what is needed for tax credit?

Anonymous · ‎06-10-2010

hey all, its been awhile. Still busy moving into my new home. Thanks once again for all of your help during the process. I have another question for you. I guess I could call the LO, but decided to throw it out here first.

I closed on the 27th. Does anyone know what paperwork is needed to file for the tax credit? I hear it takes quite awhile to get the money, and I wanted to get it in as soon as possible. Thanks

Anonymous · ‎06-10-2010

You will need the IRS1040x:

www.irs.gov/pub/irs-pdf/f1040x.pdf

Fill out the top, and parts A, B, and C. On the bottom half, fill out lines 10-22

You will then need IRS Form 5405:

www.irs.gov/pub/irs-pdf/f5405.pdf

Fill that out accordingly.

Attach your signed settlement statement (HUD-1), and then, you will need to show proof of when the contract was entered into, so make a copy of the last few pages of your signed contract that show: 1) The address of the purchased home, 2) the date the contract was entered into, and 3) signed by all parties.

Send it off and wait =)

Anonymous · ‎06-10-2010

I closed on my home on 12/10/2009. Filed my Taxes and Home Buyer Credit on 2/2/2010. Received my return on 4/21/2010.

It took almost two months to receive the return. Many people who received the credit will agree that it seems to take WAY LONGER than 6-8 weeks. I've heard that when you file for the Home Buyer Credit you are basically receiving an IRS Audit. It's not the full blown audit but, your taxes are definitely scrutinized before they release all that money.

Anonymous · ‎06-12-2010

filling out lines 10-22 on the first page what are they asking? For Current address do I put the new home we just purchsed there? Can someone please direct me through this line by line? It would be greatly appreciated

Anonymous · ‎06-15-2010

jumping in on this post to ask two questions

Two questions:

1. On form 1040X, what about lines 1-9?

2. We filed our 2009 taxes via HR Block online. The copies of our tax returns have a watermark that says ‘do not file’ across them.

a). Do we need to send a paper copy of the 2009 tax return we filed electronically?

b). Does it matter that the watermark says ‘do not file’ across the 2009 tax return?

Anonymous · ‎06-16-2010

bump. as I have the same issue with h&r block. would like o handle it on my own, without going to a tax preparer.