Sunday, November 20, 2011

Side effect of First Time Home Buyer tax credit

Recently there is news about the First Time Home Buyer credit that you may have received for buying a home in 2008 to 2010.

If you were eligible, please know that IRS has been known to make many mistakes on these accounts. There were too many different scenario for them to keep up. The news said 4 million people qualified.

Now, IRS may miscalculated yr income tax because of it.

Therefore, it is important to you to KEEP YOUR HOME PURCHASE RECORD FOR 15 YEARS!

In worst case scenario, your realtor may have records of all yr home purchase contracts. But, remember, realtors do NOT have your loan papers.

Remember, keep yr home purchase contract at least 15 years! If not forever!

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