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.
Update from 2/1/10 posting: I called the IRS this morning and they said it’s still in processing. I’m at the end of 16 weeks now. They said to call back next Friday, 3/5/10.
OH ALL OF THESE STORIES ARE SCARING ME….WE JUST FILED OUR TAX RETURN IN JANUARY 2010 AND IT HAS TAKEN THEM 5 WEEKS TO EVEN ACKNOWLEDGE THAT THEY HAD RECEIVED IT AND WAS TOLD WE WOULD HAVE A CHECK BY MARCH 30TH….BUT AFTER READING ALL OF THESE HORROR STORIES…I DO NOT HAVE MUCH FAITH..
IF WE HAD OWED THEM THEY WOULD BE ON OUR FRONTDOOR STEPS, WE LIKE THE REST OF YOU NEED OUR MONEY TO CATCH ALL THE BILLS THAT HAVE GOTTEN BEHIND SINCE WE DEPLETED EVERYTHING WE HAD TO GET INTO THIS BEAUTIFUL HOUSE
I’ve emailed 60 Minutes, local news stations, 20/20. I don’t want to see Miley or Brittany or
stories on lost cats, I want to see the IRS explain nationally why these checks are taking 4, 6 months to go out. You can google my name and see that I bought the house. I spoke with someone at IRS Refund hotline today after holding for 45 minutes, that stated he was “un-trained” in dealing with calls regarding the home buyer credit. I asked to be transfered to someone that could give me a current update, 20 more minutes of waiting only to be told to be patient. I’m in “processing”. They received my HUD 1, Deed, utility bills last month. I asked for a tax advocate. They told me “that’s not needed”, that I should here something in 30 days. They’re robots, the magic number is 30!! They’re programmed to tell consumers B.S.
And I’m amazed not one news channel has carried this story…Maybe reporting real news that affects everyday workers is a thing of the past? I’m at 18 weeks now and have decided not to stress myself out any further. Leaking patio, no heat, and all…I’m thankful I have my home and I hope the refund will turn up one day so that I can repair it.
We bought our fist home in November. My boss dose taxes part time and she told me not to look for a check till maybe some time in September if we are lucky. We should have known this as we are dealing with our goverment. You know they ones that tell one thing and do another.
Received letter from IRS dated Jan 7th that stated I was approved for the credit after the IRS received it on Aug 31st, 2009. Of course had to send in all my proof in November which I was fine with of course because of all the fraudulent returns they have received. To bad we have such dishonest, greedy people in our country but anyway, they told me 6 to 8 weeks to receive it. I’m in week 5 now so I’m hoping the approval letter was accurate. Guess we will see