First-time home buyers who claimed credit can’t e-file taxes
CARSON CITY, Nev. – While the Internal Revenue Service is encouraging taxpayers to file their returns electronically, taxpayers who used the first-time homebuyer tax credit will have to send in their tax return by paper this year.
First-time home buyers who used the credit will have to go to the IRS Web site, http://www.irs.gov, to download a form claiming the tax credit. Taxpayers can still use tax filing programs to prepare their return, but will have to print it out and mail it in.
The IRS said paper filing will help prevent fraud and catch people who may have taken advantage of the $8,000 tax credit but didn’t use it to buy a home.
The IRS said it plans to start processing returns by mid-February, adding it may take an extra two to three weeks for taxpayers who used the home buyer tax credit to see refunds.
Among other documentation required for taxpayers who used the home buyer tax credit:
• A copy of the settlement statement showing all parties’ names and signatures, property address, sales price, and date of purchase.
• For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.
• For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
In November, Congress extended the federal home buyer tax credit program to June 30 for buyers to settle on a property.
Homeowners who have lived in their home for five of the last eight years can also qualify for a $6,500 tax credit if they close on a home.
Support Local Journalism
Support Local Journalism
Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User