Homebuyer tax credit: No e-file and four-month delays

Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again. Bad news: You still can't e-file your taxes if you want the cash. And there are long delays. Buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new IRS Form 5405. First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.

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