Will the Tax Credit Lead to an Audit

Real Estate Blog Article

Tuesday, April 20, 2010

Did you file your taxes yet?  You probably already did since the deadline has already come and gone.  You also probably made sure to give your tax return a thorough inspection in order to prevent one of those unwanted audits, always a good thing to do.  On the other hand if you didn’t and you recently purchased property such as Miami Beach condos and applied for the tax credit, an audit is a very real possibility.

Almost a fifth of all the tax audits during the past six months were for people who claimed the soon to expire home buying tax credit.  The problem with an audit (besides having to show proof of receipts and such) is that it could potentially push back your refund by up to five months which could present a problem if you were planning on using that money towards paying the bills for your Miami Beach condos or something similarly important.

As long as you’ve done everything the right way and have proof to back up what’s been stated in you rax return, there’s little need to worry and even fewer chances of an audit, whether or not you claimed the tax credit.  Speaking of which, there’s barely ten days left to sign a Miami Beach real estate sales contract in order to be eligible for the tax credit.

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