*Tax Quips, Homebuyer Tax Credit, Homeowners, IRS Forms

Line C Form 5405

Posted on by TaxMama

First time homebuyerToday TaxMama hears from Seth in the TaxQuips forum, with this question.
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“The instructions for line C in Part 1 of Form 5405 (Rev.
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December 2009) are confusing to me. It states “If the date purchased is after April 30, 2010, and before July 1, 2010, did you enter into a binding contract before May 1, 2010, to purchase the home before July, 2010?
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”. Well, I purchased my home on 11/23/2009 so I would answer No to the question. If I answer No, it states “You cannot claim the credit”. But I do qualify for the credit. Do I just not answer this question? Am I missing something here?”

Hi Seth

You don’t need to worry about that section.

Your purchase isn’t taking place after April 10, 2010.

If you look at Line B, it says if the purchase date was before May 1, 2010, skip to Line E

https://www.irs.gov/pub/irs-pdf/f5405.pdf

You don’t need to answer Line C.

And remember, you can find answers to all kinds of questions about reading forms, and other tax issues, free. Where? Where else? At TaxMama.com.

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