Place 728 x 90 Ad Here

The Real Estate Bloggers

The Real Estate Bloggers

IRS 2008 Homebuyer Tax Credit Causes Problems For Taxpayers

Posted: 20 May 2011 09:58 AM PDT

SuburbiaThe law of unintended consequences is affecting thousands of taxpayers who took advantage of the 2008 First Time Homebuyer Tax Credit. The credit, really more of a loan, has created problems in the software used to process returns. Those that filed and are due a refund have been delayed for months from getting their money back.

So much for helping young families experience the joy of home ownership!

And there is no end in sight. The IRS is saying they are working hard to get the money to the taxpayers but in reality those that are owed money are just being given the runaround.

All the taxpayers involved in the glitch took advantage of a one-time, misnamed First Time Homebuyer  tax “credit” offered during the 2008 tax year, a program that turned out to be a meager effort by Congress to prop up the then-imploding housing market. Homebuyers who took advantage didn’t actually receive a credit — they were granted what was essentially an interest-free loan of up to $7,500, to be paid back in $500 increments starting in 2010. Subsequent versions of the program granted homebuyers an outright tax credit, so the 2008 users already have something to moan about. via MSNBC

What the IRS has not figured out is that in the day and age of social media, those that are affected by their errors are not feeling isolated. There is a Facebook group that is providing information and consolation for those who have not gotten their refund. A Karina Winniford stated:

This whole situation sucks… but I am at least relieved to know that I am not the only one. I have been going thru the same thing. Took them 5 weeks to tell me they needed more information and then they gave a 2 week return window. Then another 5 weeks and ANOTHER error code. I have called twice to get it resolved. Now it will take ANOTHER 6-8 weeks to process… I want interest – this could have been sitting in my savings account.

This pressure will get the issue resolved sooner rather than later. I shudder to think of how these people would have been treated before Facebook and other social media tools that help them communicate.

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

IRS 2008 Homebuyer Tax Credit Causes Problems For Taxpayers

Related posts:

  1. Nearly A Million New Home Buyers Tax Credits Need To Be Repayed  According to the Inspector General for Tax Administration 950,000 families...
  2. Who Is Responsible For Losing My Home Buyer Tax Credit? The question I expect to see starting on June 1st...
  3. 5 Top Lenders Accused of Defrauding Taxpayers With Handling of Foreclosures A bombshell report has leaked that 5 of the top...


Post a Comment

Note: Only a member of this blog may post a comment.

Real Estate © 2010 Template design by Vida de bombeiro . Powered by Blogger.
Vida de bombeiro Recipes Informatica Humor Technology Curiosidades Mensagens News Tecnology Curiosity Car News Saude Video Games Mister Colibri Diario das Mensagens Eletronica Rei Jesus News Esportes Noticias Atuais Pets Career Religion Fashion Recreation Business Education Television Programming Motosport Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish Flowers Sociology Home Soccer Downs Center Handicraft Education Show Music Show Fashion Health Freak Drag Home Toscas Noticias dos Times Futebol Central do Coração Science Livros Politics Music Business Women Law Downloads Saude Downs Computer Downs World Tele News Wireless Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish