homebuyer tax credit delays

[XAVIERSMAMA]

FYI, looks like it's going to be a while before you get your refund if you purchased after 11/6/2009.  Please take this into consideration if you were really counting on these funds to be back up reserves or for needed home repairs, it might be 4-6 months from filing before you actually get the credit.

http://money.cnn.com/2010/01/14/real_estate/homebuyer_tax_credit_delayed/index.htm

[Anonymous]

No where in the article does it say 4-6 months.... the form is close to being ready because I was sent a copy of the rough draft by someone at the irs... at this point most people are most likely going to file for the credit on their 2009 taxes, but if you choose to amend your 2008 taxes i'm guessing 2 months max to receive the credit.

[XAVIERSMAMA]

You're right kdoggflog01, the article says nothing about a timeline, I'm making an estimate based off of the fact the IRS states an average paper return that is complete and accurate can take 6-8 weeks to process once they receive it.  My thoughts are that with the scrutiny of the past fraud involved with this credit, they might take longer to scrutinize and verify all the info that has been submitted.  And I should have stated 4-6 months after you purchase not file.  My point was not to count on this money for something you need to have right away regarding your home purchase, that's all.

[gpeach]

most people are most likely going to file for the credit on their 2009 taxes

That is what I planned until I found out that I could not efile my 2009 taxes if I was claming the 8000 home buyer credit. Last week I sent my ammended 2008 so I could efile my 2009 as normal. 

I have a small business and we have extra taken out of hubby check to make sure we never have to bother with having to pay and usually get a little back. Well this year I made half of the gross of the 2008. So expecting a large return. Did not want both tied up in the mail. 

[Anonymous]

Amending my 2008 return as well. Since the new form 5405 just came out I'm hoping to get the credit a few weeks after I get my refund for my efiled 2009 return.

[Paxx]

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@gpeach wrote:

most people are most likely going to file for the credit on their 2009 taxes

That is what I planned until I found out that I could not efile my 2009 taxes if I was claming the 8000 home buyer credit. Last week I sent my ammended 2008 so I could efile my 2009 as normal. 

I have a small business and we have extra taken out of hubby check to make sure we never have to bother with having to pay and usually get a little back. Well this year I made half of the gross of the 2008. So expecting a large return. Did not want both tied up in the mail. 

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Really? We closed in Sept. and I have just waited to file my for the credit with my tax return because I figured I could just do it all online and make it that much easier.  Disappointed to find out that I can't efile

[gpeach]

Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.

Link to the page: http://www.irs.gov/newsroom/article/0,,id=215791,00.html?portlet=7

Yeah bummed me out too. We closed in July. Did not need the money right away and figured why bother with mess.

[Anonymous]

That's what I did as well, waited until I filed my 2009 taxes thinking I would get the money quicker.  Almost three months now and still no money.