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.
Eligible taxpayers will claim the credit on new IRS Form 5405.
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.