what forms should be submitting with IRS form 5140 (first time homebuyers tax credit)?
I received a letter from the IRS asking for a copy of my settlement statement as well as something that would include property tax transfer (or sometimes called tax stamps). I am somewhat confused on where to obtain this information, or if the settlement statement will suffice? I tried calling the number listed on the paperwork, but, it is the IRS.... I was on hold forever! Anyone else have to do this?
Public Comments
- 1040X, Form 5405 and HUD-1 (or RESPA) closing statement provided by title company. That document with columns and lots of lines, showing the whole sale/purchase/loan transaction. You received copies at your closing and should keep it for your tax filings and for the sale of your home. There is transfer tax declaration, although the stamps themselves are generally attached to the deed for recording. Takes 12-18 weeks processing, and sending along the HUD-1 avoids delays. Reading the 5405 instructions, and information on irs website is very helpful and easier than holding. www.irs.gov first time home buyers credit
- your escrow statement should have all this information on it
