Delays in receiving the $8000 Home Buyer Tax Credit continue . . .

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Real Estate Agent with Real Living / Home Realty 29202

First of all, there is no new form to file.  The IRS had previously announced they would release a new form in January, but, it's Jan. 18 and still no new form.  

Previous filers did not have to present any proof of a home purchase, just file the ammended return saying they were a first time buyer.  Now, as a result of fraud, new documentation is required.  In October 2009, a tax preparer, James Otto Price III, was the first person convicted of this crime. He falsely claimed the credit for 15 clients!

The IRS now requires a signed copy of the settlement statement ( HUD-1), plus a signed mortgage statement with the new address and a copy of either the taxpayer's drivers license, bank statement or pay stub, showing the new address. Some borrowers will not receive their mortgage statement for 30 days, so this can delay the filing further.

Also, as a result of the required documentation, taxpayers seeking the tax credit will no longer be able to E-file.  The IRS points out that taxpayers can still use the electronic forms available on its web site; they just have to print them out, attach the proof and mail everything in.

Another case of those who lie, cheat and steal making life more complicated for the rest of us!

kp:-)

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Rainmaker
727,376
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Karen-Slower payouts but reduced fraud may be a good trade off. Thanks for the info on the IRS form.

Jan 18, 2010 11:09 PM #1
Rainmaker
207,870
Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

There's a lying, cheating thief in every crowd.  They always screw it up for the rest of us.

No easy answer to that one!

See you're moving on up.  Keep up the good blogging!

 

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Jan 19, 2010 12:22 PM #2
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Rainmaker
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Karen Pannell

Owensboro KY Real Estate -270-903-2167 Homes, Cond
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