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How do I file for the First Time Homebuyer Tax Credit?

If you are a First Time Homebuyer who qualifies for the First Time Homebuyer Tax Credit, here’s how to file and receive your credit.

You have two choices: you can file to amend your 2008 tax return, or wait and file in 2009.

How to amend your 2008 tax return:

1. Download Form 5405 ”First -Time Homebuyer Credit” from the IRS website. Use this link to determine the amount of your credit.
2. Then download Form 1040X  ”Amended U.S. Individual Income Tax Return” to amend your 2008 return.
3. Fill out the amended credit amount on Line 15 under Payments.
4. File Form 1040X along with Form 5405.
5. Any refund due will be sent to you.

Filing for your credit in 2009:

1. File Form 1040 as usual.
2. On Line 69, enter the amount of your credit calculated using Form 5405;
3. Be sure to attach Form 5405 to your return.
4. Your refund will be sent to you.

Be sure to consult your tax professional for further information.

Contact me for assistance in purchasing your first home.

This entry was posted on Tuesday, November 3rd, 2009 at 8:12 am and is filed under Buying a Home, First Time Homebuyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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