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IRS revamps homebuyer credit form

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in Small Business Tax

The IRS recently announced that taxpayers who claim the first-time homebuyer credit on their 2009 returns cannot file electronically. (IRS News Release IR-2009-18) Also, the IRS has revised Form 5405, First-Time Homebuyer Credit, to reflect new law changes.

Caution: If you’re claiming the credit on your 2009 return, you must use the revised form, no matter when the home was purchased. However, if you purchased a home before Nov. 6, 2009, and are claiming the credit on an original or amended 2008 return, you may use the prior version of Form 5405.

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