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First Time Home Buyer Tax Credit – Where Is My Refund?

Posted on | November 16, 2009 | No Comments

If you purchased a home recently and have chosen to amend your 2008 taxes using a 1040X form in order to receive your first time home buyer refund, you may be surprised that the process is taking so long.

So how long does it really take to receive your refund? If you were to ask the IRS their response will be, “Anywhere from 6 to 16 weeks”. This seems to be a fairly vague answer from the IRS. After a little online research I have found that people are receiving their refund as early as 4 weeks while others are still waiting after the 16 week period. If you are waiting more than 16 weeks then chances are that your return is being audited.

Although I can’t guarantee that you will receive your rebate in 4 weeks there are a few things that you can do to help speed up the process.

1. Be sure to include a copy (not your original) of your HUD-1 Statement. You should receive a HUD-1 statement during your closing. This is proof of the actual sale of your home.

2. Drop off your 1040X at your local IRS office. Many people have received their refund much faster by physically delivering their tax amendment form to the local IRS office. You can find an office close to you by visiting the IRS website and selecting the state that you reside in.

3. If you decide to mail in your 1040X form to the central IRS office, it might be a good idea to make sure that they received it. The number to call is 1-800-829-0582 ext 462.

Waiting to receive a check in the mail can often seem hopeless. If you have filed in the past couple months just remember that many people purchased homes recently in order to take advantage of the tax credit before it was set to expire. As you may already know this offer has been extended until July 1st, 2010.

For more information on personal finance and investment strategies visit www.healthyfinancialhabits.com. Here you will find up-to-date news and information that can help guide you to make smart personal finance decisions.

Guest Author: Allen Dukes

Category: Current News

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