If you purchased a house in 2009 and you’re a First Time Homebuyer and you’re qualified for the refundable First Time Homebuyer Tax Credit, here are the simple steps you must take to claim your money from Uncle Sam:
1. File your 2009 Federal Tax return.
2. Attach IRS Form 5405.
3. Attach your HUD-1 Closing Settlement Statement.
Here’s a link to the IRS website with more details.
If you have already filed your 2009 tax returns and you sign a contract to buy a house by April 30th, 2010 (and subsequently close no later than June 30th, 2010) you can still apply for the refundable tax credit this year. Yes, that’s correct, you don’t have to wait for the filing of your 2010 tax returns to claim the credit! You can simply file an amendment to your 2009 tax returns using form 1040X, attach the IRS Form 5405 and your HUD-1 Closing Statemnt and you’re good to go! You’ll receive your check this year, instead of next! Not too shabby!