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.
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I entered into a binding contract in march of 2010, closed on the loan in may 2010 and filed an amended return for the 2009 tax year in July of 2010. I waited 13 weeks(was supposed to have only waited 12) and had not heard anything. It was October by this time and I called the IRS. was told that it went into review the same day it was received on July 22, 2010. From that day they had 120 days to reslove the matter. This was up in Jan 2011. I called again and was told that if I had not received a letter in 30 days to call again. The next week I got the letter telling me I had to resend all the info that I had included with the original amended return the contract, the purchase agreement the hud, everything. I sent utility bills, everything I had that proves I bought the house and have been living in it since its purchase. I send all that back in and a week after I send it I get a letter saying that they have not recieved my docs. I call again and they tell me to give it a few weeks that the docs are probably in the building but not checked in. Before the 2 weeks are up I get a letter saying they have my docs and to give them 45 more days. That 45 days was up the 2nd week of April 2011. I call them again because I have heard nothing. I was told that the case was closed the week before and I should be getting a letter. That same day I rec’d a certified letter saying that they closed my case because they never received my documents! I turn around and call them for the second time in the same day and asked what the devil was going on. I was in tears. The lady was nice and looked at the account and said that they show that a package was received from me in feb 2011 but no one had reviewed the case. She put a note on it and said it may or may not be seen due to the fact that the case was closed. She suggested that I resend all info again. At this point I call my tax person and get advice. I was told to write a letter and tell them why I wanted the case reopened and to mark on their form that I want to appeal and to send another copy of the documents. The day I went to post office to mail all the stuff again, I got a letter from IRS saying that they do have my info to give them another 45 days to review it. I am so upset, frustrated, just like everyone else on here! So today I call them again just to see what they will say. I have always heard that the squeaky wheel gets the grease……. I was told today by the most helpful person ive ever spoken with there(being serious, not sarcastic) that they my case is not closed, that my documents were scanned in and she can see them, but there was not an examiner assigned to my case! No one has looked at it siince I filed the amended return in July2010! She printed out all the documents went through them to make sure all they needed ws there and while I was on hold faxed them to the examiner’s in Texas. She SAID she included a cover letter explaining my situation and to give them 2 weeks and call back to see if the examiners had put any more notes in the system showing that they are reviewing my case. Back last year I kept hoping that I would receive the money before Christmas. I guess I should have specified Christmas what year!!! Now I am hoping that I receive it before my birthday this year 2011……..But today has been the best info day ive had. I have a little more optimism today than yesterday.