Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has issued a press release noting changes made to the First-Time Homebuyer Credit made by the Worker, Homeownership, and Business Assistance Act of 2009 (P.L. 111-92). Taxpayers who claim the credit on their 2009 returns will not be able to file electronically, but will have to file a paper return. Taxpayers are also reminded that, for qualifying purchases in 2010, they can choose to claim the credit on either their 2009 or 2010 returns. An IRS video on YouTube discusses various rules related to the credit

  The IRS has also announced that a new version of Form 5405, First-Time Homebuyer Credit, will be released sometime in the next few weeks. Taxpayers who purchase homes after November 6, 2009, or who claim the credit on their 2009 returns must use this new form. Qualifying taxpayers who purchase a principal residence on or before November 6, 2009, and who claim the credit on an original or amended 2008 return may use the current version of Form 5405.

IR-2009-108,
2009FED ¶46,540

Other References:

 
Code Sec. 36

  CCH Reference - 2009FED ¶4190.11

  Tax Research Consultant

  CCH Reference - TRC INDIV: 57,950