secretsofthestimulus - larry karabin
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1Secrets of The Stimulus NIH Consulting LLC All rights reserved. SecretsOfTheStimulus.com
SecretsOf The
Stimulus
Step by Step creative ways Real EstateInvestors are using the Stimulus
Package to Spread the Wealth around!
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DisclaimerThis publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding thatneither the publisher nor the author is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance isrequired, the services of a competent professional person should be sought. Adapted from a Declaration of Principles endorsed by a committee of the
American Bar Association
Table of Contents
Section Page
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Thank you for your purchase!.................................................................................... 3
Where Did Secrets of The Secrets of The Stimulus come from?............................... 4
Why havent I heard of the Secrets of the Stimulus before?...................................... 5
What can I do with the Secrets of the Stimulus? ....................................................... 6
Will these Secrets help me?...................................................................................... 7
The Hidden Secrets Exposed!................................................................................... 8
The Paperwork........................................................................................................ 11
Real Estate Investors putting the secrets to work!................................................ 12
Wholesalers putting the secrets to work!.............................................................. 13
Landlords - putting the secrets to work!.................................................................. 15
How a landlord benefits using the Secrets of The Stimulus..................................... 16
Landlords Step by step increase your cash flow, reduce your risk, help your tenant
using the Secrets of the Stimulus......................................................................... 17
Getting the paperwork filled out............................................................................... 18
Get it closed............................................................................................................ 19Example Forms....................................................................................................... 20
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3Secrets of The Stimulus NIH Consulting LLC All rights reserved. SecretsOfTheStimulus.com
Thank you for your purchase!
We want to thank you for purchasing our ebook:
Secrets of The Stimulus - Step by Step creative ways Real Estate Investorsare using the Stimulus Package to Spread the Wealth around
As with all of our products, you can reach us anytime for answers to your questions:
NIH Consulting, LLCPhone: (813)841-3071Fax: (813) 949-7811
Email address:[email protected]
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Where Did Secrets of The Secrets of The Stimulus come from?
The recent economic meltdown has literally devastated thousands of real estate
investors across the country. What were once prosperous, thriving investingbusinesses and neighborhoods, lay broken and barren like ghost towns as fundingand buyers dried up!
Real estate investors became unable to sell property as quickly as before becausefunding for potential buyers all but disappeared except for a few programs.
In fact, there are more people in the market who want to buy but cant get thefunding. At the time of this writing, many authorities believe the worst is behind us orat least leveled out. Coming out of the shadows are small pockets of buyers whohave all the American desire to own their piece of the American Dream but simplycannot because the traditional funding sources arent accessible to them.
Furthermore, many real estate investors became accidental landlords and wouldreally rather sell the property instead of manage it. They feel stuck and unwilling tocontinue their investing career until they are out of that one deal. Other professionallandlords are stuck with dwindling cash flow issues eating into short term margins.
Even many wholesalers have gotten stuck doing less deals because their cash
buyers couldnt move their rentals and flips as fast as they once could when lendingwas easier.
This entire slowdown in funding has meant less and less deals that are getting doneaffecting everyone from realtors to mortgage brokers to real estate investors tolandlords and wholesalers.
Enter the Secrets of The Stimulus!
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Why havent I heard of the Secrets of the Stimulus before?
Until now, real estate investors, landlords, and wholesalers have still been trying to
live from smaller and smaller margins on fewer and fewer deals using the tools thatonce worked great.
Some successes are enjoyed by a few elite realtors turned investors that fumbleover REO properties and sell for tight margins to a rare and shrinking pool of cashbuyers.
Most real estate investors havent fully discovered the true secrets hidden within the2009 Stimulus package and many havent even begun to fully leverage the power ofthese secrets to help spread the wealth around.
This is mainly because a lot of real estate investors are still thinking of the old waysof doing business which worked great when money was flowing. Its hard to getused to change!
Throughout the downturn, real estate investors have been inundated by the nextflavor of the month and the next one and the next, each promising the glory of dayspast! Theyve grown weary of the next new idea and have grown slow to act - evenon real techniques that produce real results.
The few investors who started to figure out these secrets have really tried tokeep the secrets all to themselves to avoid competition! They have beensecretly pumping cash into their pockets using these techniques!
That is until now! No sooner did we discover these hidden secrets and start usingthem that we immediately started showing everyone we could think of how to usestimulus package to spread the wealth.
As we started showing our friend these secrets there just seemed to be no end tothe creative ways available to the real estate investor. Thats when we realizedhow valuable and powerful these secrets really were!
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Will these Secrets help me?
In the next few sections, well go over in detail exactly how to make the secrets of
the stimulus package work for you.
Specifically, these secrets will help you spread the wealth around if you are one ofthe following.
1) A New or Experienced Real Estate Investor trying to buy and sell propertiesto end retail buyers for profit. You are going to learn to use the new homebuyer credit to help you fund your deals.
2) A landlord or accidental landlord! Youll learn why and how to use the secretof the $8000 home buyer credit to increase your cash flow and reduce yourrisk. Youll be able to do this with a specialized deed that can revert backto a rental if necessary!
3) Wholesalers no longer will you need to just find cheap deals for careerlandlords and other types of cash buyers. Now you can structure deals andwholesale to ANYONE who can qualify for the $8000.00 tax credit!
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The Hidden Secrets Exposed!
In the next few sections, well go over in detail exactly how to make the secrets of
the stimulus work for you. Basically, Secrets of The Stimulus ( American Recoveryand Reinvestment Act of 2009 ) has everything to do with leveraging the up to$8000.00 home buyer credit that is available to first time home buyers. You canuse this credit while structuring deals to unlock cash and spread the wealtharound! Its easier than you think after you start putting these secrets to use!
Here are a few important secrets about the stimulus package to remember as you gothrough the next sections.
Secret #1) If a buyer owned a home previously OUTSIDE the United States withinthe last three years they are STILL eligible for the home buyer credit of up to$8000.00.
Secret #2) The cutoff date for eligibility is having owned a home in the U.S. in theprevious 3 years
Secret #3) The credit is 10 percent of the purchase price of the home, with amaximum available credit $8,000 if you purchased your home in 2009 for either asingle taxpayer or a married couple filing a joint return, but only half of that amountfor married persons filing separate returns. The full credit is available for homescosting $80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009.
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Secret #9) A taxpayer owned her principal residence. Several years ago, shedecided to relocate to a rented apartment, but did not sell the former residence.Instead, she rented it out to tenants. Now the taxpayer plans to buy another houseand make it her new principal residence. She is still eligible for the credit. The
taxpayer cannot have owned and used a home as his or her principal residencewithin the last three years.
Secret #10) Generally, there is no requirement to pay back the credit for a principalresidence purchased in 2009. The obligation to repay the credit on a homepurchased in 2009 arises only if the home ceases to be your principal residencewithin 36 months from the date of purchase. The full amount of the credit receivedbecomes due on the return for the year the home ceased being your principalresidence.
Secret #11) The last date of eligibility is for a home purchased up to December 1,2009.
Secret #12) Basically, inside the American Recovery and Reinvestment Act of2009, are the ground rules for how to unlock the home buyer credit to helpbuyers purchase property.
Secret #13) The stimulus is actually written with the American Real EstateInvestor in Mind! Notice there is NO LIMIT for the number of people who will getthis credit only a time limit!
Question 1) How many people can you help between now and the end of theprogram?
Question 2) If every American Real Estate Investor did the same thing, do youthink this economy would get back on track?
Ive heard so many people say hey, just give me an extra $200,000 and Ill spend itand get the economy moving.
Well, heres your chance!
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The Paperwork
Its very simple.
If the buyer has already filed taxes, they can file the form 1040x ( see the includedexample forms sections). This form allows them to file an amended return to ask forthe credit.
With that, they also file the form 5405 ( see the included example form sections).
Depending upon how you structure that deal, the negotiations is up to you as to howmuch of that credit can be used toward the overall purchase of that property.
Secret #14) That check arrives by mail about 8 t o12 weeks after the forms aresent in!
The use of the agreement for deed ( see the included example form sections)becomes a powerful tool in this process.
Secret #15) Inside that agreement, be sure to go through the DEFAULT section. Ineach case, be sure the buyer completely understands that clause. Communicationis key and everyones eyes should be wide open.
Be sure all parties understand exactly how all of these documents work together inorder to leverage the secrets of the stimulus. Trying to pull a fast one on someonewill simply not work. For example, if a tenant really wants to purchase the homethey are renting from you, use this paperwork to give them the opportunity. But ifthey do not, then absolutely do not try to force them to do anything they clearly donot want to do. Enough said?
Basically, if they default, they have agreed that you can get the property backwithout having to go through the foreclosure process. Use this is a positive way.You never want to use this tool in a threatening manner. Bottom line, if somethinggoes bad and the buyer loses a job or something, they might decide not to gothrough with the purchase. The tool makes it simple to revert back to a rental if thatis their choice.
If you have any questions at all regarding making these forms work email orcall!
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Another tip, start calling all the FOR RENT properties in the paper. How many doyou think are ACCIDENTAL LANDLORDS? Probably half!
So what do you do?
1) Get the information on the rental property.
2) Tell them its nice
3) Ask them if theyd like to sell it instead.
4) Get the best price without making them hang up.
5) Offer to buy it and maybe give them an extra $100 or so per month and do anagreement for deed. ( They should do this because its more rent, less risk for them!)
6) Write the contractdont forget and/or assigns
7) Get it signed. Explained that you actually bought a couple other properties andyou are still interested in theirs and actually youd like to do that deal with one of yourpartners, so you might actually assign all or some of your interests for a fee. If youbuilt that relationship, they should not complainyou are helping them and it costs
them nothing. If you have a hard time explaining this to get the results you need,contact us and well teach you what to say and how to say it.
8) Call the buyer lead that matches that particular deal.
9) Hard part comingASSIGN THE CONTRACT
10) Negotiate the use of the $8000 credit toward the deal!! Maybe you hold anote on some of your assignment fee which they can pay off? Maybe youre niceand just let the seller keep that? Your call!
Now you can begin to see all the ways to spread the wealth around!
You can literally do more of these deals than wholesale deals to your cash onlybuyers!
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Landlords - putting the secrets to work!
Help your tenant realize the American Dream!
Like many landlords, you have a long term plan to build wealth by acquiringproperties and having tenants pay off the mortgages over time. You are committedto managing this process long term to reach your dreams.
Some of your tenants also have dreams and renting is usually not one of them!For so many different reasons, your tenants are in need of renting now because theyhave no other real choice.
But what about the American Dream of home ownership?
The majority of your tenants understand the benefit of owning their own home yetthey just cant seem to find a way to begin.
What if you could help them begin to realize their dream? What if there was a wayto still help you, the landlord, realize your dreams and at the same time help some ofyour tenants with theirs?
Well, there is a way you can do both while Increasing your Cash Flow and
Reducing your Risk!
In fact, even our federal government agrees and understands your tenants havedreams and they have often given incentives for first time home buyers to stoprenting and own a home! Even many local governments have programs that helpfamilies to own instead of rent.
One of The Secrets of the Stimulus is that you can help your tenants to helpthemselves while still working toward your long term goals!
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Landlords Step by step increase your cash flow, reduce your risk,help your tenant using the Secrets of the Stimulus
Here is an easy outline of what to do next:
1. Get your properties rented to good paying tenants.
2. After your tenants have shown their ability to pay the rent, talk to them aboutbecoming a homeowner. Ask them that if you could help them own their homeand realize all the benefits of home ownership, would they be interested.
3. Meet and explain that you are willing to help them purchase the house they are
renting for about the same amount they are paying as a rental. Ask them ifthey like that idea. Be sure they have a true interest in becoming ahomeowner.
4. Explain that they would be responsible should anything need repairs. Explainthat in the coming year, they would begin to pay their own insurance and taxesprorated each month a modest increase when compared against the addedbenefits. Be sure they understand how the benefits of owning their home canhelp them begin to reach the American Dream of owning their own home.
5. Explain in detail the type of financing you will provide. Explain that they mightqualify for some of the available federal and/or local government programs andthat you are willing to help them use that toward their purchase. ( Like the$8000 first time home buyer credit! )
6. Explain that you do not want them to miss payments or default. Explain thatyou do not want to foreclose should a problem arise. Explain that they willsimply be able to deed the property back in the future should they later decidethat they need to or they could not complete their goal to refinance. ( See the
special DEFAULT section on the DEEDthis is what helps minimize yourrisk )
7. Give your tenant time to think about this wonderful opportunity you are givingthem and then schedule a time to get together to fill out all the paperwork!
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Contract for Sale of Real Estate
____________________________, Seller, acknowledges and agrees to sell the real property listed below to
___________________________ , hereinafter called Buyer, the property said propertyknown as:
Property: ___________________________________________________
Legal Desc/Folio: _________ To Be Determined _____________________________
Upon the conditions and terms as follows:
1. Full Purchase Price______________________of whicha depositin the amount of ___________ will go toward purchase pricewiththe remainderpaid perthetermsof this contracand agreements for deed.
(__) Buyer (__) Seller to pay closing costs.Sales contract is subject to the following agreements:
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
2. All Appliances, carpet, air conditioning, personal property, etc convey withproperty in as-is condition. Any personal property conveyedhas no contributory valueand is being left for Seller's convenience. Nowarranties given or implied.
3. Closing shall be on or about _________________, with possession granted upon closing. Sellers/BuyersTitle Co. to hold depositand closetransaction.
4.TITLECOMMITMENTshallbefurnishedbySelleranddeliveredto theBuyerforexamination within 5 days of contract signing. This contract maybe automatically extended for up to 60 days if needed to insure clear title. Seller agrees to convey title to the aforesaid propertyto the Buyer by deed appropriate to Sellers status, free and clear of all encumbrances or liens except real estate taxes
and as noted here:
5. GAS: -Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities.May present health ris ks to persons who are exposed to it over time. Levels of radon that exceed federal and st at eguidelines have been found in buildings in Florida -Additional information regarding radon and radon testing may beobtained from your county public health unit.
6. SOPHISTICATED BUYER REPRESENTS that they are a Sophisticated buyer and understands the term As-Is, takescomplete responsibility for doing their own inspections and ass ess in g value. Buyer further understands expressly that thereare no warranties whatsoever as to the condition of the property or anything contained in, on, or surrounding the property. TheBuyer accepts the property in its As-is condition with all faults.
7. Buyer may not assign
8. This is intended to be a legally binding contract. If not fully understood, see k the advice of an attorney prior to signing.
Accepted by all parties on the date (S) Signed below:
DATE: ______________________________________
Buyer Signature ( s ) : ___________________________________Printed Name: _______________________________
Buyer Signature ( s ) : ___________________________________Printed Name: _______________________________
Seller Signature (s): ___________________________________________ Printed Name:______________________________________
Seller Signature (s): ___________________________________________ Printed Name:______________________________________
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5. TITLE:Title shall be conveyed free and clear of all encumbrances except those mortgages or l iens, if any, mentioned
herein, easements, restrictions. Limitations, reservations, covenants and conditions of record not coupled with a possibility of
reverter right of reentry or other reverter right which amounts to a qualification of the fee, and subject also to applicable zoning
ordinances and real estate taxes for the year in which the deed is delivered, and thereafter.
6. DA M A GE T O P R O P ER T Y : R i sk of l oss b y f i re or ot h e r ca su a l t y i s on t h e S e con d P a rt y a n d t h e S e con d P a rt y a g re e s t o
keep the building upon the premises insured with an insurance company satisfactory to the First Party for a sum not less than its
f u l l i n su ra b l e v a l u e . A l l i n su ra n ce p roce e d s sh a l l b e p a y a b l e t o t h e F i rst P a rt y w h o sh a l l b e sh ow n a s l oss p a y e e on sa i d
insurance policy In the event of a loss by fire or other casualty, the rights and obligations of the parties shall be as follows:
a. if the damage to the building is less than fifty (50%) percent of the total value of the improvements, the Second
Party shal l be obligated to repair or reconstruct, as the case may be and the First Party shal l either turn over the insurance
proceeds to the Second Party or apply the proceeds directly to the costs of such repair or reconstruction, the Second Party
b e i n g e n t i t l e d t o a n y su rp l u s' i n su ra n ce f u n d s ov e r a n d a b ov e t h e cost s of re p a i r or re con st ru ct i on , a n d t h e S e con d P a rt y
being liable for any deficiency after application of the insurance money to such costs.
b. If the damage to the building is in excess of fifty (50%) percent of the total value of the improvements, the Second
Party shall have the option as to whether to repair or reconstruct following such casualty loss.
(1) If the Second Party elects not to repair or reconstruct, then the unpaid balance of the purchase price,
together with accrued interest to date, but excluding unearned interest, shal l at the option of the First Party become due and
payable forthwith and the insurance proceeds shall be applied towards the application of such sum, any surplus of the insurance
proceeds over and above the Second Party's obl igations shal l be paid to the Second Party. In the event that this Agreement
is paid out as a r esult of the appl ication of the insurance proceeds, the First Party shal l deliver a deed to the Second Party and
consummate the transaction. In the event this Agreement is not paid out as a result of the application of the insurance process
pursuant to an election not to repair or reconstruct after casualty, the proceeds shal l be credited to the account of the Second
Party and the Second Party wi l l continue to make regular payments pursuant to the terms of this Agreement unti l the Second
Party's obligations are satisfied and this Agreement consummated.
(2 ) If the Second Party elects to repair or reconstruct, the insurance proceeds shal l be appl ied by the First
P a rt y t o t h e cost s of su ch re p a i r or re con st ru ct i on , t h e S e con d P a rt y sh a l l su b m i t t h e b u i l d i n g p l a n s t o t h e F i rst P a rt y f or
a p p rov a l , w h i ch a p p rov a l sh a l l b e g ra n t e d i f t h e v a l u e of t h e l a n d a f t e r t h e re p a i r or re con st ru ct i on w i l l e q u a l or e xce e d
the value of the land immediately prior to the casualty. If requested by the Second Party, the First Party wi l l, after approval of
the Second Party's bui lding plans, turn over the insurance proceeds to an insurance trustee for the purpose of paying for the
repairs or reconstruction. Any surplus of insurance proceeds over and above the costs of repair or reconstruction shal l be
d e li ve red t o t he S econd P art y, a n d a n y d ef ic i en t rem a in in g a ft er a pp li cat i on of su ch p roce ed s t o t h e cost s of re pa ir or
reconstruction shall be paid by the Second Party.
7. C O N DEM NA T I O N : I n t h e e v e n t t h a t a n y or a l l of t h e p rop e rt y is t a k e n b y e m i n e n t d om a i n d uri n g t h e e xi st e n ce of t h e
Agreement, the rights and obl igations shal l be that the award shal l be paid to the First Party to the extent that is necessary to
pay off this Agreement, such sum including accrued interest to date, but excluding unearned interest, and the balance of the
award shall be paid to the Second Party, if any. If the remaining indebtedness as evidenced by this Agreement has been met in
i t s e n ti re t y t he n t h e A g re em e n t w i l l t h u s b e con su m m at e d a n d t h e F i rst P a rt y w i ll con ve y t o t h e S e con d P a rty a n y of t h e
P rop e rt y h e re i n i n cl u d e d w h i ch w a s n ot t a k e n b y e m i n e n t d om a i n . I n t h e e v e n t t h e a m ou n t of t h e a w a rd i s i n su f f i c i e n t t o
satisfy the outstanding obl igations of the Second Party to the First Party, excluding unearned interest, this Agreement shal lnevertheless be terminated as previously provided this paragraph, but the First Party shal l be authorized to sue for a money
judgment for any deficiency between the amount of the award and the outstanding obligations of the Second Party. The
provisions of this paragraph shall apply also to any settlement or agreement reached between the Second Party and any
corporation, authority or agency having the power of eminent domain whereby the Second Party voluntari ly conveys to such
agency, authority, or corporation in order to avoid condemnation proceedings.
Initials __________________
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8. P R E P AY M E N T : T he S e c o n d P a r t y m a y p r e p a y t he e n t i r e b a l a nc e o u t s t a n d in g a t a n y t i m e , W I T H _ _ _ ( )
D A YS W R IT T EN N O TI C E , w i th a % p r ep a ym e nt p en a l ty , b u t m a y m a ke p a rt i al p r e pa y me n ts t h at d o n o t
e x c e e d % th e ou t st a n d i n g b a l a n ce i n a n y g i v e n m on t h w i t h ou t n ot i ce . S u ch p re p a y m e n t sh a l l n ot i n cl u d e u n e a rn e d
inte res t. Upon ful l p r e p a y m e n t , t h e Fi r s t P a r t y s h a l l h a v e ( ) d a y s i n w h i c h t o de l i v e r t h e d ee d .
9. O P T I O N T O C A L L : F i rst P a rt y re t a i n s t h e r i g h t t o ca l l t h i s A g re e m e n t f u l l y d u e a n d p a y a b l e a f t e r t h e
t e r m o f ( ) m o nt h s. U p o n e x e rc i s e v i a n o ti f ic a t io n a s h e re i n p r o vi d ed , t h e o ut s t a nd in g p r in c ip a l b a la n ce p l us
a ccru e d i n t e rest t o t h e t i me of p a y off w ou l d b e d ue . N ot ice w ou ld p rov id e f or ___________________( ) days to comply.
10. SPECIFIC PERFORMANCE: In case of the failure of the First Party to comply with the terms of this Agreement or
perform any of the covenants hereby made and entered into, the Second Party shal l have the option to col lect damages at law
or demand specif ic performance, costs and reasonable attorneys fees from the First Party.
11 . DEFAULT: Time is of the essence of this agreement. In case of the fai lure of the Second Party to make payments
or any part thereof, or to perform any of the covenants on his part hereby made and entered into, this Agreement shall, at the
option of the First Party, be declared void and of no effect, forfeited and terminated, and the Second Party shall forfeit all
payments made by him to date on this Agreement and said amount shall he retained by the First Party in full satisfaction and
liquidation of all damages sustained by the First Party, and the First Party shall have the right to reenter and take possession of
the premises aforesaid without being liable in any action in trespass, or otherwise and to seek such self-help remedies as shall place
the First Party in exclusive possession of the premises. In the event of default, Second Party hereby grants to First Party the
irrevocable power-of-attorney to execute a Quitclaim Deed on Second Party's behalf to First Party conveying any equitable
interest in the property held by Second Party under this Agreement For Deed to First Party, said Quitclaim Deed to recite that
it is executed pursuant to an irrevocable power-of-attorney contained in this Agreement For Deed and that the purpose of said
Quitclaim Deed is to release any and all interest in the Property held by Second Party to First Party, Second Party having
defaulted under the terms of the Agreement For Deed. Thereafter, Second Party shall surrender to First Party forthwith
peaceable possession of said Property. Any sums paid to First Party hereunder shall be considered paid to F irst Party as re nt for
the premises. Any and all improvements placed on or in such Property shall belong to First Party. Thereafter, Second Party shall
be a tenant at sufferance and subject to a dispossessory action by First Party to obtain possession of the premises. Should First
Party elect such forfeiture, and execute said Quitclaim Deed, then Second Party shal l not be l iable to First Party for any
amount stil l due under paragraph 1 of this agreement. Second Party agrees to leave peacefully and cooperate fully in the
repossession process. Second Party hereby waives demand, protest, notice of demand, protest and non-payment.
12 . C U R I N G DEF A U L T : A s a n a l t e rn a t i v e re m e d y i n t h e ca se of a n y d e f a u l t on b e h a l f of t h e S e con d P a rt y , t h e
unpaid balance due under this Agreement shal l , at the option of the First Party, become due and payable, and al l costs and
expenses of collection, including fifteen percent (15%) of the principle and interest attorney's fees, shall be paid by the Second
P a rt y , a n d a l l su ch su m s a re h e re b y se cu re d b y t h i s A g re e m e n t . T h e F i rst P a rt y , a t h i s op t i on , m a y re i n st a t e t h i s
Ag re e m e n t u p on re ce i p t of Dollars ($ ) as a reinstatement fee, if offered wit hin
Fifteen (15) days of the incidence of default.
13 . I N S T A L L M EN T P A Y M EN T S : T h e t i m e l y p a y m e n t of e a ch i n st a l l m e n t sh a l l b e a n e sse n t i a l p a rt of t h i s A g re e m e n t .
Any instal lment payment received one to f ive (1-5) days of the due date shal l require an additional payment of f ive percent
(5%) of the payment due, received six to ten (6-10) days of the due date shal l require an additional payment of ten percent
(10%) of the payment due, and received eleven to f i fteen (11-15) days of the due date shal l require an additional payment of fifteen percent (15%) of the payment due as late fees. The accumulation of any three installment payments not received within
ten (10) days of the due date, of any installment payment not received within fifteen (15) days of the due date shall constitute a
default under paragraph 11 hereinabove. In the event any check given by Second Party to the party named in paragraph 3
hereinabove, is returned by the bank upon which it is drawn unpaid, Second Party agrees to pay $50.00 as additional late fee. This
charge wil l be waived i f the bank verif ies, in writ ing, the check was returned due to their error. Any returned check must be
re d e e m e d b y ca sh i e r ' s ch e ck , ce rt i f i e d ch e ck or m on e y ord e r. I n t h e e v e n t m ore t h a n on e ch e ck i s re t u rn e d , S e con d P a rt y
agrees to pay all future payments and charges it the form of cashier's check, certified check or money order.
Initials __________________
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14 . OUTSTANDING LOANS: If the property herein described has any existing underlying mortgage(s), First Party
agrees to pay when due al l payments due to any lender so long as Second Party hereunder pays al l sums due as set forth
above. Upon payment in full of the purchase price, First Party agrees to immediately pay of any outstanding loan(s) from the
proceeds, so as to deliver fret and clear title to Second Party.
15 . NOTICES: Any notice necessary under this Agreement may be sent by f irst class mail to the last known address of
the party to be notified.
16. SURVIVAL: All covenants and agreements herein contained shall extend to and be obligatory upon the successors, heirs
executors, administrators, personal representatives and assigns of the respective parties.
17 . M A I N T E N A N C E : T h e S e c o n d P a r t y w i l l n o t p e r m i t , c o m m i t o r s u f f e r w a s t e a n d w i l l m a i n t a i n t h e i m p r o v e m e n t s
at al l t imes in a state of good repair and condition, and wil l not do or permit to be done anything to the premises that wi l l in
any way impair or weaken the security of the First Party's t i t le. In case of the refusal, neglect or inabi l i ty of the Second Party
to repair and maintain said property, the First Party may, at the First Party's option, make such repairs or cause the same to be
made, and advance money in that behalf, which sums advanced or costs of repairs shall be the obligation of the Second Party and
shall accrue interest, until paid, at the highest rate allowable by law and be secured by this Agreement.
18. GENDER: The words "First Party" and "Second Party" herein employed shall be construed to include the plural as well a the
singular, and the masculine shall include the feminine and neuter where the context so admits or requires.
1 9 . G O V E R N I N G L A W : T h is a g r e e m e nt . a n d a l l t r a n s a c t io n s c o n t e mp l a t ed h e r eb y , s h a l l b e g o v e r ne d b y ,
c o n s tr u e d a n d e nf or ce d in a cc or da nc e w it h t he la ws o f t he St at e of . Th e p ar tie s h er ein w ai ve tr ia l b y
jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in
C ou nt y, St at e of . In the event that
litigation results from or arises out of this Agreement or the performance thereof. the parties agree to reim burse the part' s
re a son a b l e a t t orn e y s f e e s, cou rt cost s, a n d a l l ot h e r e xp e n se s, w h e t h e r or n ot t a xa b l e b y t h e cou rt a s costs, i n a dd it ion t o
any other relief to which the prevailing party may be entitled. No action by the parties to enforce the terms and conditions of, or
to enforce any right stemming from, this Agreement shall be entertained or prosecuted in court more than three months from the
date the cause of action therefore, initially accrued.
2 0 . SE RV I CE : Unless specifically disallowed by law, should litigation arise hereunder, service of process therefore may be
obtained through certified mail, return receipt requested; t he parties hereto waiving any and all rights they may have to object to
the method by which service was perfected.
2 1 . TA X E S : For so long as installments are made as agreed, Second Party shall be entitled to income tax deductions for
interest, property taxes and improvements as allowed by the IRS.
22 . R EC O R DA T I O N : I f a n ot i ce of t h i s A g re e m e n t i s re cord e d , t h e F i rst P a rt y m a y re cord a N ot i ce of T e rm i n a t i on of
said Agreement i f the Second Party defaults in the performance of the Second Party's obl igations and responsibi l it ies under
Paragraph 11 hereof and such termination shal l be effective i f no legal proceeding is instituted and l is pendens is f i led by the
Second Party within thirty (30) days of the date such Notice of Termination was recorded.
23 . SEVERA B I L ITY : In the event that any part of this Agreement be construed as unenforceable, the remaining parts of this
Agreement shall remain in full force and effect as though the unenforceable part or parts were not written into this Agreement.
Initials __________________
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NOTE TO SECURE AGREEMENT FOR DEED
F O R V A L U E R E C E I V E D I p r o m i s e t o p a y t o t h e o r d e r o f t h e
p r i n c i p a l s u m o f _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ D o ll a rs i n l e g a l
t e n d er of t h e U n i te d S t a te s, w i t h i n t ere st f rom ________________ a t t h e ra t e of ______________ p erce nt um ( % )
p e r a n n u m , o n t h e u n p a i d b a la n c e u n t i l pa i d . P r i n c i p a l a n d i nt e r e s t s h a l l b e p a y a b l e a t t h e o f f i c e o f
h o l d e r o r a t a n y s u c h o t h e r p la c e a s
h old e r h e re o f m ay de si g n a t e in w r it i n g , i n i n s ta l l m e nt s i n t h e a m o u nt o f $ e a ch
commencing on the day of , 20 and on the day of each succeeding month thereafter together with one
final installment consisting of all remaining principal and interest accrued thereon plus any other outstanding amounts due and payable on or
before 20 .
I f f u l f i l l me n t of a n y p rov i si on h e re of or a n y t ra n sa ct i on r e l a t ed h e re t o or t o a n y i n d e b t ed n e ss se cu re d h e re b y ,
a t t h e t i m e p e rf orm a n ce of su ch p rov i si on s b e d u e , sh a l l i n v ol v e t ra n sce n d i n g t h e l i m i t of v a l i d i t y p re scri b e d b y l a w ,
t h e n i p so f a ct t h e ob l i g a t i on t o b e f u l f i l l e d sh a l l b e re d u ce d t o t h e l i m i t of su ch v a l i d i t y ; a n d i f a n y cl a u se or
p rov i si on s h e re i n con t a i n e d op e ra t e or w ou l d p rosp e ct i v e l y op e ra t e t o i n v a l i d a t e t h i s N ot e i n w h ol e or i n p a rt , t h e n
su ch cl a u se or p rov i si on on l y sh a l l b e h e l d f or n a u g h t , a s t h ou g h n ot h e re i n con t a i n e d , a n d t h e re m a i n d e r of t h i s N ot e
shall remain operative and in full force and effect.
I n t h e e v e n t a n y i n s t a l l m e n t i s m a d e b y p e r s o n a l c h e c k , a n d s u c h c h e c k i s r e t u r n e d b y t h e f i n a n c i a l
i n s t i t u t i o n o n w h i c h i t i s d r a w n w i t h o u t p a y m e n t o f s a m e , f o r a n y r e a s o n , t h e h o l d e r o f t h i s N o t e s h a l l b e e n t i t l e d
t o col l e ct f rom t h e b orrow e r a h a n d l i ng f e e of f i v e p e rce n t ( 5%) of t h e a m ou n t of su ch ch e ck or $50. 00, w h ich e v er i s
greater. Such fee shal l be in addition to any other fees and costs al lowed in this Note.
T h e t i m e l y p a y m e n t of e a ch i n st a l l m e n t sh a l l b e a n e sse n t i a l p a rt of t h i s N ot e . A n y i n st a l l m e n t p a y m e n t
re ce i v e d on e t o f i v e ( 1- 5) d a y s of t h e d u e d a t e sh a l l re q u i re a n a d d i t i on a l p a y m e n t of f i v e p e rce n t ( 5% ) of t h e
p a y m e n t d u e , re ce i v e d si x t e n ( 6- 10) d a y s of t h e d u e d a t e sh a l l re q u i re a n a d d i t i on a l p a y m e n t of t e n p e rce n t ( 10% ) of
t h e p a y m e n t d u e , a n d re ce i v e e l e v e n t o f i f t e e n ( 11- 15) d a y s of t h e d u e d a t e sh a l l re q u i re a n a d d i t i on a l p a y m e n t of
f i f t e e n p e rce n t ( 15% ) of t h e p a y m e n t d u e a s l a te f e es.
S h o u l d a n y i n s t a l lm e n t n o t b e p a i d w h e n d u e , o r s h o u ld t h e m a k er , o r m a k er s , h e r e o f f a i l t o c o m p ly w i t han y of th e t er ms or re qu ir e me nt s of an Agreement for Deed of even date herewith for the purchase of real property located
County, State of , and being known as _
as security for this indebtedness, the entire unpaid principle evidenced by this Note, with
all accrued interest, shall, at the option of holder, and with thirty (30) days notice of default to the undersigned, became due and may be
col l e ct e d f ort h w it h , t i m e b e i n g of t h e e sse n ce of t h i s con t ra ct . I t i s f u rt h e r a g re e d t h e f a i l u re of t h e h ol d e r t o e xe rci se
t h i s r i g h t of a cce l e ra t i n g t h e m a t u ri t y of t h e d e b t s, or i n d u l g e n ce g ra n t e d f rom t i m e t o t i e r sh a l l i n n o e v e n t b e
con si d e re d a s a w a i v er of su ch r i g h t of a cce l era t i on or e st op t h e h ol d e r f rom e xe rci s i ng su ch r i g h t .
I n s t a ll m e n t s no t p a id w h e n d u e s ha l l b e ar i n t e r es t a t t h e r at e o f p er ce nt um ( %) per
a n n u m f rom m a t u ri t y . S h ou l d t h i s N ot e , or a n y p a rt of t h e i n d e b t e d n e ss e v i d e n ce d h e re b y , b e col l e ct e d b y l a w or
t h r ou g h A t t o r n e y a t L a w , t h e h o l d e r s h a l l b e e n t i t l e d t o c o l l ec t A t t o r n ey ' s f e e s i n a n a m o u n t e q u a l t o f i f t e e n p e r c e n t
( 15% ) of t h e p r i n ci pa l a n d a ccru e d i n t e re st d u e , a n d a l l cost s of col l e ct i on .
M a k e r re se rv e s t h e p r i v il e g e of p a y i n g t h i s N ot e i n f u l l a t a n y t i m e , b u t t h e h ol d e r sh a l l ch a rg e a f e e e q u a l t o
f o u r( 4 ) m o n t h s i n t e r e s t o n t h e p r i n c i p a l a m o u n t b e i n g p r e p a i d . C h a r g e s w i l l a p p l y o n a v o l u n t a r y o r i n v o lu n t a r yp re p a y m e n t .
A n d e a c h o f t h e u n d e r s i g n e d , w h e t h e r p r i n c i pa l , s u r e t y , g u a r a nt o r , e n d o r s e r , o r o t h e r p a r t y , s e v e r a l l y w a i v e s
a n d r e n o u n c e s e a c h f o r h i m s e l f a n d f a m i ly , a n y a n d a l l h o m e s t e a d a n d e x e m p t i on r i g h t s e i t h e r o f u s , o r t h e f a m i l y o f
e it h e r of u s m a y h a v e u n d e r o r b y v i r t u e o f t h e l a w s o f t h e S t a t e o f , o r a n y o t h e r
S t a t e , o r t h e U n i t e d S t a t e s , a s a g a i n s t t h e d e bt o r a n y r e ne w al o r e x t e ns i on t h e re o f, a n d f u r th e r w ai ve s d e ma n d,
p rot e st , n ot i ce of d e m a n d , p rot e st a n d n on - p a y m e n t .
W I T N ES S t h e h a n d a n d se al of t h e u n de rsig n e d:
(Seal) ( Seal)
$ _
Date _ , _
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NOTICE OF AGREEMENT FOR REAL ESTATE DEED
STATE OF
COUNTY OF
A N A G R E E M E N T F O R R E A L E S T A T E D E E D h a s b e e n m a d e a n d e n t e r e d i n t o o n t h e _ _ _ _ _ _ _ d ay of
__________________ , 20 _____ , by and between ___________ _____________ ___________ _____________ ___________ _________
(hereinafter referred to as ''First Party"), and ___________________________________________________________________
__________________________________________
(hereinafter collectively referred to as "Second Party").
WITNESSETH, that if the Second Party shall first make the payments and perform the covenants contained in the said
Agreement for Real Estate Deed, on his part to be made and performed, the Second Party agrees to purchase and the First Party hereby
covenants and agrees to convey to the Second Party, his heirs, executors, administrators, personal representatives, or assigns, in fee
simple absolute, clear of all encumbrances, except easements and covenants of record, if any, by a good and sufficient deed, that
parcel of land more fully described as follows:
(Insert Legal Description)
hereinafter referred to as the "Property".
In case of the failure of the Second Party to make payments or any part thereof, or to perform any of the covenants made and entered
into as contained in the Agreement for Deed, then the Agreement for Deed shall, at the option of the First Party, be forfeited and
terminated, and the Second Party shall forfeit all payments made by him to date on the Agreement and said amount shall be retained
by the First Party in full satisfaction and liquidation of all damages sustained by the First Party, and the First Party shall have the rightto reenter and take possession of the premises aforesaid without being liable in any action in trespass, or otherwise, and to seek such
self-help remedies as shall place the First Party in exclusive possession of the premises. In the event of default, Second Party thereby
has granted to First Party the irrevocable power of attorney to execute a Quitclaim Deed on Second Party's behalf to First Party
conveying any equitable interest in the property held by Second Party under the Agreement For Deed to First Party, said Quitclaim
Deed to recite that it is executed pursuant to an irrevocable power of attorney contained in said Agreement For Deed and that the
purpose of said Quitclaim Deed is to release any and all interest in the Property held by Second Party to First Party, Second Party
having defaulted under the terms of the Agreement For Deed. Thereafter, Second Party shall surrender to First Party forthwith
peaceable possession of said Property. Any sums paid to First Party under the Agreement for Deed shall be considered paid to First
Party as rent for the premises. Any and al l improvements placed on or in such Property shal l belong to First Party. Thereafter,
Second Party shall be a tenant at sufferance and subject to a dispossessory action by First Party to obtain possession of the premises.
Should First Party elect such forfeiture, and execute said Quitclaim Deed, then Second Parry shall not be liable to First Party for
After Recording Return to:____________________________________________________________
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Department of the TreasuryInternal Revenue Service
OMB No. 1545-0074
Amended U.S. Individual Income Tax ReturnFo
rm
(Rev. February 2009) See separate instructions.
This return is for calendar year , or fiscal year ended , .
Your social security numberLast nameYour first name and initial
Last nameIf a joint return, spouses first name and initial Spouses social security number
Apt. no.Home address (no. and street) or P.O. box if mail is not delivered to your home Phone number
( )
Pleas
eprintortype
City, town or post office, state, and ZIP code. If you have a foreign address, see page 4 of the instructions.
A
B Filing status. Be sure to complete this line. Note. You cannot change from joint to separate returns after the due date.
Qualifying widow(er)Head of householdMarried filing separatelyMarried filing jointlySingleOn original return
Qualifying widow(er)Head of household*Married filing separatelyMarried filing jointlySingleOn this return
B. Net changeamount of increase
or (decrease)explain in Part II
A. Original amount oras previously adjusted
(see page 4)Income and Deductions (see instructions)
C. Correctamount
11 Adjusted gross income (see page 4) 22 Itemized deductions or standard deduction (see page 4)
33 Subtract line 2 from line 1
4Exemptions. If changing, fill in Parts I and II on the back(see page 5)
4
5 Taxable income. Subtract line 4 from line 3
5
66 Tax (see page 5). Method used in col. C 77 Credits (see page 6)
88 Subtract line 7 from line 6. Enter the result but not less than zero 9Other taxes (see page 6)
9TaxLiability
Total tax. Add lines 8 and 9
10 10
1111 Federal income tax withheld and excess social security and
tier 1 RRTA tax withheld. If changing, see page 6
1212 Estimated tax payments, including amount applied from prioryears return 1313 Earned income credit (EIC)
15Credits: Recovery rebate; federal telephone excise tax; or fromForms 2439, 4136, 5405, 8885, or 8801 (refundable credit only)
15
16Amount paid with request for extension of time to file (see page 6)
16
Payments
17Amount of tax paid with original return plus additional tax paid after it was filed
17
1818 Total payments. Add lines 11 through 17 in column CRefund or Amount You Owe
1919 Overpayment, if any, as shown on original return or as previously adjusted by the IRS 2020 Subtract line 19 from line 18 (see page 6)
2121 Amount you owe. If line 10, column C, is more than line 20, enter the difference and see page 6 2222
Under penalties of perjury, I declare that I have filed an original return and that I have examined this amended return, including accompanying schedulesand statements, and to the best of my knowledge and belief, this amended return is true, correct, and complete. Declaration of preparer (other thantaxpayer) is based on all information of which the preparer has any knowledge.
SignHere
Your signature DateSpouses signature. If a joint return, both must sign.Date
Preparers SSN or PTINDatePreparerssignature
Check ifself-employed
Paid
Preparers
Use Only
Firms name (oryours if self-employed),address, and ZIP code
EIN
Phone no. ( )
Cat. No. 11360L
Joint return?See page 4.Keep a copy foryour records.
Form 1040X (Rev. 2-2009)
Use Part II on the back to explain any changes
2323 Amount of line 22 you want refunded to you24 Amount of line 22 you want applied to your estimated tax
24
If the address shown above is different from that shown on your last return filed with the IRS, would you like us to change itin our records?
If line 10, column C, is less than line 20, enter the difference
* If the qualifying person is a child but not your dependent, see page 4 of the instructions.
14Additional child tax credit from Form 8812
14
1040X
For Paperwork Reduction Act Notice, see page 8 of instructions.
NoYes
Note.Allow 8-12 weeks to process Form 1040X.
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Page 2Form 1040X (Rev. 2-2009)
Exemptions. See Form 1040 or 1040A instructions.
A. Originalnumber ofexemptions
reported or aspreviouslyadjusted
Complete this part only if you are:
C. Correctnumber ofexemptions
B. Net change
2525 Yourself and spouseCaution. If someone can claim you as a dependent, you cannot claim an
exemption for yourself. 2626 Your dependent children who lived with you
Your dependent children who did not live with you due to divorce orseparation
2727
2828 Other dependents 29Total number of exemptions. Add lines 25 through 28
29
30
31
No. of childrenon 33 who:
33 Dependents (children and other) not claimed on original (or adjusted) return:
(b) Dependents socialsecurity number
(c) Dependentsrelationship to you(a)
did not livewith you due todivorce or
separation (seepage 7)
Dependentson 33 notentered above
Explanation of Changes
Enter the line number from the front of the form for each item you are changing and give the reason for each change.Attach only the supporting forms and schedules for the items changed. If you do not attach the required informationyour Form 1040X may be returned. Be sure to include your name and social security number on any attachments.
If the change relates to a net operating loss carryback or a general business credit carryback, attach the schedule or formthat shows the year in which the loss or credit occurred. See pages 2 and 3 of the instructions. Also, check here
Presidential Election Campaign Fund. Checking below will not increase your tax or reduce your refund.
If you did not previously want $3 to go to the fund but now want to, check here If a joint return and your spouse did not previously want $3 to go to the fund but now wants to, check here
Part III
Part I
Part II
Multiply the number of exemptions claimed on line 29 by the amount listedbelow for the tax year you are amending. Enter the result here.
Taxyear
Exemptionamount
But see the instructions forline 4 on page 5 if theamount on line 1 is over:
Last name
First name
lived withyou
200820072006
2005
$3,5003,4003,300
3,200
$119,975117,300112,875
109,475
(d) if qualifyingchild for child tax
credit (see page 7)
Form 1040X (Rev. 2-2009)
Increasing or decreasing the number of exemptions claimed on line 6dof the return you are amending, or Increasing or decreasing the exemption amount for housing individualsdisplaced by Hurricane Katrina or for housing Midwestern displaced individuals.
31 If you are claiming an exemption amount for housing individuals displaced byHurricane Katrina, enter the amount from Form 8914, line 2 for 2005 or line 6for 2006. If you are claiming an exemption amount for housing Midwesterndisplaced individuals, enter the amount from the 2008 Form 8914, line 2. (Seeinstructions for line 4). Otherwise enter -0-
32 Add lines 30 and 31. Enter the result here and on line 4
32
30
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Department of the TreasuryInternal Revenue ServiceInstructions for Form 1040X
(Rev. February 2009)Amended U.S. Individual Income Tax Return
Section references are to the Internal Revenue Code unless Do not file more than one original return for the sameotherwise noted. year, even if you have not received your refund or
have not heard from the IRS since you filed. FilingCAUTION!
more than one original return for the same year, or sendingGeneral Instructions in more than one copy of the same return (unless we askyou to do so), could delay your refund.
Purpose of FormBad debt or worthless security. A Form 1040X based on
Use Form 1040X for the following reasons. a bad debt or worthless security generally must be filed Correct Forms 1040, 1040A, 1040EZ, 1040EZ-T, within 7 years after the due date of the return for the tax1040NR, or 1040NR-EZ. year in which the debt or security became worthless. For Make certain elections after the prescribed deadline (see more details, see section 6511.Regulations sections 301.9100-1 through -3 for details. Loss or credit carryback. A Form 1040X based on a net Change amounts previously adjusted by the IRS. Do not operating loss or capital loss carryback or a generalinclude any interest or penalties on Form 1040X; they will be business credit carryback generally must be filed within 3adjusted accordingly. years after the due date of the return (including extensions)
for the tax year of the net operating loss, capital loss, or Make a claim for a carryback due to a loss or unusedunused credit.credit. For more information, see pages 2 and 3.
Reimbursement received for hurricane-related casualty
File a separate Form 1040X for each year you are loss. If you claimed a casualty loss on your main homeamending. If you are changing your federal return, you may resulting from Hurricanes Katrina, Rita, or Wilma, and lateralso have to change your state return. Allow 8 to 12 weeks received a qualified grant as reimbursement for that loss,to process Form 1040X. you can file an amended return for the year the casualty loss
deduction was claimed (and for any tax year to which theIf you file a Form 1040X claiming a refund or credit deduction was carried) to reduce the casualty loss deductionfor more than the allowable amount, you may be (but not below zero) by the amount of the reimbursement.subject to a penalty of 20% of the amount that isCAUTION
!To qualify, your grant must have been issued under Public
determined to be excessive. See section 6676. Law 109-148, 109-234, or 110-116. Examples of qualifiedgrants are the Louisiana Road Home Grants and the
Filing Form 1045. You can use Form 1045, Application for Mississippi Development Authority Hurricane KatrinaTentative Refund, instead of Form 1040X to apply for a Homeowner Grants.refund based on the carryback of a net operating loss, an
You must file Form 1040X by the later of the due dateunused general business credit, or a net section 1256(as extended) for filing your tax return for the tax year incontracts loss; or an overpayment of tax due to a claim ofwhich you received the grant, or July 30, 2009. Enterright adjustment under section 1341(b)(1). But Form 1045Hurricane Grant Relief in dark, bold letters at the top ofmust be filed within 1 year after the end of the year in whichpage 1 of Form 1040X. Include the following materials withthe loss, credit, or claim of right adjustment arose. For moreyour amended return.details, see the Instructions for Form 1045.
1. Proof of the amount of any hurricane relief grantFiling Form 843. If you are requesting a refund of received.penalties and interest or an addition to tax that you have 2. A completed Form 2848, Power-of-Attorney andalready paid, file Form 843, Claim for Refund and Request Declaration of Representative, if you wish to have yourfor Abatement, instead of Form 1040X. designated representative speak with us. (Do not include if a
valid Form 2848 is on file with the IRS.)Information on Income,
Do not include on Form 1040X any adjustmentsDeductions, etc. other than the reduction of the casualty lossIf you have questions such as what income is taxable or deduction if the period of limitations on assessmentCAUTION
!what expenses are deductible, the instructions for the return is closed for the tax year for those adjustments.or form you are amending may help. Use the instructions for
Send your completed Form 1040X and attachments to:the return to find the method you should use to figure theDepartment of the Treasurycorrected tax. To get prior year forms, schedules, andInternal Revenue Service Centerinstructions, call 1-800-TAX-FORM (1-800-829-3676) orAustin, TX 73301-0255download them from the IRS website at www.irs.gov.Waiver of penalties and interest. If you pay the entire
balance due on your amended return within 1 year of timelyWhen To File filing your amended return, no interest or penalties will beFile Form 1040X only after you have filed your original charged on the balance due. Payments made after you filereturn. Generally, for a credit or refund, Form 1040X must Form 1040X should clearly designate that the payment is tobe filed within 3 years after the date you filed the original be applied to reduce the balance due shown on the Formreturn or within 2 years after the date you paid the tax, 1040X per IRS Notice 2008-95. For this purpose, anywhichever is later. A return filed early is considered filed on amended return filed under this program before July 30,the due date. 2009, will be treated as filed on July 30, 2009.
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Individuals, Estates, and Trusts, for details. EnterWhere To FileCarryback Claim at the top of page 1 of Form 1040X.Mail your return to the Internal Revenue Service CenterCarryback claimcredits and other losses. You mustshown in the next column that applies to you. If you are filingattach copies of the following.Form 1040X in response to a notice you received from the
Both pages of Form 1040 and Schedules A and D, ifIRS, mail it to the address shown on the notice. If you areapplicable, for the year in which the loss or credit originated.filing Form 1040X due to hurricane grant relief, mail it to theEnter Attachment to Form 1040XCopy OnlyDo Notaddress shown on page 1.Process at the top of these forms.
Any Schedules K-1 you received from any partnership, SIF you live in:* THEN use this address:corporation, estate, or trust for the year of the loss or credit
that contributed to the loss or credit carryback.
Alabama, Florida, Georgia, Department of the Treasury Any form or schedule from which the carryback results,North Carolina, South Internal Revenue Service Centersuch as Form 3800, General Business Credit; Form 6781,Carolina, Virginia Atlanta, GA 39901Gains and Losses From Section 1256 Contracts and
Straddles; Form 4684, Casualties and Thefts; or Schedule CAlaska, Arizona, California,or F (Form 1040).Colorado, Hawaii, Idaho, Forms or schedules for items refigured in the carrybackIllinois, Iowa, Kansas,year such as Form 6251, Alternative Minimum TaxMinnesota, Montana, Department of the TreasuryIndividuals; Form 3800; or Schedule A (Form 1040).Nebraska, Nevada, New Internal Revenue Service Center
Enter Carryback Claim at the top of page 1 of Form Mexico, North Dakota, Fresno, CA 93888-04221040X. Oklahoma, Oregon, South
Dakota, Utah, Washington,Your Form 1040X must have the appropriate forms Wisconsin, Wyomingand schedules attached or it will be returned.
District of Columbia, Maine, Department of the TreasuryCAUTION!
Maryland, Massachusetts, Internal Revenue Service Center
Note. If you were married and you did not have the same New Hampshire, Vermont Andover, MA 05501-0422filing status (married filing jointly or married filing separately)for all of the years involved in figuring the loss or credit Arkansas, Connecticut,carryback, you may have to allocate income, deductions, Delaware, Indiana,
Department of the Treasuryand credits. For details, see the publication for the type of Michigan, Missouri, NewInternal Revenue Service Centercarryback you are claiming. For example, see Pub. 536 for a Jersey, New York, Ohio,
Kansas City, MO 64999net operating loss or Pub. 514, Foreign Tax Credit for Pennsylvania, RhodeIndividuals, for a foreign tax credit. Island, West Virginia
Resident and nonresident aliens. Use Form 1040X toKentucky, Louisiana, Department of the Treasury
amend Form 1040NR or Form 1040NR-EZ. Also, use Form Mississippi, Tennessee, Internal Revenue Service Center1040X if you should have filed Form 1040, 1040A, or Texas Austin, TX 733011040EZ instead of Form 1040NR or 1040NR-EZ, or viceversa. For details see, Pub. 519, U.S. Tax Guide for Aliens. Guam: Permanent residentsDepartment of Revenue and
Taxation, Government of Guam, P.O. Box 23607, GMF, GU 96921To amend Form 1040NR or 1040NR-EZ or to file the
correct return, you must (a) fill in your name, address, and Virgin Islands: Permanent residentsV.I. Bureau of Internalsocial security number (SSN) or IRS individual taxpayerRevenue, 9601 Estate Thomas, Charlotte Amalie, St. Thomas, VIidentification number (ITIN) on Form 1040X; and (b) attach00802the corrected return (Form 1040, Form 1040NR, etc.) to
Form 1040X. American Samoa or Puerto Rico (or exclude income under section933); are a nonpermanent resident of Guam or the Virgin Islands;Across the top of the corrected return, enter Amended.have an APO or FPO or foreign address; are a dual-status alien; orAlso, complete Part II of Form 1040X, including anfile Form 2555, 2555-EZ, or 4563, use this address: Department ofexplanation of the changes or corrections made.the Treasury, Internal Revenue Service Center, Austin, TX73301-0215, USAChilds return. If your child cannot sign the return, either
parent can sign the childs name in the space provided.* If Form 1040X includes a Form 1040NR or 1040NR-EZ, mail it to the
Then, enter By (your signature), parent for minor child. Department of the Treasury, Internal Revenue Service Center, Austin, TX73301-0215, USA.Death of a taxpayer. If filing Form 1040X for a deceased
taxpayer, enter Deceased, the deceased taxpayers name,and the date of death across the top of Form 1040X.
If you are filing a joint return as a surviving spouse, enterFiling as surviving spouse in the area where you sign the Line Instructionsreturn. If someone else is the personal representative, he orshe must also sign.
Claiming a refund for a deceased taxpayer. If you are Calendar or Fiscal Yearfiling a joint return as a surviving spouse, you only need to Above your name, enter the calendar or fiscal year of thefile Form 1040X to claim the refund. If you are a return you are amending.court-appointed personal representative or any other personclaiming the refund, file Form 1040X and attach Form 1310,
Name, Address, and SSNStatement of Person Claiming Refund Due a DeceasedTaxpayer, and any other information required by its If you and your spouse are amending a joint return, list yourinstructions. For more details, see Pub. 559, Survivors, names and SSNs in the same order as shown on theExecutors, and Administrators. original return. If you are changing from a separate to a joint
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return and your spouse did not file an original return, enter relating to the change. For example, attach Schedule Ayour name and SSN first. (Form 1040) if you are amending Form 1040 to itemize
deductions. Do not attach items unless required to do so.Foreign address. Enter the information in the followingorder: City, province or state, and country. Follow the Column C. To figure the amounts to enter in this column:countrys practice for entering the postal code. Do not Add the increase in column B to the amount in column A,abbreviate the country name. or
Subtract the decrease in column B from the amount inLine A column A.Changing your mailing address. If you check the Yes
For any item you do not change, enter the amount frombox or fail to check either box, we will change your address
column A in column C.in our system to that shown on this Form 1040X. Any refund
or correspondence will be sent to the new address. If you Note. Show any negative numbers (losses or decreases)check the No box, we will retain the address currently in in Columns A, B, or C in parentheses.our system and any refund or correspondence will be sent to
Example. Anna Arbor originally reported $21,000 asthat address.her adjusted gross income on her 2008 Form 1040A. Shereceived another Form W-2 for $500 after she filed herLine Breturn. She completes line 1 of Form 1040X as follows.
Changing from separate to a joint return. If you and yourCol. A Col. B Col. Cspouse are changing from separate returns to a joint return,
follow these steps. Line 1 $21,000 $500 $21,5001. Enter in column A the amounts from your return as
originally filed or as previously adjusted (either by you or the She would also report any additional federal income taxIRS). withheld on line 11 in column B.
2. Combine the amounts from your spouses return asoriginally filed or as previously adjusted with any other Income and Deductionschanges you or your spouse are making to determine theamounts to enter in column B. If your spouse did not file an Line 1original return, include your spouses income, deductions,
Enter your adjusted gross income (AGI). To find thecredits, other taxes, etc., to determine the amounts to enter
corresponding line on the return you are amending, use thein column B.
chart beginning on page 7 for the appropriate year.3. Read the instructions for column C, on this page, to
figure the amounts to enter in that column. A change you make to your AGI can cause other4. Both of you must sign Form 1040X. amounts to increase or decrease. For example, increasing
your AGI can:Joint and several tax liability. If you file a joint return,
Decrease your miscellaneous itemized deductions, theboth you and your spouse are generally responsible for the credit for child and dependent care expenses, the child taxtax and any interest or penalties due on the return. This credit, or education credits, ormeans that if one spouse does not pay the tax due, the
Increase your allowable charitable contributions deductionother may have to. However, you may qualify for innocent or the taxable amount of social security benefits.spouse relief. For details, see Form 8857 or Pub. 971 (both
Changing your AGI may also affect your total itemizedrelating to innocent spouse relief).
deductions or your deduction for exemptions (see theChanging to head of household filing status. If theinstructions for line 4). Whenever you change your AGI,qualifying person is a child but not your dependent, enter therefigure these items, those listed above, and any otherchilds name and QND in Part II of Form 1040X.deduction or credit you are claiming that has a limit basedon AGI.Generally, married people cannot file as head of
household. But for an exception, see Pub. 501,Correcting your wages or other employee
Exemptions, Standard Deduction, and FilingCAUTION!
compensation. Attach a copy of all additional or correctedInformation.
Forms W-2 you received after you filed your original return.
Lines 1 Through 33 Changing your IRA deduction. In Part II of Form 1040X,enter IRA deduction and the amount of the increase or
If you are providing only additional information and decrease. If changing from a deductible to a nondeductiblenot changing amounts you originally reported, skip IRA contribution, also complete and attach Form 8606,lines 133 and complete Part II and, if applicable, Nondeductible IRAs.
TIP
Part III.
Line 2For other changes to Form 1040X, start with: Did you originally file using Form 1040EZ? Line 1 if you are changing income or deductions. Line 6 if you are changing only credits or other taxes.
Yes. See Form 1040EZ FilersLines 2 and 4on page 5 Line 10 if you are changing only payments.for the amount to enter on line 2, column A.
Columns A Through C No. Use the following chart to find the amount to enter
Column A. Enter the amounts from your original return. on line 2, column A.However, if you previously amended that return or it waschanged by the IRS, enter the adjusted amounts. IF you are THEN enter on line 2, column A, the
filing Form... amount from Form...Column B. Enter the net increase or decrease for each lineyou are changing. 1040 1040, line 40 for 20052008
Explain each change in Part II. If you need more space, 1040A 1040A, line 24 for 2005 2008attach a statement. Also, attach any schedule or form
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the Alternative Minimum Tax Worksheet in the Form 1040A Form 8801 (if the credit claimed is refundable), Credit forinstructions. Prior Year Minimum TaxIndividuals, Estates, and Trusts;
Form 8885, Health Coverage Tax Credit; orAny changes made to Form 1040X, lines 1 through
Form 8913, Credit for Federal Telephone Excise Tax5, may affect or cause you to owe alternative Paid.minimum tax. See the instructions for the form andCAUTION
!Note. The following credits apply only to the specific yearsyear you are amending.noted.
Indicate the method you used to figure the tax shown in The recovery rebate credit applies only to 2008.
column C. For example: The federal telephone excise tax credit applies only to2006.
THEN enter on FormIF you used... 1040X, line 6... Line 16. Enter any amount paid with Forms 4868 or 2350.
Also include any amount paid with a credit card used to getThe Tax Table Table an extension of time to file. But do not include theconvenience fee you were charged. Also include anyThe Tax Computation Worksheet TCWamount paid by electronic funds withdrawal.
Schedule D Tax Worksheet Sch. DLine 17. Enter the amount of tax you paid from the
Schedule J (Form 1040) Sch. J Amount you owe line on your original return. Also, includeany additional tax payments made after it was filed. Do not
The Qualified Dividends and Capital Gaininclude payments of interest or penalties.Tax Worksheet QDCGTWLine 18. Include in the total on this line any payments
The Foreign Earned Income Tax shown on Form 8689, lines 40 and 44. Enter USVI and theWorksheet FEITW amount on the dotted line.
Refund or Amount You OweLine 7Use the chart beginning on page 7 to find the correct lines toEnter your total nonrefundable credits. Use the chart
use on the form for the year you are amending.beginning on page 7 to find the correct lines to use on theform for the year you are amending. Line 19Note. If you made any changes to Form 1040X, lines 1 Enter the overpayment from your original return. You mustthrough 6, be sure to refigure your credits before entering enter that amount because any additional refund you claimthe amount in column C. on Form 1040X will be sent separately from any refund you
have not yet received from your original return.Line 9If your original return was changed by the IRS and theEnter other taxes you paid. Use the chart beginning on page
result was an additional overpayment of tax, also include7 to find the correct lines to use on the form for the year youthat amount on line 19. Do not include interest you receivedare amending.on any refund.
Note. If you made any changes to Form 1040X, lines 1through 6, be sure to refigure any other taxes as Lines 20 and 21necessary. If line 20 is negative, treat it as a positive amount and add it
to the amount on line 10, column C. Enter the result on linePayments
21. This is the amount you owe.Use the chart beginning on page 7 to find the correct lines toSend your signed Form 1040X with a check or money
use on the form for the year you are amending.order for the full amount payable to the United States
Line 11. If you are changing these amounts, attach to the Treasury. Do not send cash. On your payment, put yourfront of Form 1040X a copy of all additional or corrected name, address, daytime phone number, and SSN. If you areForms W-2 or 1099-R you received after you filed your filing a joint Form 1040X, enter the SSN shown first. Also,original return. Enter in column B any additional amounts enter the tax year and type of return you are amending (forshown on these forms as Federal income tax withheld. example, 2008 Form 1040). We will figure any interest due
and send you a bill.Line 12. Enter the estimated tax payments you claimed onyour original return. If you filed Form 1040-C, U.S. Departing To help process your payment, enter the amount on theAlien Income Tax Return, include the amount you paid as right side of the check like this: $ XXX.XX. Do not usethe balance due with that return. dashes or lines (for example, do not enter $ XXX orLine 13. If you are amending your return to claim the $ XXX
xx100).
earned income credit (EIC) and you have a qualifying child, What if you cannot pay. If you cannot pay the full amountattach Schedule EIC (Form 1040A or 1040). shown on line 21, you can ask to make monthly installment
payments. Generally, you can have up to 60 months to pay.If your EIC was reduced or disallowed for a tax yearafter 1996, see the Instructions for Form 8862, To ask for an installment agreement, you can applyInformation To Claim Earned Income Credit After online or use Form 9465, Installment Agreement Request.CAUTION
!Disallowance, to find out if you must also file that form to To apply online, go to www.irs.gov, use the pull down menuclaim the credit. under I need to... and select Set Up a Payment Plan. If
you use Form 9465, see its instructions.Line 14. If you are amending your return to claim theadditional child tax credit, attach Form 8812. Note. If you elected to apply any part of an overpayment on
your original return to your next years estimated tax, youLine 15. If you are amending your return to claim acannot reverse that election on your amended return.refundable credit on this line, attach, if required:
Form 2439 (Copy B), Notice to Shareholder ofLines 23 and 24Undistributed Long-Term Capital Gains;
Form 4136, Credit for Federal Tax Paid on Fuels; The refund amount on line 23 will be sent separately from Form 5405, First-Time Homebuyer Credit; any refund you claimed on your original return (see the
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instructions for line 19). We will figure any interest and Column (b). You must enter each dependents socialinclude it in your refund. security number (SSN). If your dependent child was born
and died in the tax year you are amending and you do nothave an SSN for the child, enter Died in column (b), andEnter on line 24 the amount, if any, from line 22 you wantattach a copy of the childs birth certificate, death certificate,applied to your estimated tax for next year. Also, enter that
tax year. No interest will be paid on this amount. You cannot or hospital medical records. The document must show thechange your election to apply part or all of the overpayment child was born alive.on line 22 to next years estimated tax.
Be sure the name and SSN entered agree with thePaid Preparer dependents social security card. Otherwise, at the time we
process your return, we may disallow the exemption claimedGenerally, anyone you pay to prepare your return must signfor the dependent and reduce or disallow any other taxit in the space provided. The preparer must give you a copy
of the return for your records. Someone who prepares your benefits (such as the child tax credit) based on thatreturn but does not charge you should not sign. dependent.
Note. For details on how to get an SSN or correct a nameExemptions (Part I)or number, see the 2008 Form 1040 or Form 1040A
Claiming or changing a Hurricane Katrina exemption instructions.amount. If you are claiming or changing a 2005 or 2006exemption amount for housing individuals displaced by
Column (d). Check the box in column (d) if your dependentHurricane Katrina and:is also a qualifying child for the child tax credit. See the You are not otherwise changing the number ofForm 1040 or Form 1040A instructions for the year you areexemptions previously claimed, do not complete Formamending to find out who is a qualifying child.1040X, lines 25 to 30. Instead, complete lines 1 and 2 of the
2005 Form 8914 (or lines 1 through 6 of the 2006 Form
8914), showing only the individual(s) for whom the change is Children who did not live with you due to divorce orbeing made. Enter the amount from Form 8914, line 2 for separation. If you are claiming a child who did not live with2005 (line 6 for 2006), in column B of Form 1040X, line 31.
you under the rules for children of divorced or separatedComplete line 32.
parents, you must attach certain forms or statements to You are also changing the number of exemptions
Form 1040X. For more information, see Pub. 501,previously claimed, complete Form 1040X, lines 25 to 30Exemptions, Standard Deduction, and Filing Information, or(and line 33, if necessary). Then complete lines 1 and 2 ofthe instructions for Form 1040 or Form 1040A for the taxthe 2005 Form 8914 (or lines 1 through 6 of the 2006 Formyear being amended.8914), showing only the individual(s) for whom the change is
being made. Enter the amount from Form 8914, line 2 for2005 (line 6 for 2006), in column B of Form 1040X, line 31.Complete line 32. Presidential Election Campaign Fund
(Part III)Claiming or changing an exemption amount for aMidwestern displaced individual. If you are claiming or You can use Form 1040X to have $3 go to the fund if you
changing a 2008 exemption amount for housing Midwestern (or your spouse on a joint return) did not do so on yourdisplaced individuals and: original return. This must be done within 201/2 months after You are not otherwise changing the number of the original due date for filing the return. For calendar yearexemptions previously claimed, do not complete Form 2008, this period ends on January 3, 2011. A previous1040X, lines 25 to 30. Instead, complete lines 1 and 2 of the designation of $3 to the fund cannot be changed.2008 Form 8914, showing only the individual(s) for whomthe change is being made. Enter the amount from Form8914, line 2, in column B of Form 1040X, line 31. Completeline 32. Charts You are also changing the number of exemptions Use the chart for the year you are amending to find thepreviously claimed, complete Form 1040X, lines 25 to 30 corresponding lines on your return.(and line 33, if necessary). Then complete lines 1 and 2 ofthe 2008 Form 8914, showing only the individual(s) for
2008whom the change is being made. Enter the amount fromForm 8914, line 2, in column B of Form 1040X, line 31. THEN the corresponding line(s) on the 2008
IF you areComplete line 32.Form...completing
1040 is: 1040A is: 1040EZ is:Form 1040X...Line 30
Line 1 37 21 4You may have to use the Deduction for Exemptions
Line 7 4754 2933 N/AWorksheet in the Form 1040 or Form 1040A instructions tofigure the amount to enter on line 30. To find out if you do,
Line 9 5760* 36 N/Asee the instructions for line 4. If you do not have to use thatworksheet, multiply the applicable dollar amount listed on Lines 11 16 6270 3842** 79***line 30 by the number of exemptions on line 29.
Line 19 72 44 12a
*Plus any write-in amounts shown on Form 1040, line 61Line 33**Plus any write-in amounts shown on Form 1040A, line 43***Plus any write-in amount shown on Form 1040EZ, line 10If you are adding more than six dependents, attach a
statement with the required information.
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2007 unless the form displays a valid OMB control number. Booksor records relating to a form or its instructions must be
THEN the corresponding line(s) on the 2007retained as long as their contents may become material inIF you are Form...the administration of any Internal Revenue law. Generally,completingtax returns and return information are confidential, as1040 is: 1040A is: 1040EZ is:Form 1040X...required by section 6103.
Line 1 37 21 4We welcome comments on forms. If you have comments
Line 7 4755 2933 N/A or suggestions for making this form simpler, we would behappy to hear from you. You can email us at
Line 9 5862* 36 N/A*[email protected]. (The asterisk must be included in theaddress.) Enter Forms Comment on the subject line. OrLines 11 16 6471 3841** 7 and 8a***
you can write to the Internal Revenue Service, Tax ProductsLine 19 73 43 11a Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111Constitution Ave. NW, IR-6526, Washington, DC 20224. Do*Plus any write-in amounts shown on Form 1040, line 63
**Plus any write-in amounts shown on Form 1040A, line 42 not send the form to this address. Instead, see Where To***Plus any write-in amount shown on Form 1040EZ, line 9 Fileon page 3.
Estimates of Taxpayer Burden2006The table below shows burden estimates for taxpayers filing
THEN the corresponding line(s) on the 2006a Form 1040X. Time spent and out-of-pocket costs areIF you are Form...estimated separately. Out-of-pocket costs include anycompleting
1040 is: 1040A is: 1040EZ is:Form 1040X... expenses incurred by taxpayers to prepare and submit theirtax returns. Examples of out-of-pocket costs include tax
Line 1 37 21 4return preparation