- Taxpayers filing Married Filing Jointly who received the FTHB credit on a 2008 home purchase. If you’ll recall, this credit was to be paid back over a period of ten years, with 2010 being the first year the payback occurred.
- Taxpayers who received the FTHB credit on a prior year’s return and have sold or otherwise disposed of the home.
- Taxpayers who received the FTHB credit in 2008 and are attempting to pay back more than the prescribed amount (typically $500).
I’ve heard from several taxpayers who filed their returns earlier on in the tax season who have still not received their refund. For some it’s been 7 weeks or more! Several weeks ago, the IRS issued a News Release addressing some problems with processing returns where the First-Time HomeBuyer (FTHB) Credit was a factor. There are three types of returns that have been impacted: