IRS Form 5405 Homebuyer Tax Credit

chrissheets · #1 (**permalink**) 02-19-2009, 02:13 AM

Has anybody found out when the IRS will modify form 5405 to reflect the new amount of $8,000?

Also when does the IRS consider your new home yours? At closing or when the title/deed is registered at the county clerk? Thanks!

jhutch11 · #2 (**permalink**) 02-19-2009, 12:31 PM

I am wondering about this also.
A couple other questions I have:
If I close on a house end of April do I need to file an extension so I can claim the first-time homebuyer's credit on my 2008 tax return?
I think I will owe federal taxes not counting the homebuyer's credit but I won't after you factor in the credit. So to avoid paying interest on the money I owe, if I file an extension do I need to pay what I owe or should I factor in the homebuyer's credit and call it good?

chrissheets · #3 (**permalink**) 02-20-2009, 01:14 PM

The form 5405 has been updated on the IRS.gov website but none of the on-line tax software has not updated it. I hope it is soon.

rangermike · #4 (**permalink**) 02-23-2009, 03:36 PM

Quote:

Originally Posted by jhutch11

I am wondering about this also.
A couple other questions I have:
If I close on a house end of April do I need to file an extension so I can claim the first-time homebuyer's credit on my 2008 tax return?
I think I will owe federal taxes not counting the homebuyer's credit but I won't after you factor in the credit. So to avoid paying interest on the money I owe, if I file an extension do I need to pay what I owe or should I factor in the homebuyer's credit and call it good?

I'm in the exact same boat as you. Our scheduled closing is 4/20 - 5 days beyond the federal due date. I had planned on filing an extension in order to claim the credit.

Do you have any further info on this?