Almost 1 in 5 prospective homebuyers say extending $8,000 tax credit to 2010 would be primary influence on their decision to buy

By , on September 25th, 2009

By: Dennis Norman

Nearly one in five (18 percent) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time period for an extension, according to additional analysis.

Zillow queried adults who qualify as a first-time homebuyer, asking them if an extension of the tax credit would influence their plans to buy a home before the end of 2010. If the Continue Reading →

First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS

By , on September 19th, 2009

Dennis Norman

By: Dennis Norman

“I’m from the IRS and I’m here to help you.”

Yeah, sure. :)

Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as how to claim the credit.

The IRS issued a notice yesterday reminding potential home buyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time home buyer credit. The credit of up to $8,000 Continue Reading →

REALTORS Urge Congress to Extend Homebuyer Tax Credits

By , on September 16th, 2009

Dennis Norman

By: Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without the credit.

Continue Reading →

IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

By , on August 2nd, 2009

The Internal Revenue Service this week announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both. To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud Continue Reading →

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