If you’re planning to take advantage of the First-Time Homebuyer’s tax credit or the more recently announced “long-time homeowner new purchaser” credit – you will not be eligible to eFile your tax return when you claim the credit. To find out more about these credits, see the article at this link.
In a move to reduce fraudulent claims, the IRS recently decided that in order to claim this credit, proof of the purchase of the new home must be attached to the return with form 5405 and the entire return must be paper-filed.
This will likely add at least a week to the processing time, and likely much more as the filing season progresses. So if you’re claiming this credit, keep in mind that your turnaround for your refund will be extended specifically because of this credit. I’m sure it will be worth the wait!
I can learn from you, you can learn from me - please leave your comments and links!Jim Blankenship, CFP®, EA, is an expert in personal retirement, IRAs, and tax issues, with more than 20 years of experience in the industry. . Read more from this author
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And if you've come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed "advisor's advisor".
Jim
Despite the valuable info in this post, you had me with the pic of the Soup Nazi. I’m a sucker for pretty much any Seinfeld reference.
Thanks for making me smile,
Russ
I try to provide both food for the financial mind and the comedy-loving soul. Glad you enjoyed that, Russ.
jb