Homebuyer tax credit: 950,000 must repay

[red states rule]

Once again, Obama screws over the middle class with another lame attempt to "stimulate" the economy

I wonder how Obama and his followers will blame Bush for this one?

NEW YORK (CNNMoney.com) -- Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.

According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

The confusion comes because homebuyers were eligible for two different credits, depending on when their homes were purchased.

Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home's purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years.

Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan.

Now, the IRS is developing a strategy for separating the 2009 taxpayers who are required to repay the credit from those who are not.

http://money.cnn.com/2010/09/09/real...edit/index.htm

[darin]

I HATE the IRS. Wanna save $ on salaries? Obliterate the every IRS position from the fed gov't.

Fair Tax. For the Motherfucking-WIN.

[red states rule]

I HATE the IRS. Wanna save $ on salaries? Obliterate the every IRS position from the fed gov't.

Fair Tax. For the Motherfucking-WIN.

Another example as to why the government should stay the hell out of the private sector and stop trying to prop up a segment of the economy. Another failure for the Campaigner in Chief

Flat tax - I agree

Then we could get rid of about 90% of the IRS. Remember all the IRS agents the government is hiring thanks to Obamacare?