Cynthia Alfred's Blog

If you are one of the lucky ones that qualifies for one of the tax credits, congrats!  But don’t get so caught up in the excitement and hustle and bustle of moving to forget to actually CLAIM the tax credit.  It doesn’t automatically come to you, you have to ASK for it on your tax return.

 http://www.irs.gov/pub/irs-pdf/p4819.pdf… –  This is a summary document from the IRS that is surprisingly easy to understand, yet still chock-full of information about who qualifies for the various tax credits.

 http://www.irs.gov/pub/irs-pdf/i5405.pdf… –  This is the form you will need to attach to your return to claim the credit.  (Email me at  Nunlkme at aol.com and I will send you a copy of these forms if you prefer.)

Please note that the IRS still refers to the tax credits as the “First-Time Homebuyer Credit” even though within the document they give you the option to check the box stating that you are a “long-time resident” and not a first-time home buyer.

In addition to the form 5405, you will have to attach a copy of the settlement statement on the purchase from the title company.  This is referred to as the “HUD” or “HUD-1.”

By the way, you claim the credit on line 67 of your line 1040.  Again, they refer to the “First-Time homebuyer credit,” but that’s the right spot, even if you aren’t a first-time home buyer.

Please consult a tax professional for specifics related to your situation.

Brentwood Press, Brian’s Real Estate Update, February 26, 2010

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