Claim Your Home Buyer Tax Credit with IRS Form 5405
On January 15th the IRS released a new form for home buyers who want to claim the tax credit when they file their taxes this year. This is Form 5405. Form 5405 is a revision of the previous 2009 First Time Home Buyer Tax Credit so that the current 2010 Home Buyer Tax Credit program is covered.
I would like to point out 2 important changes: Along with Form 5405 you MUST include documentation such as your RESPA closing statement. Because there is more documentation required to claim your tax credit for both a repeat and a first time home buyer, your tax return must be filed manually. So remember – more documentation and manual filing is what you’ll have to do.
For more information, just go to the IRS website . It’s really not hard to take care of this and since you will have purchased your home recently, it shouldn’t be difficult to access your RESPA closing statement. As always, I recommend that you consult with a tax professional.
