If you bought your new home after November 6, 2009, be prepared to wait before being able to file an amended 2008 return to claim your refund for the new and improved home buyer tax credit. The changes made to this legal provision on November 6, 2009 prompted the IRS to revise the form 5405 that is required to claim the refund. The IRS expects this form to be available by January 8, 2010, and then you can submit your amended 2008 returns to begin the process of applying for the credit.
It is expected that the new form will require additional documentation to be attached to substantiate the legitimacy of the credit as significant fraud with regard to this credit has been suspected. It is also notable that any tax return that has the new form 5405 attached will likely be required to file in paper. While this is not an issue for an amended 2008 return that must be filed on paper anyway, taxpayers who include this form on their 2009 returns may experience significant delays in receiving refunds due to the delay in paper processing and the scrutiny surrounding this credit.