First Time Homebuyers Credit ?

[ksumn1]

Hi ya'll/ Bought a home on September 18, 2009 and just finished to 1040X Amended return. I plan on mailing it, along with Form 5405 soon. However, I have a few questions. I've read on various places on the Internet that the process is taking longer than expected because almost all amended returns are being double verified to combat fraudulent claims. And that as a part of this process, claimants are being contacted after a couple of weeks and being asked to provide additional documentation such as a copy of the HUD-1form, closing documentation, proof of title and address.

My question: Should I go ahead and include this additional information to be on the safe side? Or would the extra paperwork just bog down the process? And the closest office to send my return to is the Atlanta office, but I've read it is the slowest at processing returns. Would it be beneficial to send it to the Austin, TX office instead or would it create a problem?

And no, I don't NEED the $$ now, I just thought it would be a bit quicker than waiting until the regular tax season. AND I've tried asking a IRS rep but I either get a computer or put on hold.

TIA!!!

 

[msmayor]

You should always send only what is requested...nothing more. The only time I have ever included any extra supporting schedule in a tax return is to explain a computation that would automatically be flagged by the computer (in 1994 I sold a piece of property that straightforward showed a gain, but was in reality no gain. I included citations of tax code that explained why I was showing zero as the gain).

As to the address, send it to the address that is correct and proper for your state. Picking and choosing a processing center is an easy way for things to get misdirected.

 

[mpitzen]

Hello! Just to preface this, I am a CPA at a public accounting firm. The IRS is recommending that you send along your HUD1 statement, at the very least, with amended returns for the first time homebuyer credit. You are also correct that the IRS is taking a long time on sending out refunds, however, due to this you will most likely receive interest on your refund. Also, I would not hesitate on including the additional records, we have been recommending this to our clients. If you have any other questions please feel free to PM me.