New 2010 Home Buyer Tax Credit Forms & Instructions
IRS Releases New Forms, Instructions
The IRS has released IR-2010-006 providing a revised Form 5405 to reflect the changes to the tax credit made in the extension and expansion legislation enacted in November 2009. The release reminds taxpayers that all tax returns claiming the tax credit must be filed manually (i.e., they cannot utilize the IRS E-File automatic system).
The revised form includes a section for those repeat buyers who are eligible to claim the $6500 tax credit. The HUD-1 or evidence of the transaction must be filed with all returns claiming the credit (both the $8000 and $6500 credits). Individuals who claim the repeat buyer credit must also provide evidence that they have owned and used the prior residence for five consecutive years. The instructions indicate that property tax or homeowners insurance records are sufficient for this purpose.
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IRS release, instructions, and forms
The Home Buyer Tax Credit
Reminder: Buyers (1st Time & Repeat) have until April 30th, 2010 to get an accepted contract for the purchase of a home. The transaction must close by June 30th to qualify for the tax credit.
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