Homebuyer Tax Credit: The IRS Has Apparently Dropped the Ball

credit: © L. Eleana Johnson

At a time when the country is experiencing what some are referring to as the worst recession since the Great Depression, the IRS has apparently dropped the ball. Initially, the homebuyer tax credit was passed to stimulate the economy by bribing first-time homebuyers into purchasing the American Dream. In a previous article, “Homebuyer Tax Credit: Stimulating the Economy or Fueling False Hope?” the negative impact of the recent lapse of the homebuyer tax credit on pending home sales was discussed. Now what’s even more alarming is the recent news that the Internal Revenue Service (“IRS”) has no strategy for ensuring over 950,000 taxpayers purchasing homes in 2008 repay the $7,500 homebuyer tax credit that they were loaned interest free. READ FULL ARTICLE: Homebuyer Tax Credit: The IRS Has Apparently Dropped the Ball