As a reminder, buyer must sign a contract by midnight April 30th and close by midnight June 30, 2010 to qualify. Supporters of the homebuyer tax credits warn that there will likely be no more extensions of the tax credits. " I will remind readers; that the credit is not a flat $8,000 for new buyers and $6,500 for repeat buyers. It is 10% of the purchase price up to those ceilings. There is no credit if the price of the house is above $800,000. - What will a home buyer need to claim the tax deductions - Due to an increasingly rising number of fraudulent (non-existing) purchase transactions that the IRS has mistakenly paid out up to $8,000 on, the IRS just released new policy guidelines. To avoid such abuses in the revised credit program, Congress directed the IRS to spell out documentation standards in detail and to install monitoring systems to spot fraud upfront. Among the keys to the monitoring system is that all documentation accompanying credit claims must comply with the IRS's detailed rules. Here's what the agency wants from anyone seeking a credit: -- A fully executed IRS Form 5405 (available at: www(dot) irs(dot).gov) on which taxpayers provide basic information supporting their claim of eligibility, including income and home purchase date.