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 credit who actually could have claimed the 2009 credit, and IRS did not flag the problem. ... implementation and compliance challenges, we reviewed IRS documents and interviewed IRS officials to identify the guidance, outreach, anbsp;...
|Title||:||First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges|
|Author||:||James R. White|
|Publisher||:||DIANE Publishing - 2011-01|