Long Time Homebuyer Credit

[Uncle Sam]

This has probably been addressed here -but I haven't seen it -so I just want to give you folks fair warning.

I have a client who is eligible for the Long Time Homebuyer Credit. Is going to close within the next 2 months - (return won't get filed until the deal is done) -

In looking at the instructions - not only do you need to submit a copy of the HUD-1 Settlement statement - BUT YOU ALSO NEED TO ATTACH for the 5 consecutive years the taxpayer(s) owned the home EITHER:
1) Form 1098
or
2) Property Tax Records
or
3) Homeowner's insurance records

Fortunately in my case, I have the 1098 for the last 4 years. Client only needs to get me the earliest year. This particular client is diligent and responsible enough to save some critical records - so I doubt I'll have a problem in submitting the required documents.

I knew about the HUD-1 form for the new home - but wasn't aware of the other documents required to be submitted.

I'm wondering if a copy of the HUD-1 settlement statement on the purchase of the home would suffice.

[Jesse]

I have my first Long Time Home buyer too. I told them to gather everything possible.

They've had the same insurance agent, so they are going to have him print out statements/receipts. Property tax bills from the county, all five years worth. No form 1098's, house was paid in full. Pay-stubs/W-2's with address.

For the new house it is new construction. Construction loan documents and notarized occupancy permit.

If I were you, I'd try to obtain a signed HUD statement.