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Applying the Homebuyer Tax Credit to your 2009 Taxes

To claim the credit as part of your 2009 return, you will need: The standard Form 1040 and Form 5405 for the home buyer tax credit.

1. First begin Form 1040.

2. Be sure to take note of your adjusted gross income, which you enter on lines 37 of the form. Form 5405 actually requires you to note your modified adjusted gross income, but that affects few people, so most will just use their adjusted gross income.

3. When you come to Line 69 you’ll be asked to enter your tax credit amount. To do that, you’ll need to first complete Form 5405.

4. Once you complete Form 5405, enter the amount on Line 69, then complete your return.

5. Attach Form 5405 to your return.

When to Apply the Credit

  1. Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

  2. Buyers purchasing in 2010 will have the option to:

* Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;

* File an amended return for 2009 if their purchase is completed after April 15, 2010; or,

* Claim the credit on their 2010 tax returns.

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