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From what I understand, the kick back happens when they file their tax return and then get a check from the government.
So… it is not instant.If they have already filed their return for this year they can file an amended return to get paid faster instead of waiting for next year’s tax return.
My guess it that it would take a several months to see the $$
For full information go to IRS.gov. Search “first time home buyer”.
More partidularly…..http://www.irs.gov/newsroom/article/0,,id=205416,00.html
The above article states that a taxpayer can receive the money “quickly”
I have no experience with this program. Currently I have two vacancies and have been screening ‘tenants’ to convert them to ‘buyers’. I’m looking for a $6,000 down with interest only for three years and a balloon on the balance. Seems like that would be good for everyone and leave $2,000 on the table for other purposes.
In their Q & A IRS states that they have been able to process form 5405 electronically for several months now. I presume that means a rather short turn-around time on the $$. Also , from a source I deemed reliable but can not at the moment recall, the refund may be assigned and thereby used as a down payment after the fact.
As I understand things, such assignments are common amongst tax prepares who offer instant refunds.
I would appreciate any feedback on this subject.
Thanks in advance
Norman
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