Trying Times for Tax-Credit Claimants

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Home buyers are waiting too long for that $8,000.

February 01, 2010

 

One of my colleagues bought his first home, a condominium, in September 2009. He promptly filed the paperwork to claim the $8,000 first-time buyer tax credit. It’s been more than four months and he still hasn’t received it. Some people have been waiting even longer (eight months for one applicant). As discussed in one of my recent blog posts, there has been a slew of bogus claims, including one from a four-year-old. Presumably those people had no trouble getting their money, so why are honest folks being stalled, and in the meantime asked to submit the same documentation over and over again? I’ve said it before and I’ll say it again: there’s not enough oversight in this program. The tax credit has been an effective stimulus for new-home sales. Many people couldn’t have purchased a home without it. And most first-time buyers don’t have the luxury of waiting months for that serious chunk of change. Chances are they’ve already earmarked the funds for appliances, furniture, credit card bills — any number of necessities. If the IRS can get taxpayers their refunds in a matter of weeks, why can’t they do the same with tax-credit claims?

Read more blog posts by Susan Bady here.

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