Instructions on How to Amend a Tax Return With Form 5405

You can claim the first-time homebuyer's credit on your 2009 or 2010 tax return by amending that year's return. You must fill out Form 5405 to determine the total amount of tax credit you receive from the homebuyer's credit and Form 1040X to add this deduction to your original tax return.

Instructions

1. Visit the Internal Revenue Service's website and download Forms 5405 and 1040X.

2. Open Form 5405, the first-time homebuyer's tax credit form. Enter your adjusted gross income from your tax return, the address and closing date of your home and the purchase price of your home. Follow the line instructions to calculate the exact tax credit you receive, as it's dependent on purchase price and your gross income.

3. Put the information from Section 2 on Form 5405 on line 7 of the 1040X form. Fill out the first section of the 1040X with your personal information. Follow the line instructions to calculate your new tax liability or refund, based on the additional tax credit. Send both forms to the IRS filing address for your state. The address varies from state to state, so refer to the IRS website for the latest addresses.

References

• IRS: Form 5405
• IRS: Form 1040X
• IRS: First-Time Homebuyers Credit