Tax Credit Form Irs
February 6th, 2010
Question: what forms should be submitting with IRS form 5140 (first time homebuyers tax credit)?
I received a letter from the IRS asking for a copy of my settlement statement as well as something that would include property tax transfer (or sometimes called tax stamps). I am somewhat confused on where to obtain this information, or if the settlement statement will suffice? I tried calling the number listed on the paperwork, but, it is the IRS…. I was on hold forever!
Anyone else have to do this?
Answer: 1040X, Form 5405 and HUD-1 (or RESPA) closing statement provided by title company. That document with columns and lots of lines, showing the whole sale/purchase/loan transaction. You received copies at your closing and should keep it for your tax filings and for the sale of your home. There is transfer tax declaration, although the stamps themselves are generally attached to the deed for recording. Takes 12-18 weeks processing, and sending along the HUD-1 avoids delays.
Reading the 5405 instructions, and information on irs website is very helpful and easier than holding.
www.irs.gov first time home buyers credit
IRS promotes larger Earned Income Tax Credit for 2010
SAN DIEGO — The Internal Revenue Service last week kicked off an awareness campaign for a tax credit that gave almost $90 million in credits to 48,000 taxpayers in Reno, Sparks and Washoe County in 2008 and has been extended to potentially help many more for the 2009 returns.
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Santa Clarita Home Buyers: Use IRS Form 5405 To Get Your Tax Credit – Episode 22
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Tags: 6500 tax credit form irs, 8000 tax credit form irs, credit, federal, first time home buyer tax credit form irs, irs, tax, taxes