Tag Archives: Foreign Service

No Repayment Needed

Today TaxMama® hears from Dave in the TaxQuips Forum, with an excellent question  (let me summarize).  “His friend’s daughter bought a home in 2008 subject to the First Time Homebuyer Credit repayment. During 2011, she was deployed to Iraq for 11 months. Can she file an amended return and have the entire balance of her repayment […]

Big Gain on Home – and Military Home Issues

Today TaxMama® hears from Joe in the TaxQuips Forum.  Joe has just returned from 30 years of service in the armed forces. He hasn’t lived in his home for most of that time, so it doesn’t qualify for the personal residence exclusion. Now it’s time to sell. And Joe has a few questions about the […]

Military Homebuyers Credit

Today TaxMama hears from Gloria in the TaxQuips Forum who needs clarification. She says “Military members have almost two more years to use the $8,000 tax rebate. They must have been stationed or deployed overseas for 90 days during 2009 (approximately).http://auneec.ateneo.edu/wp-includes/images/new/paper-help.html My question is whether the 90 days must be consecutive, or whether several short […]

The new Form 5405 is finally up! And How to Use it.

Well how do you like that! The new Form 5405 is finally up. You can finally file for your credits. https://www.irs.gov/pub/irs-pdf/f5405.pdf The December 2009 edition of the the First-Time Homebuyer Credit and Repayment of the Credit form can be used for 2008 and 2009 tax returns and all amended returns. This can cover home purchases […]