I bought a house this tax year what do I need to have to complete my taxes and what form do I use?

If you meet the rules for the first time homebuyer credit for a home that was purchased before April 31, 2010 the below information would apply.

If this question is about the first time homebuyer tax credit the form 5405 and either your 2009 income tax return if you have not filed the 2009 tax return. If you have already filed the 2009 income tax return then if you want claim the FTHBC on the 2009 income tax return you will have to file the 1040X amended individual income tax return or you can wait and claim the FTHBC when you file your 2010 income tax return in the year 2011.

For Qualifying Purchases in 2010For qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return. Deadlines

• You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010.
• If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010.

Filing Requirements2009 Tax Return

Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper --- not electronic --- return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.

• Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names, property address, sales price and date of purchase.
• Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.
• Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner's name, property address and date of the certificate.

Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.

Long-Time Residents:

Go to the IRS.gov web site and use the search box for First-Time Homebuyer Credit