Thrifty Thinking: 2010 Homebuyer Tax Credit

In case you haven't done your taxes yet, there is a real estate tax benefit that you need to know about if you bought a home in the past year. For those who didn't own a home in the last three years but bought one last year, be sure to get your 2010 Homebuyer Tax Credit. You can also get it if you're selling a home that you lived in for 5 years: "Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit."

So if you haven't done your taxes and you qualify, be sure to fill out the documentation needed for that! I know there are probably other slackers out there like me (I still haven't done mine and will probably do them Saturday). If you've already filed, you can still take advantage of it. You'll need to fill out a form 1040X (available at the IRS website) to amend the tax return. You can't do this by efiling; the IRS only accepts tax amendments by postal mail. It'll be a little bit of a hassle, but it will definitely be worth it to get the tax credit if you're eligible!