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Question by 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.
Best answer:
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: http://www.irs.gov/pub/irs-pdf/f1040x.pdf
Form 1040-X instructions: http://www.irs.gov/pub/irs-pdf/i1040x.pdf
Form 5405: http://www.irs.gov/pub/irs-pdf/f5405.pdf
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