I’ve just spent the last couple of hours working on my taxes. Because my wife and I recently made our first new home purchase, we will be receiving the first-time homebuyer tax credit. Instead of e-filing our return as we have for the past several years, the credit necessitates that we print out and mail in this years return. From the IRS First-Time Homebuyer Credit website -
Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase…
Obviously, this means that our refund will take a bit longer to process than it has in the past – but the extra money is worth the wait! Once we receive our refund (most of which will simply be the credit), we’ll deposit it into our savings account. A portion will remain in savings, in cash-reserves. Another portion will used to pay-down our mortgage principal, and a smaller portion will go towards some new furniture for our house.
I should be finished with my taxes by this evening – and I’ll print them out and mail them off in the morning. I always make a couple of copies of the returns, to keep on file and in a safe location. I’ll let you know how long the process takes and when the refund check arrives.
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