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Anne
Anne, Master Tax Preparer
Category: Tax
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I purchased my first home on April 22, 2010 and qualify for

Customer Question

I purchased my first home on April 22, 2010 and qualify for the $8000 first-time homeowners credit. I filed a 1040EZ before closing on the house so did not file for the credit at the time. Now, I would like to send in the proper paperwork to get this credit. I have found and filled out Form 5405, but it wants me to fill in information on a 1040. Having previously filed a 1040EZ form for tax year 2009, how do I make the amendment or otherwise fill out all the paperwork needed to receive the credit? I'm confused by which forms to use, which I need to send in or what copies of what I will need to attach. Please help!
Submitted: 4 years ago.
Category: Tax
Expert:  Anne replied 4 years ago.
Hi

You will need to file an amended return (Form 1040X (Rev. January 2010)Amended U.S. Individual Income Tax Return) and you will need a copy of your original return (1040EZ) in front of you so that you may fill in the information on the 1040X. (For example, the first line of the 1040X asks for your "Adjusted Gross Income" which is found on line 4 of your 1040EZ form.

You will enter the $ amount of your First Time Home Buyers Credit as calculated on Form 5405 on line 14 of the 1040X (be sure to check the box next to the 5405.

You will need to include a copy of the Form 5405, along with the HUD closing papers on your home (or if your purchased your home under a land contract, you will need to send a copy of the Land Contract showing the purchase price, and the signature papers. Although the IRS would prefer a HUD statement (be sure to send the signature page), they do realize that there are numerous ways to purchase a home, such as by land contract which I mentioned above. As long as the proof you send in is in keeping with local law, then the IRS will accept it.

I hope this helps.
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1885
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Anne and other Tax Specialists are ready to help you
Customer: replied 4 years ago.
This was exactly the clarification I needed! There are so many variables and exceptions in the instruction booklets that I couldn't fully be sure of what to do. Thank you for your time and answer!

-Kevin
Expert:  Anne replied 4 years ago.
You're more than welcome. Glad I could help. Please come back to Justanswer anytime you have a question.

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Anne
Anne
Tax Professional
1885 Satisfied Customers
Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses