CLTA News Express
An Express Article from the California Land Title Association
FTB Homebuyer’s Tax Credit Forms Changed
Bulletin 09/10-94 - May 28, 2010
The Franchise Tax Board form for the homebuyer’s tax credit has been changed to indicate that Seller information is no longer required for the First-Time Buyer Credit for existing homes. This change is due to the efforts of the California Escrow Association working with the Franchise Tax Board. The revised form makes it clear that the seller information is only required if the Buyer is applying for the New Home Credit. A revised application should not be sent to the FTB if one was already sent containing the seller information.
The updated forms and FAQ can be found at:
Form: http://www.ftb.ca.gov/forms/2010/10_3549a.pdf
FAQ: http://www.ftb.ca.gov/individuals/New_Home_Credit_FAQs.shtml
As previously reported in the May CLTA eNews, the FTB instructions have also been changed to specifically state that the buyer has the ultimate responsibility to timely file a completed form. Section F of the Instructions indicate that while it is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement, the ultimate responsibility in on the buyer.
