Statement with 08 1040X 1st Time Home Buyer

[JG EA]

Read in Kiplinger Newsletter to "be sure to enclose a copy of the settlement statement with your 1040X". (To claim the $8,000 credit.)

My client didn't have any problem filing without anything extra like this. And it is not in the instructions to do so.

This kind of advice really irritates me.

[David1980]

They're probably just trying to reduce the chance of audit with that advice. As that's one of the items asked for when the IRS audits a 1st time homebuyer credit.

[JohnH]

I'm with JG. I think it's a waste of time and potentially problematic to furnish any info not specifically required with any tax return. I like to make it easy for the data entry clerks to do their job - no need slowing them down with extraneous paperwork or creating upfront reasons to take a 2nd look.

If the return lands on someone's desk for futher processing, chances are the attachment will have been lost or discarded anyhow. And if IRS needs more info, they have the client's address - all they need to do is take all the proper steps to set up an examination file and send a letter.

[JG EA]

I agree that you agree with me. Seriously, I learned never to give more information than is necessary. I believe it requires someone to take more time with the return and rather than reduce the chance of inquiry it infinitely increases it.

[MLINDER42]

08 1040X 1st Time Home Buyer

I have done three of them so far 2 have received there money. Did not enclose closing statement.

[Gretel]

I will be doing a 1040X for 2008 for the home buyer shortly. What is the turn around time on this? Any faster than a normal 1040X? Would also like to know which IRS Center you used.
Thanks.

[JG EA]

In our case Fresno, CA. I don't have the dates - not at the office - but it seems like it was about 6 weeks. I can find out for sure if you need the information.

[MLINDER42]

Turn Around Time

It took about six weeks.They wen thru Andover.I did another on Wednesday I will see how long it takes.

[Gretel]

Thanks for the replies. I will go through Ogden. Maybe six weeks is the normal turn around. Mine doesn't close before the first of September. Any update on the turn around time would be appreciated.

[JohnH]

Lots can happen between now and the closing. Looking at the pattern being set by the states, the IRS may be issuing IOU's by September.

[Gretel]

You are right, John, one never knows. I just read that t/p who get FHA loans will be able to get the credit as an advance at closing, treated as bridge loan. Maybe it is wise to make use of this if the interest rate is not too high.

[David1980]

Thanks for the replies. I will go through Ogden. Maybe six weeks is the normal turn around. Mine doesn't close before the first of September. Any update on the turn around time would be appreciated.

So they should be getting their FTHBC sometime around mid-October the, assuming the 6 weeks turn-around from time of filing stays the same right?