The Federal Tax Credits Blog

Posts Tagged ‘8000 tax credit form irs’

Question: Do I file an amended 1040x along with the 5405 form to get the Tax Credit for First Time Home Buyer this year?

I have already filed my taxes this year and will be closing on a home 5/4/09 so I am trying to figure out how to get the tax credit to receive the $8000.

Answer: After you purchase the home, you will file a form 1040X and the form 5405 to claim the credit. You have the option also to wait until you file your 2009 income tax return. If you go with the amendment, indicate on the form 5405, on line C, that you purchased the home in 2009, but are claiming on the 2008 income tax return. Then the amount of the credit will be entered on line 15C of the amended income tax return.

It does take up to 12 weeks to receive a refund from an amended income tax return.

I am attaching links to the IRS form 1040X along with the instructions. Also I am linking the form 5405 so you are able to determine if you meet all the requirements for claiming the credit.

Good luck with the new home.

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

Reader views (99)

I wish the authors would at least check the facts in this article. Bugaboo buggies don’t cost nearly £1000 and the meringues at Ottolenghi are £2 not £7.50 – such blatent manipulation of easily verifiable facts makes me wonder what other figures have been altered!

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.

Santa Clarita Home Buyers: Use IRS Form 5405 To Get Your Tax Credit – Episode 22