So you’re eligible for one of the two 2009 – 2010 home buyer tax credits, now what? The Internal Revenue Service (IRS) issued new guidance last week on the two tax credit programs – the $6,500 credit for repeat buyers, and the $8,000 first-time home buyer credit. Filing for the tax credits isn’t as simple as telling your accountant that you bought a house recently, but it’s also not as hard as you might think the government could have made it. The Washington Post filed this report about the new guidelines, and did an excellent job outlining them for you. As the article says, the large number of repeat buyers and first-time buyers expected to file for these tax credits coupled with the IRS’s increased monitoring and need for documentation will slow down the processing time. Don’t expect your $6,500 or $8,000 overnight; it should, instead, come to you approximately four to eight weeks after filing. Still, not bad for a sizable stack of free money in the mail!
If this is the first time you’re hearing about the tax credits available to home buyers this year, or if you need help getting under contract on a home before the tax credits expire on April 30, 2010, give us a call or visit The Hill Group’s website here.