Homebuyer tax credit causing headaches and trouble
The federal homebuyer tax credit did its job to boost the real estate market, but many involved – from buyers to the IRS – have run into problems with confusing wording and stipulations.
The result: Hundreds of thousands who’ve already filed for the credit will have to give the money back.
More than 2.6 million eligible for the credit have bought homes since July 2008. They’ve received $19 billion in tax breaks.
But it turns out nearly half of those who received the money for the credit, claimed on their 2009 tax returns, will have to return it, according to an audit from the U.S. Treasury Inspector General for Tax Administration.