Sunday, November 15th, 2009
What to complete on 1040X for First Time Homebuyer Tax Credit?
Midlilly asked:
In order to file a 5405 with the1040X for a First Time Homebuyer tax credit on a home purchased in 2009, do I only fill out the Part II Explanation of Changes along with 5405 form? Nothing else needs to be completed except the part above line A with the new address; is this correct?
In order to file a 5405 with the1040X for a First Time Homebuyer tax credit on a home purchased in 2009, do I only fill out the Part II Explanation of Changes along with 5405 form? Nothing else needs to be completed except the part above line A with the new address; is this correct?
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November 17th, 2009 at 7:03 am
Dear M: All you are doing is adding the 5405 to your original return. The return you filed will have no changes except you will attach the 5405 to the 1040X. Make sure you indicate the reason for the 1040X. “Addition of first time home buyers credit on from 5405″.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor