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Tips for claiming the Homebuyer Tax Credit

January 20, 2010 - First-time and existing homebuyers who purchased real estate last year may qualify for a refund on their taxes.

However, there are a few regulations that beneficiaries of this rebate program are required to follow when claiming the credit.

Although the government has encouraged taxpayers to file their taxes electronically, individuals who wish to receive the homebuyer tax credit cannot submit their returns online, the Nevada Appeal reports.

While these homeowners may still use electronic programs to prepare their taxes, they will need to print out their forms and mail them to the IRS.

To qualify for the credit, these individuals will need to include a completed 5405 form with their file, which is available for download on the IRS website, according to CNN.

Real estate owners should also submit documentation of their purchase, including proof of residency, a signed mortgage statement and their drivers license.

These new regulations are intended to prevent scams, which proved to be a problem during last year's tax season.

Due to the popularity of this initiative, these taxpayers should expect to receive their returns in approximately three months.

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