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Where’s the Refund?

Fri, Dec 11, 2009

Buying Advice

Daily Real Estate News  | December 11, 2009  |

Where’s the Refund?
First-time home buyers who bought as long ago as last winter are still waiting for their $8,000 tax refund.

As of mid-September, more than 1.4 million taxpayers had requested the credit by amending their federal tax returns. The IRS announced in October that it expects 5.1 million claims by year-end. That count doesn’t reflect the extension and expansion of the credit in November.

IRS spokeswoman Carrie Resch says the agency is experiencing a higher-than normal number of amended returns and because amended returns are reviewed by hand, the process is delayed.

U.S. Sen. Amy Klobuchar (D-Minn.) has been fielding constituent calls for weeks from irate home buyers. She sent a letter to the IRS that said in part: “The full and immediate economic impact of the tax credit is lost when it takes up to four months for people to get the money due to them … such lengthy delays are unacceptable and erode the public’s trust in the competence of the government.”

Source: Minneapolis-St. Paul Star Tribune, Kara McGuire (12/10/2009)

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