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Browse: Home / MONEY / Taxes

How to file amdended tax return for two individuals filing for first time home buyers tax credit?

Krista: How to file amdended tax return for two individuals filing for first time home buyers tax credit?
My boyfriend and I just closed on a home together. We want to file an amended tax return for the first time home buyers tax credit. How would we go about both filing an amended tax return. I know we need a certain form to amend and a certain form for the first time home buyers tax credit, but do we need to mail them in together, or just separately? Thanks in advance.

Answers and Views:

Answer by Bash Limpbutt’s Oozing Cyst©
You can split the credit any way that you wish if you are both eligible, or either of you can claim the entire credit. If you choose to split it you’ll both need to amend your returns. Do NOT mail the amended returns in the same envelope!

File amended returns using Form 1040-X and attach Form 5405 to claim the credit. To expedite processing, attach a photocopy of the HUD-1 settlement sheet and a photocopy of the recorded deed. Wait about 4 months for your check(s).

Form 1040-X: https://www.irs.gov/pub/irs-pdf/f1040x.pdf

Form 1040-X instructions: https://www.irs.gov/pub/irs-pdf/i1040x.pdf

Form 5405: https://www.irs.gov/pub/irs-pdf/f5405.pdf

Answer by Helen, EA in PA
You need forms 1040X and 5405 for each amended return. Make sure to send copies of the HUD form.

And separate envelopes are necessary.

Helen, EA in PA

Answer by Jss
This credit is available for first time home buyers and those who did not own home in last three years. The credit applies to home located in the United States.The credit is 10 percent of the purchase price of the home, with a maximum available credit of $ 8,000 for either a single taxpayer or a married couple filing jointly. You must purchase home after Dec 31, 2008 and before December 1, 2009, to be eligible for the credit. The credit of $ 8,000 is not a loan and you do not repay it.

Taxpayers will claim the credit on their 2008 tax return, 2009 tax return or amended tax return for 2008. They must complete the IRS Form 5405, First-Time Homebuyer Credit.

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