Form 5405

Form 5405

A form that one filed with the IRS to claim a tax credit for purchasing one's first home (or one's first home in a number of years) during 2011. For first-time buyers, the credit was worth 10% of the value of the home or $8,000, whichever was less.
Mentioned in ?
References in periodicals archive ?
The repayment installment can be entered directly on Line 59b without the use of Form 5405 if the taxpayer continued to own the home and use it as their main home throughout 2011.
The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405.
For example, IRS (1) issued a new form, the Form 5405--"First-Time Homebuyer Credit"--and new instructions for the Form 5405, and revised other related forms and instructions; (2) communicated with taxpayers and tax return preparers through a variety of avenues, such as news releases, postings on irs.
For more information on claiming the credit, see Form 5405, First-Time Homebuyer Credit at www.
Eligible taxpayers will claim the credit on new IRS Form 5405.
For qualifying homes purchased in 2009 or 2010, the taxpayer must complete IRS Form 5405 and attach a copy of the settlement statement.
IRS Form 5405, First-Time Homebuyer Credit, should be used to claim the credit.
To claim the first-time buyer credit use Form 5405.
They need to fill out Form 5405 to determine the amount of their available credit.
gov for a revised version of Form 5405, which covers first-time home buyer credit.