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5405
Dec 13, 2009 16:32:40 GMT -7
Post by Rich Conrad on Dec 13, 2009 16:32:40 GMT -7
Hi, all - for your buyers who qualify for the extended 1st-time buyer or long-term resident tax credit but closed on their home AFTER 11/06/09, be aware of the following from the IRS:
A new version of Form 5405, First-Time Homebuyer Credit, will be available around late December, 2009. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the 2008 Form 5405 <http://www.irs.gov/pub/irs-pdf/f5405.pdf> .
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