The NEW 5405

[kcjenkins]

The IRS will start accepting e-filed returns with Form 5405, the First Time Homebuyer Credit claiming the new $8,000 credit for homes purchased during 2009, beginning with the 6 p.m. drain on March 30, 2009. You can also paper file these returns.

Returns that have already been filed with Form 5405 claiming the $7,500 credit for homes purchased in 2009 must be amended in order for the taxpayer to receive the additional $500 credit.

[David1980]

It's good that they're finally allowing the $8000 to be efiled. Seems strange the IRS took so long to change one number in their system. Did they have to pay a monkey to count to 8000 or something? Anyway, good to see it's coming soon.

As far as amending returns that had previously claimed $7500 that's no surprise. What I was telling people is they could take the $7500 and amend later or wait for IRS to update it's computers and take the $8000.

[Yardley CPA]

The IRS will start accepting e-filed returns with Form 5405, the First Time Homebuyer Credit claiming the new $8,000 credit for homes purchased during 2009, beginning with the 6 p.m. drain on March 30, 2009. You can also paper file these returns.

Returns that have already been filed with Form 5405 claiming the $7,500 credit for homes purchased in 2009 must be amended in order for the taxpayer to receive the additional $500 credit.

KC...thanks so much for the info. This is exactly what I needed to know!

[kcjenkins]

Yes, the good thing is that it will automatically, when you amend to the new form, change it from repayable to not repayable in the IRS system. That was the part that was worrisome to me.