The IRS has just issued new regulations regarding claiming the First Time Home Buyers Credit. If you are claiming the credit you will NOT be able to electronically file your return as you must attach a copy of the closing statement with your tax return. This will delay your refund for 6 to 8 weeks. Also, you must be able to prove that this is really your first home purchase within the window of opportunity. You will have to be able to prove you were renting prior to purchase of the home. You should be prepared to include a copy of your last least along with the closing statement.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.