As you know, The original $8000 tax credit was just good for first-time home buyers and was slated to end on Nov. 30. But Congress extended the credit to include contracts signed by April 30 and closed by June 30. It also made a refund of up to $6,500 available to existing homeowners looking to buy something new. Nov. 6 marked the date that the rules changed because an extended — and expanded — version of the home buyer tax credit went into effect. And that put filing for the credit on hold, and started a new IRS paperwork wrangle. Those homeowners who closed their sale before Nov. 6 used Form 5405 to claim the credit, but those closing after that date are in limbo because no form yet exists for them to file. The IRS had been expected to come out with a revised form by early January, but it has yet to release anything. Robert Dietz, an economist with the National Association of Home Builders who has been monitoring the situation, said the delay may be caused because numerous parties, including the Treasury Department, have to agree on how to process all the new documentation that the expanded tax credit requires. “They may just be making sure all their I’s are dotted and their T’s are crossed before they release it,” Dietz said.
Related posts:
- Tax credit fuels home-sales bounce, but will it be just a blip? (Seattle Times)
- Existing home sales surge 7.4% in Nov. on federal tax credit (USA Today)
- Mortgage Rescue Can Kill Your Credit Rating
- Home sales shoot up in November from year ago thanks to federal tax credit (Seattle Times)
- Home Sales Are Up Across The Country
