The home buyer tax credit was extended and expanded in November. Qualifying homeowners buying between now and April 30, 2010, can receive the credit. The buyer has until June 30, 2010, to close on the property.
First-time home buyers, including buyers who have not owned a primary residence in the past three years, can receive a credit of 10 percent of the purchase price of a home, up to $8,000. Current homeowners who have lived at least five consecutive years out of the past eight in their primary residence can receive up to $6,500 for buying a new home.
HOW CAN I GET MY MONEY?
If you buy your home in 2009, you can amend your 2008 tax return using forms 1040X and 5405. You can also wait and claim the credit using Form 5405 when you file your 2009 tax return. Taxpayers buying after Nov. 6 must attach a settlement statement.
WHY THE DELAY?
Amended returns are processed by hand. The IRS says the high volume of amended tax returns due to tax law changes such as the home buyer credit has caused delays. The IRS says it's taking 12 to 16 weeks to process returns, a month longer than usual.
Source: IRS
