New Homebuyer Credit Form Now Available!
The new homebuyer credit form - First-Time Homebuyer Credit and Repayment of Credit (Form 5405) - is now available on the IRS website. The new form comes with new document (settlement statement & other documents) requirements to prove eligibility in the efforts to prevent fraud related to the first-time homebuyer credit.
2008 Form 5404:
Taxpayers who purchased a home in 2009 on or before November 06, 2009 must use the 2008 version of First-Time Homebuyer Credit form (2008 Form 5404).
New Version of Form 5404:
Taxpayers who purchase a home on or after November 07, 2009 must use the new version of the form to claim the credit (whether the credit is claimed for 2008 or for 2009). Taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, i.e., in 2009 or in 2010, must also use the new version of Form 5405.
Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.
For more information, please visit:
- IRS News Release on New Homebuyer Credit Form
- IRS First-Time Homebuyer Credit page
- IRS New Form 5405 (Rev. December 2009)
This post is for informational purposes only and should be verified by a qualified tax professional. Please consult your tax advisor/accountant/cpa for tax advice and to determine whether you are eligible for this tax credit.
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