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First-Time Homebuyers Will Need to File New Version of Form 5405

First Time Homebuyers need to be aware of this change:

The IRS will be releasing a new version of Form 5405, the First-Time Homebuyers Credit Form, for homebuyers looking to claim the extended housing tax credit. Homebuyers eligible for the tax credit must use this new version if they:

• purchased their homes on or after November 7, 2009; or
• will claim the housing tax credit on their 2009 tax returns, regardless of when the property was purchased.

The new form is due to be published later this month. The old form (currently the only one available on the IRS website) will not be accepted for claiming the tax credit under the extended rules. Owners claiming this tax credit on their 2009 tax returns must file paper.

Pam Parton 760-580-1615                    Joanna Woolley 760-580-1630