The IRS has finally released a new Form 5405, the form that is required to claim the homebuyer tax credit. You can download the new form here.
Because the original tax credit had been amended and expanded, the form had to be updated to reflect the changes, and as a result, people who purchased a home after November 6th have had to wait until now to claim the credit.
According to CNN, you’ll no longer be able to e-file to claim this credit because of the number of fraudulent claims that have been filed. You can, however, still prepare your tax return via Turbo Tax or other similar software, but you’ll need to print out and mail the forms instead of e-filing, since there is additional documentation required that can’t be accepted via e-file.
Buyers who qualify for the tax credit have until April 30th to place a contract on a home, and until June 30th to close on that home. Time is ticking, especially if you’re looking at purchasing a short sale or doing a rehab (203k) loan.
Feel free to give Jeremy a call at 719.231.9043 or email him at jeremy@thecircagroup.com to explore your options in purchasing a home and claiming the tax credit.
Special thanks to Amy Cavender for the heads up.