How to file for first time home buyer tax credit?

I am in the process of buying a house but the closing date is not unil April 16th, which means I will already have to send in my taxes. Can I still get the tax credit? If so what do I need to do? Just send in the paper work after the purchase date?

8 Answers

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  • 10 years ago
    Favorite Answer

    Contact you tax professional and let them know. You will need to file and amendment for your 2009 taxes to have the purchase defined and then they will send you the tax credit.

    I am doing the same thing and ommitted it on my tax return and am filing an amendment anyway. This is actually the way the government wants you to do it because they hand audit the tax credits and it takes about 4 months for the return.

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  • Kelly
    Lv 4
    4 years ago

    The last I heard no. You need to send copies of settlement papers which e-file is not equipped to handle. I wish they had some way to upload scanned copies. But anyways, it can take more than the 6 weeks you expect as there were numerous frauds in this credit last year. Hard luck but the money is worth the wait. The sooner you file the better as you will beat the rush. If you are expecting a sizable refund even without 5405, you can e-file your regular taxes first, get the refund quickly, and then file an amendment 1040x with the 5405 later and get the homebuyer's credit later and slower.

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  • 10 years ago

    You can either wait and claim the credit next year when you file your 2010 tax return, or you can amend your 2009 return using Form 1040X and claim the credit after closing.

    Source(s): Licensed tax pro
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  • 10 years ago

    File your taxes on time by 4/15 and once you have closed, send an amended return using 1040X. Include form 5405 and a copy of your HUD1 settlement document.

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  • tro
    Lv 7
    10 years ago

    you can file an extension by 4/15/10, you can file and late amend, or you can wait until you file taxes for 2010

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  • Ryan M
    Lv 7
    10 years ago

    You can either claim it on your 2010 tax return or amend your 2009 return AFTER you close. Either way, it is not a big deal.

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  • 10 years ago

    Why not just extend your 2009 return and file one return when you're ready rather than amending?

    Fill out form 4868 to extend your return, postmark by Thursday.

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  • 10 years ago

    just amend your taxes and send in the proper form and a copy of the signed HUD.

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