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Housing and Real Estate News: 950,000 Must Repay Homebuyer Credits

We happened upon a story this week that shares an astounding figure: over 950,000 American will have to repay the homebuyer tax credits they claimed on their 2009 Federal returns. (wow) Where’s the confusion and how could this have happened?

Well, the report indicates that Americans were eligible for two separate tax credits, but there were startling differences between the two: those who purchased in 2008 got to deduct dollar for dollar up to 15% of their home’s purchase price up to $7,500. THIS was a no-interest 15-year loan. If they had waited until 2009 to purchase, they would have enjoyed Congress extending the credit and making it an actual refund instead of a loan. The IRS is apparently working out a strategy to separate those who must repay the credit and those who do not.

We also found the following fact interesting (via CNN Money) “The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.” At least the IRS is looking, right?

Just a reminder to understand any sort of incentives you might receive when buying a home. Work with your tax professional AND a realtor to understand everything before you sign on the bottom line.

We’re enjoying the early autumn here in Ridgway – get out and enjoy it, too! You can review our local events calendar and see what suits your fancy. We’ll see you next week!

The Staff at San Juan Realty, Inc.


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