Form 5405

[Eli]

If a couple does not have possession of the home they are having built, can they file this form? If not, can the return be amended later to file for the $7500.00 loan?

The instructions I read are not very clear about amending.

Thank you!

Eli

[David1980]

If a couple does not have possession of the home they are having built, can they file this form? If not, can the return be amended later to file for the $7500.00 loan?

The instructions I read are not very clear about amending.

Thank you!

Eli

There is some good information here.

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

"Q. Which home purchases qualify for the first-time homebuyer credit?

A. Only the purchase of a main home located in the United States qualifies. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home."

...

"If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return."

So be sure to get your TP into that home by the end of June!

[Eli]

David, thanks so much for that info. I thought I had seen that before, but couldn't remeber where. They should be moving in late Feb or early March.

Thanks again, they will be extremely happy!!

Eli