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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!