Home Buying in 07502>Question Details

Colleen, Home Buyer in Passaic County, NJ

First time homebuyers tax credit

Asked by Colleen, Passaic County, NJ Sun Mar 14, 2010

Good evening. Does anyone know how long it takes to receive the credit after you've applied for it?

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Don gave a good summary to your question. Colleen did you know about the $30,000 Grant from the City of Paterson . You have to qualify with income and stay in the house 7 years.
1 vote Thank Flag Link Mon Mar 15, 2010
The credit comes in the way of an income tax return credit. You file your taxes with the appropriate documentation and then either wait for a check, or the credit will reduce your tax liability. So, how quickly you get it depends on whether or not you are taking it as a deduction from taxes owed or waiting for a check from the government.
If you've already filed your 2009 taxes before you purchase and close, then you can file an amended tax return.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Mar 15, 2010
It's part of your taxes. So if you're expecting some of that back, you file your federal taxes, the tax credit is applied, and any part that's not used to pay the taxes is sent to you as a refund.

From the IRS web site at http://www.irs.gov/taxtopics/tc152.html
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Topic 152 - Refund Information
Taxpayers have two options for receiving their individual federal income tax refund: a paper check or direct deposit (electronic funds transfer) into a checking or savings account. Taxpayers may request that refunds be directly deposited in up to three separate accounts. The refund must be $1.00 or more. Form 8888, Direct Deposit of Refund to More Than One Account, will give taxpayers a choice of selecting up to three accounts such as checking, savings and retirement accounts. Note: You cannot have your refund deposited into more than one account if you file Form 8379 (PDF), Injured Spouse Allocation.

If you file a complete accurate tax return, your refund will be issued within six weeks from the received date. If you filed electronically, refund checks will be issued within three weeks after the acknowledgment date. Refunds from amended returns will be issued within 8–12 weeks. Injured spouse claims can take longer, depending on the circumstances. Refer to Topic 203 for more information concerning Injured Spouse Claims.

To check on your refund, go to "Where's My Refund" or call the Refund Hotline at 800–829–1954. Please allow 72 hours after you electronically file or 3 weeks after you mail your return before using the automated systems. When you call, you will need to provide your Social Security number, your filing status, and the exact whole dollar amount of the refund shown on your return. There are several reasons for delayed refunds. Refer to Topic 303 for a checklist of common errors when preparing your tax return, and for additional items that may delay the processing of your return.

If you receive a refund to which you are not entitled, or one for an amount that is more than you expected, do not cash the check until you receive a notice explaining the difference. Follow the instructions on the notice.

On the other hand, if you receive a refund for a smaller amount than you expected, you may cash the check, and, if it is determined that you should have received more, you will later receive a check for the difference. If you did not receive a notice and you have questions about the amount of your refund, wait two weeks after receiving the refund, then call 800–829–1040.

The IRS will assist you in obtaining a replacement check for a refund check that is verified as lost or stolen.
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Hope that helps.
0 votes Thank Flag Link Sun Mar 14, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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