The federal tax credit for first time home buyers has been revised and extended through the first half of 2010. On November 6, 2009 legislation was passed by Congress to amend and extend the Worker, Homeownership, and Business Assistance Act of 2009. However, if you purchased a home after Nov. 6, 2009 and you qualify to receive a refund check through the tax credit program, you may have a lot in common with a young child these days. The anticipation of waiting for a gift you know should be on its way may have you anxiously counting the days until it arrives. The question is when will it arrive?
The answer for homeowners who purchased a home after November 6, 2009 is not until you submit your request. First, you must complete the new December 2009 version of the IRS Form 5405, which sounds simple enough. However, the problem is the only form you can access on the IRS website (www.irs.gov) is the old 2008 version. According to the IRS website, the new version should be posted “soon”. Since they refer to it as the December 2009 revision, one might logically conclude it will be published in the next ten days before December 2009 ends.
Don’t give in to the temptation to submit the old version in hopes of expediting your refund check. Your efforts will be in vain. The new version must be used as it addresses major changes to the tax credit program including increased income limits, a maximum limit on home price, and additional documentation requirements. Unfortunately, like the child anxiously awaiting his or her gifts, you too must wait patiently for this new form to arrive.
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