Comments on: First-Time Homebuyer Tax Credit Extended AND Expanded into 2010

By: IRS Installment Agreement

IRS Installment Agreement — Mon, 01 Feb 2010 01:33:03 +0000

This will certainly keep the IRS busy. They hardly have enough time now to process the credits. Maybe we will see a decrease in other audits? Time will tell.

By: CPA Marketing Leads

CPA Marketing Leads — Sat, 30 Jan 2010 23:09:11 +0000

Yah…it seems the IRS is stepping up the audits on the tax credit because of all the fraud. The problem now is that it is taking forever for the legitimate credits to be processed. That’s the IRS for you.

By: Tena

Tena — Tue, 26 Jan 2010 02:12:50 +0000

Purchased 7/30/09..filed 1040X 8/3/09..received letter from IRS on 12/17 (dated 11/20) requesting a large amount of documentation including driver license with new address, utility bills, pay roll stubs, along with expected HUD, closing statement and mortgage statements. Have contacted IRS several times only to be told they have not yet logged info into system for examination. It has been faxed twice and mailed twice. Today is 1/25 and I am still no closer to getting this money after nearly 6 months than I was. The whole process is a joke and I wonder if the government just doesn’t have the $$$ to pay out!

By: Chandler CPA

Chandler CPA — Fri, 22 Jan 2010 00:18:37 +0000

I’m still not hearing much on the $6,500 step up credit. It seems as though this one was lost in the shuffle.

By: Ben

Ben — Mon, 11 Jan 2010 04:04:43 +0000

Can anyone answer this question about the tax credit? We bought our house from my wife’s parents in May 2009. At this time the IRS didn’t specifically say you weren’t eligible for the credit if you buy a house from family. This rule was added more recently to combat fraud. If we can prove that we paid fair market value determined by two appraisals, can we still file for the credit?
Thanks for any help.

By: Offer in Compromise

Offer in Compromise — Wed, 25 Nov 2009 16:58:31 +0000

I’ll be curious to see how the $6,500 step up buyer tax credit helps. With the flood of foreclosure hitting the market next year it may take more than this.

Gov’t tax credits are not enough…how about we try to keep folks in their homes rather than see them go through the foreclosure process.

By: Tax Lawyer

Tax Lawyer — Tue, 24 Nov 2009 01:04:00 +0000

Yes we got the tax credit extended. But at the end of the day if we don’t do anything to keep people in their homes then this market will take years to correct. I just don’t think the gov’t has the appetite for this. But we’ll see…

By: Chandler AZ CPA

Chandler AZ CPA — Fri, 20 Nov 2009 03:07:03 +0000

Each and every day more and more folks are losing their homes. This tax credit was needed. Without the support that it provides, who knows where the market would be.

By: marie lesperance

marie lesperance — Wed, 04 Nov 2009 21:32:08 +0000

I think it is a good idea to extended both benefits, such as unemployment and $ 8000 credit for firt time home buyers. People who think other wise, they are not thinking about others, few close friends of mine lost their jobs since 2007, they still unable to find any types of jobs in this economic. Instead of criicizing the goverment for try to help others during this economic crisis, they better think God for having a job

By: Angie

Angie — Wed, 04 Nov 2009 21:07:04 +0000

You will in effect get an $8,000 check a few months later when you file an amended tax return. At the very latest you will get it next April.

I think this is dumb. Again its adding in a whole bunch of people that didn’t fit into the mold the first time. All to subsidize people who don’t have a job for longer. Its over a year of umemployment benefits in a lot of places. What incentive are you giving them to find a job? None! People are using their paid time off to take vacations and soul search. This is crazy.

I hope this does not pass. The last one was a waste too.