Wait for new form to file for real estate tax credit

It’s great that the$6500 move up buyer tax credit was added and that the $8000 first-time buyer credit was extended.  But, IRS is advising buyers to wait until the end of December to file for the tax credit until it issues a new form 5405 that reflects the new changes.

Real estate writer Ken Harney (a consistently excellent writer) says that if you file for the credit using the “old” form 5405 (which is still on the IRS website), it is likely that the tax rebate will linger or not be processed at all.

So anyone who bought after November 6 of this year should wait until later this month for the new form 5405 before amending their 2008 taxes.

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