First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges

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First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges
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Author By :"James R. White"
Published Date : 2011-01
Published by : DIANE Publishing
Books Language : en

Description

This is a print on demand edition of a hard to find publication. Congress enacted the First-time Homebuyer Credit (FTHBC) to assist the struggling real estate market and encourage taxpayers to purchase their first home. The credit initially was enacted in 2008 and revised in 2009. The 2008 FTHBC provided taxpayers a credit of up to $7,500 that must be paid back over 15 years. In 2009, the maximum credit for the 2009 FTHBC was increased to $8,000, with no payback required unless the home ceases to be the taxpayer's principal residence within 3 years. This testimony describes: (1) the extent to which taxpayers are using the FTHBC, including breakouts by state and income; and (2) IRS's implementation and compliance challenges associated with both the 2008 and 2009 credits. Charts and tables.

the 2008 \u003cb\u003ecredit\u003c/b\u003e who actually could have claimed the 2009 \u003cb\u003ecredit\u003c/b\u003e, and IRS did not \u003cbr\u003e\nflag the problem. ... that appeared not to have claimed the whole FTHBC, the \u003cbr\u003e\nTreasury Inspector General for \u003cb\u003eTax\u003c/b\u003e Administration (TIGTA) found that 93 percent,\u003cbr\u003e\n ...

This Book was ranked 38 by Google Books for keyword TAX CREDIT.

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