Form 5405 Draft Available

[TAXBILLY]

http://www.irs.gov/pub/irs-dft/f5405--dft.pdf

taxbilly

[jainen]

>>Form 5405 Draft<<

Thanks for the warning. I can hardly wait for the instructions 'cause there's gonna be questions. It seems to say any credit taken on 2008 return is subject to recapture, even if bought in 2009. It seems to say you can only claim "your share" if you have a co-buyer. It seems to say you have to attach a HUD-1 in all cases, even if bought before the law changed, unless you claim it on the 2008 return, even if bought after the change. And it definitely says you have to use the 2009 form on some 2008 returns--can your software handle that? An no mention of e-file restrictions.

Apparently the instructions will also express an opinion relevant to our discussion about purchase date .

[TAXBILLY]

>>Form 5405 Draft<<

Thanks for the warning. I can hardly wait for the instructions 'cause there's gonna be questions. It seems to say any credit taken on 2008 return is subject to recapture, even if bought in 2009. It seems to say you can only claim "your share" if you have a co-buyer. It seems to say you have to attach a HUD-1 in all cases, even if bought before the law changed, unless you claim it on the 2008 return, even if bought after the change. And it definitely says you have to use the 2009 form on some 2008 returns--can your software handle that? An no mention of e-file restrictions.

Apparently the instructions will also express an opinion relevant to our discussion about purchase date .

This form will rival 1116 in complexity.

taxbilly