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Well how do you like that! The new Form 5405 is finally up. You can finally file for your credits.
http://www.irs.gov/pub/irs-pdf/f5405.pdf

The December 2009 edition of the the First-Time Homebuyer Credit and Repayment of the Credit form can be used for 2008 and 2009 tax returns and all amended returns. This can cover home purchases that take/took place in 2008, 2009, or 2010. Important note: You cannot e-file tax returns that contain the Form 5405. You must file on paper, sending in all the documentation to prove your eligibility.
http://taxquips.com/index.php?id=1398

TaxMama Strategy Tip

Since you must file a paper return, you can expect your refund to arrive in about 8-12 weeks.

If you expect to get a large refund, even without claiming the Homebuyers Credit, do not use the credit on your 2009 tax return. You will be able to file electronically and get your refund in a few days. No waiting.

Once you have your refund, file an amended tax return for 2009 (Form 1040X), claiming the credit. Be sure to attach all the documentation you need to prove that you qualify (see below). Then, if IRS takes their time processing your return, you’ll at least have access to the rest of your refund quickly. Expect the processing to take from 12-20 weeks.

Important Note: Do NOT REPAY YOUR 2008 CREDIT NOW!

Part IV of Form 5405 is for repayments of the 2008 credit. If you bought your home in 2008 and are still living in it, your repayment starts NEXT year.

Only use this section of the Form 5405 if you have moved out, converted it to rental property, or are otherwise no longer entitled to treat it as your personal residence.

Additional year to purchase a home for members of the
uniformed services or Foreign Service and employees of
the intelligence community.

Members of the uniformed Form 5405. services or Foreign Service and employees of the intelligence community who are on qualified official extended duty outside the United States may have an additional year to purchase a home and qualify for the credit. See the instructions for line D on page 3 to find out how to qualify.

What To Attach to Your Return

If you claim the credit on your 2009 (or later) original amended tax return, or you must attach the following documentation regarding your main home (as applicable). If you do not attach the documentation, the credit may not be allowed.

Attach a copy of your settlement statement showing all parties’ names and signatures, the property address, the contract sales price, and the date of purchase. In most cases, your settlement statement is your properly executed Form HUD-1, Settlement Statement.

If you are unable to obtain a settlement statement because you purchased a mobile home, attach a copy of your executed retail sales contract showing all parties’ names and signatures, the property address, the purchase price, and the date of purchase.

If you are claiming the credit for a newly constructed home and you do not have an executed settlement statement, attach a copy of your certificate of occupancy showing your name, property address, and the date of the certificate.

Additional documentation. You should also attach the following documentation, if applicable, to avoid delays in the processing of your return and the issuance of any refund.

• If you checked the “Yes” box on line C, attach a copy of the pages from a signed contract to make a purchase showing all parties’ names and signatures, the property address, the purchase price, and the date of the contract.
• If you are claiming the credit as a long-time resident of the same main home, attach copies of one of the following: Form 1098, Mortgage Interest Statement (or substitute statement), property tax records, or homeowner’s insurance records. These records should be for 5 consecutive years of the 8-year period ending on the purchase date of the new main home.

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IRS Form 5405

First-Time Homebuyer Credit and Repayment of the Credit

Instructions for IRS Form 5405

How to fill in Form 5405

TaxQuip #1398

Information about the new version of the Homebuyers Credit

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