Appleton | Green Bay Wisconsin Home Mortgage and Real Estate Resources: January 2010

How to File for $8,000 Tax Credit

Here is great information to pass onto your customers - Anyone who settled their first home purchase after November 6, 2009 would appreciate this information - The new IRS Form 5405 is now available.

Unfortunately, the filing must be done the "Olde Fashioned Way" Ironic since a majority of the filers are Generation Y and grew up with a computer.... The IRS will NOT accept the 5405 form electronically, and from what I understand, it could take up to 4 months to get your money.

Please be aware that when filing form 5405, the IRS is requiring a copy of the settlement statement (HUD-1), a signed mortgage statement with the new address, and a copy of either the taxpayer's driver's license, bank statement, or pay stub, showing the new address.

Below is reference to a recent CNN Money article - Make it a great day.....

From CNNMoney.com, we have just learned that the way the IRS is "handling" the tax credit is turning into yet another stumbling block to helping the real estate market recover. This seems to me to be so unfair! Anyone who qualified for the credit probably could really use that money, whether to repay mom and dad for the down payment loan or as cash to repair that fixer-upper they bought. I'm going to email the article and link this out to my clients IRS Form 5405.

Home Buyer Tax Credit: No e-file and four month delays

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By CNNMoney.com Les Christie staff writer

NEW YORK (CNNMoney.com) -- Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again. Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.

On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.

The two-month delay was frustrating to Florida resident Charles Teschke. "We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home," he said. "The IRS told me they estimate it will take four months for me to get my refund!"

First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.

 

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Comment balloon 1 commentGwenn Tanvas NMLS# 274839 • January 27 2010 11:05AM
How to File for $8, 000 Tax Credit
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Here is great information to pass onto your customers - Anyone who settled their first home purchase after November 6, 2009 would appreciate this information - The new IRS Form 5405 is now available. Unfortunately, the filing must be done the… more