Claiming Homebuyer Tax Credit May Cause Delays In Income Tax Refund

Homebuyers that are claiming the first-time homebuyer tax credit may want to allow extra time in getting their refund as many say those getting a refund from the tax credit are going to have to wait.  Homebuyers have to provide additional information to claim the tax credit, so mailing in your tax return is the only way to do so.

Many homebuyers are frustrated with this delay, but the fact that their refund may be bigger than usual is sure to sooth any anger over having to wait a bit longer.  Many that file their income tax return online are able to get their money faster, but the additional proof that one actually bought a home that is now required means that a hard copy must be mailed in.

The first-time homebuyer tax credit and repeat homebuyer tax credit, valued at $8,000 and $6,500 respectively, will come to an end on April 30th as that will be the final day homeowners have to be under contract on a home.  June 30th is the last day to close on a home to claim the tax credit so any homeowner looking to use either the first-time or repeat homebuyer tax credit should be aware of these dates.

Homeowners that buy a home after their taxes have been filed, but before the deadlines indicated may have to file an amendment on their tax forms.