Found the following link and who knows where to get the new 5405 form? http://www.irs.gov/newsroom/article/0,,id=215791,00.html IR-2009-108, Nov. 24, 2009 WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010 . Additionally, if a buyer enter
It's clearly stated that the new income limits will be used if you close after Nov 6, 2009.
h*e
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http://www.federalhousingtaxcredit.com/faq1.php 21.If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return? Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A