IRS Page

If you are planning on claiming the Home Buyer Tax Credit, or are interested in taking a look at the IRS public statements about the credit, we wanted to provide a page with all the links you might need.  We have previously posted an explanation of the IRS advisories involving how to file your tax credit, which you can find here.

Here’s what you’ll find on this page:

• The official IRS forms you’ll need to claim the Home Buyer Tax Credit.
• The IRS official FAQ-style explanations of the Home Buyer Tax Credit.
• IRS general advisories and information about the Home Buyer Tax Credit.
• An unofficial collection of official IRS videos explaining the Home Buyer Tax Credit.

As always, we’ll remind you that you should have an accountant discuss your options and make a final determination on your eligibility.

Official Forms

Below are the official forms put out by the IRS for people looking to claim the return.  We have a thorough evaluation of these forms here.

The IRS Form 5405, the form you need to claim the home buyer tax credit for your 2009 tax year return.

The official IRS Instructions for Form 5405, which are typical IRS-speak for how to fill out Form 5405.

The IRS Form 1040X, which is ONLY necessary if you closed on your home in 2009 and want to amend your 2008 tax year return to take the credit earned in 2009 off your 2008 taxes. You do NOT need this form if you are planning on taking the credit for your 2009 or 2010 tax year.

IRS Questions and Answers

The IRS has put together a number of FAQ-style advisories that provide helpful information on the home buyer tax credit. For your convenience, we have collected all the links here:

First-Time Homebuyer Tax Credit Questions and Answers: Basic Information. This is the IRS’s central FAQ site with answers to fundamental questions about the tax credit.  Some of the answers cover issues involving mobile homes and trailers, dependents and minors, general ownership history requirements, and general income limits.

First-Time Home Buyer Tax Credit Questions and Answers: Homes Purchased in 2009.  This is  a very long and helpful FAQ for homes purchased in 2009, both for homes purchased during the first-time home buyer tax credit that was in effect prior to November 7, 2009, and those purchased during the current version of the tax credit running until April 30th for contracts and June 30th for closings.  The FAQ includes a long section explaining how the credit applies to married couples.

First-Time Homebuyer Credit: Scenarios. This IRS advisory contains a set of factual scenarios (like our “Scenarios” section at HomeBuyerTaxCredit.com) involving specific situations and how they are interpreted by the IRS for application of the tax credit.

First-Time Home Buyer Tax Credit Questions and Answers: Homes Purchased in 2008. This is a short FAQ involving people who purchased homes in 2008 under the original first-time home buyer tax credit.

IRS General Home Buyer Tax Credit Advisories

The IRS has put out a number of statements and advisories regarding the Home Buyer Tax Credit, which are available at the official IRS site but which we have collected here for your convenience:

January 15,2010: New Home Buyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents.  This is an advisory from the IRS reminding taxpayers that they will need to file supporting documents to establish their eligibility for the home buyer tax credit, and that they cannot file electronically.

November 24,2009: First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Qualify.

First-Time Home Buyer Credit Page. The IRS has maintained a page on the tax credit, which provides a general overview of the credit and links to some other supporting documents.

First-Time Home Buyers: Members of the Military and Certain Other Federal Employees. An IRS advisory particularly concerning the exceptions for certain military personnel.

March 18, 2009: First-Time Homebuyers Have Several Options to Maximize New Tax Credit. This IRS advisory explains how people who closed in 2009 can take the tax credit off their 2008 tax year return or their 2009 tax year return.

February 25, 2009: Expanded Tax Break Available for 2009 First-Time Home Buyers. An IRS release at the time of the first 2009 extension of the Home Buyer Tax Credit, only for first-time home buyers. This will only apply to you if you closed prior to November 7, 2009. Otherwise, you can disregard it.

September 16, 2008: Tax Credit to Aid First-Time Home Buyers; Must be Repaid Over 15 Years.  An IRS advisory specifically for people who closed between April 8 2008 and December 31, 2008.  This only applies if you closed in 2008 during the time period. Otherwise, you can disregard it because it will probably just cause confusion.

IRS Videos

The IRS has put a number of official video explanations of the Home Buyer Tax Credit, which have been collected by an unofficial third party and put on Youtube.

IRS Videos on Youtube: This is a nice place to find all the official IRS videos on the Home Buyer Tax Credit, as well as other IRS-related material.  Note that the videos are official advisories, but the youtube subsite is apparently maintained by a private company.

IRS Videos on Youtube in Spanish.  Same idea as above, but the videos are in Spanish.  Of course, if you’re reading this, you probably don’t need the Spanish videos, but maybe you know someone who does.