • Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
  • Property tax records or 
  • Homeowner’s insurance records.

For more information, visit the IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html