Does anyone know when the IRS will post the new 5405 form for the new $8,000 refundable home buyer tax credit? - new home buyer tax credit
The current form for 5405 is to pay the old $ 7,500 first home buyer credit fee. I mean the new tax credits of $ 8000 will not be returned. This change was in the stimulus bill Obama has now included (2/17/09).
Saturday, January 16, 2010
New Home Buyer Tax Credit Does Anyone Know When The IRS Will Post The New 5405 Form For The New $8,000 Refundable Home Buyer Tax Credit?
10 comments:
Mrs. HR Block did not know what you mean. I am waiting to update a few weeks. Again, there is evidence the tax returns in 2008 through the Federal Housing Tax Credit are site that I mentioned.
I spoke with a representative from the IRS yesterday and he said that the new form is created and would be available in a few days. She said they were currently deciding between the current issue of the form, or create a new form. You can receive the tax credit this year. If you already filed for € 7500 and completed at your home after 1 January 2009, then it will not be responsible for repayment, but you must file an amended return (1040X).
In response to the CPA Tax Senior HR Block:
"If I may qualify for the tax credit and buy a house in 2009, I claim the tax credit from 2008 to the return for me?
Yes, the law allows (the taxpayers choose to "election") for qualified home purchases in 2009, treated as if the purchase takes place December 31, 2008th This means that accelerating the income limit for 2008 (King) and the election, if the loan applied for (tax returns for the year 2008) as income for 2009 can be. An advantage of this choice is a home buyer in 2009, know their 2008 MAGI with certainty help to enable buyers to know whether the income limit to be reduced in the amount of the loan.
Taxpayers who want to buy a house, ask your tax return in 2008, but he already has his 2008 Back to the IRS, file an amended 2008 back entering the credit can control. You should see a tax expert with questions, to how to solve this problem. "
I know this is true for € 7500, and I understand it applies to the amount of $ 8000s good.
I think I'll take some time for them to get the new form of publication, but if you call the IRS helpline are very helpful and can only tell you how they currently claim the credit back into shape.
I checked on irs.gov today (2-21-09) and the revised form is available. Do not let these people do not know what they say to wait to speak until the year 2009. It is possible to grant credit for 2008 taxes, even if you bought the house in 2009. It is clearly stated in the bill that Obama signed that lets you choose the loan in 2008 to when I would have bought the house on 12-31-08.
I checked on irs.gov today (2-21-09) and the revised form is available. Do not let these people do not know what they say to wait to speak until the year 2009. It is possible to grant credit for 2008 taxes, even if you bought the house in 2009. It is clearly stated in the bill that Obama signed that lets you choose the loan in 2008 to when I would have bought the house on 12-31-08.
This new form will be determined when you file your 2009 Tax in 2010. They have no influence on the 2008 back.
Sharon Pierce, Sr. HR Block Tax V
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The form on the IRS Web site updated
http://www.irs.gov/app/picklist/list/formsInstructions.html?value=5405&criteria=formNumber&submitSearch=Find
Form has been updated.
http://www.irs.gov/pub/irs-pdf/f5405.pdf
Because this law was signed today, will cover the year 2008 Taxes, but taxes next year.
You must give them time to develop the new form. What is the hurry?
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