How do we get the $8K tax credit for first home bought?

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Subject Author Date How do we get the $8K tax credit for first home bought? Michael W. 10-22-2009  Re: How do we get the $8K tax credit for first hom... Arthur Kamlet 10-22-2009  Re: How do we get the $8K tax credit for first hom... paultry 10-22-2009  Re: How do we get the $8K tax credit for first hom... HLunsford 10-28-2009  Re: How do we get the $8K tax credit for first hom... paultry 10-28-2009  Re: How do we get the $8K tax credit for first hom... removeps-groups@yahoo.com 10-28-2009  Re: How do we get the $8K tax credit for first hom... Elle 10-28-2009  Re: How do we get the $8K tax credit for first hom... Elle 10-28-2009  Re: How do we get the $8K tax credit for first hom... removeps-groups@yahoo.com 10-28-2009
Posted by Michael W. on October 22, 2009, 7:27 pm Please log in for more thread options My wife and I bought our very first house (closed in June 2009). In order to get the $8,000 tax credit back, I assume we will have to fill out a special form when we do our 2009 taxes? IWhich form is it? Also, is there anything else to do besides that? Thanks. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on October 22, 2009, 7:43 pm Please log in for more thread options >My wife and I bought our very first house (closed in June 2009). In >order >to get the $8,000 tax credit back, I assume we will have to fill out >a >special form when we do our 2009 taxes? IWhich form is it? Also, >is >there anything else to do besides that? File form 5405 along with your tax return. You could instead amend your 2008 tax return by filing form 1040X and form 5405. Based on word coming in from many tax professionals, it is a very good idea to also attach a copy of the closing statement, form HUD-1, you received at closing. I've even heard from some areas where filers of amended returns requesting this $8000 credit were also being asked to attach a copy of the filed deed! See http://www.irs.ustreas.gov/newsroom/article/0,,id=204671,00.html -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by paultry on October 22, 2009, 8:34 pm Please log in for more thread options Arthur Kamlet wrote: I've even heard from some areas > where filers of amended returns requesting this $8000 credit were > also being asked to attach a copy of the filed deed! > We will likely see closer scrutiny in the near future: From BusinessWeek article: "J. Russell George, a Treasury Dept. inspector general, told the House Ways and Means Committee that 19,300 filers had claimed a deduction on a home they hadn’t even purchased, claims worth $139 million. Some 74,000 filers claimed a credit but aren’t entitled to one because they owned a home within the past three years." http://www.businessweek.com/the_thread/hotproperty/archives/2009/10/first-time_home.html -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by HLunsford on October 28, 2009, 12:14 pm Please log in for more thread options Elle wrote: > kam...@panix.com (Arthur Kamlet) wrote: >> File form 5405 along with your tax return. You could instead >> amend your 2008 tax return by filing form 1040X and form 5405. >> >> Based on word coming in from many tax professionals, it is a very >> good idea to also attach a copy of the closing statement, form >> HUD-1, you received at closing. I've even heard from some areas >> where filers of amended returns requesting this $8000 credit were >> also being asked to attach a copy of the filed deed! > > While this is not surprising, I did want more support for this > statement, since I have a friend who recently mailed an amended 2008 > tax return and Form 5405. to obtain the first-time homebuyer's tax > credit. He did not include any documents beyond what the tax form > instructions say is required. I found the following and thought it > might be a little helpful: > > Proof of Purchase > Real estate transfer records are public records. Many states make it > available on line and the IRS can verify it easily. Some [state]s do > not have all the records online or public and in those cases IRS is > asking for the proof of purchase. For example, most records in MO are > not available on line and the IRS is asking for a copy of the recorded > deed or a copy of the HUD-1 or RESPA settlement sheet as proof. I can see why IRS would want both the closing statement AND a record of deed transfer because a completely bogus closing statement may easily be typed up on the HUD form for submission with the tax return. At first IRS was concerned that people with same last names as buyer and seller might be selling to related parties, and that's still a valid point. So if IRS can verify that there is a valid closing statement and that transfer did in fact take place, they're almost certain everything's on the up and up. EXCEPT for one remaining problem, and that is whether or not the buyer qualifies as not having owned a principal residence in last three years. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by paultry on October 28, 2009, 12:33 pm Please log in for more thread options Elle wrote: > Proof of Purchase > Real estate transfer records are public records. Many states make it > available on line and the IRS can verify it easily. Easily? I doubt the IRS will expend the time to do what should be the taxpayer's task. Even if the Service had the resources to locate, identify, review, and print online property records for each claim, they would rarely see a publicly recorded HUD-1. If the closing statement is needed, it seems attaching it would expedite the process. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted bought a new home, could not sell the other January 19, 2009, 1:50 am New home owners tax credit March 20, 2009, 8:04 pm New Home Owner Tax Credit August 3, 2009, 5:48 pm Energy Star Home credit October 27, 2006, 10:55 pm Tax credit for first time home buyer August 28, 2008, 10:22 am first time buyer home credit January 30, 2009, 1:33 pm First time home Buyer Credit ? 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