Taxpayers' Use of the Credit and Implementation and Compliance Challenges

October 2009
GAO Reports;10/22/2009, preceding p1
Government Document
The article reports on the utilization of taxpayers of the Firstime Homebuyer Credit (FTHBC) and the U.S. Internal Revenue Service's (IRS) implementation and compliance challenges. According to information from IRS, as of August 22, 2009, there are over 1.4 taxpayers who have claimed the FTHBC for homes bought in 2008 and 2009. It notes that IRS has implemented the complex FTHBC law which allows taxpayers to claim around 10 billion dollars as of August 2009.


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