With the recent talk of raising the first-time homebuyer credit, one important question is still open: why are the current checks taking so long to go through? No one expects the tax credit to be instantaneous, and of course the IRS will need to validate each claim. But reports of delayed tax credits are pouring in — and when the tax credit is a key part of financing a new home, this has people nervous.
- One online commenter complained of a 12-week wait for the check, which hadn’t arrived yet.
- Other commenters are asking when the check will arrive — the answers indicate that it takes ten to twelve weeks, but there’s lots of confusion nonetheless.
- Other estimates for how long the credit takes imply a wait of 12-16 weeks.
- Some people are even less lucky. One of them had to wait fourteen weeks — to find out that he needed to send the IRS more information.
Some people are in no mood to wait for the check. Several states have found a way around this: HUD is starting to lend people money backed by the tax credits, for certain mortgages. And several states have taken matters into their own hands: here is a list of states that lend new homeowners money to tide them over until the tax credit arrives. For many new home buyers, this can be a good way to stay afloat, but in most cases, it’s best not to rely on that tax credit as the only way to close a new home purchase.
Consider this a link back for being so interesting.
I filed my taxes in June of 2010. It is February 2011, and I still have not received my tax credit. I’ve called numerous times. I’ve sent in paperwork twice. I don’t know what to do. – Aaron
well im going on 7 months no check they have asked me for all the forms i already sent 2 times to send them again!! they give me a phone number to call never answer i have left at least 20 messages no dam call back why isnt the media reporting this crap ???
I actually go my refund on time. BUT months later they sent a letter requesting a utility bill and copy of my drivers license to verify my address. I called to talk with someone about it and they informed me that I missed the reply date and now would have to resend in my settlement staement as well as the information requested because they will be re-reviewing my claim. Well, just heard today that I have now been denied and they want their 8 grand back. this is not right! The woman on the phone told me that they had reviewed half of them and then just pushed the other half through to review later? Sounds awful fishy to me. But what is one to do it’s the government. this whole thing makes me sick who has 8,000 lying around these days? Odd that I qualified the first time but now I don’t?
My accountant /lawyer spoke with two different IRS reps on two occasions after I spoke with three reps. They question my qualifications and then admit they see that I do qualify. I was told my check would be coming from both of the reps my accountant spoke with. It is December 31 and I have not received my refund. My accountant says the law is the law.He tells me I qualify and they must and will send the money I deserve. I keep feeling more nad more unsure that IRS will comply and there is NOTHING i can do about it.