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.
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Modified adjusted gross income is adjusted gross income plus certain amounts of foreign-earned income, as detailed on Form 5405, the tax return form required to be filed along with a copy of the HUD-1 settlement form (the inclusion of this closing statement with your tax return is a new requirement for 2009) in order to claim the tax credit when filing Form 1040.
The credit is claimed using IRS Form 5405, First-Time Homebuyer Credit.
Following up on this initial problem, the IRS took steps to reject claims electronically that were filed with a future purchase date on Form 5405.
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.
To claim the first-time buyer credit use Form 5405.
gov for a revised version of Form 5405, which covers first-time home buyer credit.