How Long Does It Take To Get The 8K First Time Home Buyer Credit?
Question: How long does it take to get the first time home buyer credit of $8,000 dollars? I’ve been waiting for several months for my 8K first time home buyer credit and have not received it yet. Does it usually take a long time to receive the 8K first time home buyer credit?
Answer: There is no timetable for when you are supposed to receive your 8K first time home buyer credit. Depending on how you file your tax returns, you could get it very quickly (within a month or two), or it could take considerably longer to get your credit from the IRS. If you do an amended tax return, you should be eligible to receive the first time home buyer credit in a short period after purchasing your home. However, the IRS conducts random audits on individuals requesting the first time home buyer credit, and investigates every claim thoroughly. It is not uncommon for home buyers to wait up to nearly a year to receive their first time home buyer credit.
It took me over a year to get my 8K first time home buyers refund! Persistence is the only way to win with the IRS, I had to jump through endless loops and red-tape.
I was told by my CPA that the IRS started having so many fraudulent claims for the first time home buyer credit that they changed the requirements to prove buyers were indeed eligible. This ended up slowing down the dispursement of the 8k first time home buyer credits for alot of people, and its why many people are waiting so long for their 8k first time home buyer credit.
Here it is….June 21, 2011. Still have not received the 8K check that was filed for back in March of 2010. They keep sending me letters saying that they are investigating it, I get a letter every month. No wonder this country is broke….government inefficiency.
Frank, it took me over 1 year to get my 8K, and believe me I was insanely frustrated. The IRS is flooded with fraudulent claims, and they are very slow at processing claims. Be patient, your 8K will come eventually, though I would still call them every month to ask the status of your 8K first time home buyer credit.