If you are all excited about filing your tax return to receive the $8,000 First Time Home Buyer Tax Credit that you have earned by purchasing a home last year, you might want to take a step backwards to be sure you follow the new rules. As a matter of fact, if you closed on the purchase of your home after November 6th of last year, you might consider waiting to file your return... until the IRS is ready for you.
A news story reports that if you are intending on filing your tax return for your $8,000 first time home buyer tax credit that you will need to use a new IRS form - if you closed on your home purchase after November 6th of 2009. Only problem is that our federal government has not yet bothered to make the form available to anyone. Some of us are apparently fraudulently filing for the credit using the old form for closings that occurred prior to November 6th of last year. The IRS is trying to get better control of the false filings and are therefore not quite ready for tax payers to collect their credit.
Another interesting point is that you will not be able to file your tax return electronically if you are claiming the tax credit. You are now required to send in proof of purchase and even a copy of your driver's license with your tax return.
Read the entire story to lean even more about what to expect when you claim your $8,000 1st time home buyer tax credit.
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