Stats

LISTINGS	Residential (Single Family & Condo)
March 8-14, 2010	758
Last Year	594
SOLDS
Feb. 28 -March 6, 2010	205
Last Year	163

IRS Clarifies What’s Needed to Claim Tax Credit

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

Statistics

LISTINGS	Residential (Single Family & Condo)
March 1-7, 2010	696
Last Year	576
SOLDS
Feb. 21 -27, 2010	215
Last Year	185

LISTINGS	Residential (Single Family & Condo)
Feb. 22 -28, 2010	517
Last Year	513
SOLDS
Feb. 14 -20 , 2010	131
Last Year	138

Statistics

LISTINGS	Residential (Single Family & Condo)
Feb. 15 -21, 2010	451
Last Year	494
SOLDS
Feb. 7 – 13, 2010	142
Last Year	130