Treasury: Homebuyers have Collected $12.6B in Tax Credits

Homebuyer tax creditU.S. Treasury Officials today reminded potential first-time and repeat homebuyers that they have until April 30 to take advantage of up to $8,000 in tax credits that have already helped 1.8 million taxpayers.
“This tax credit has helped put money back into the pockets of Americans at a time when they need it most, and it has played a significant role in the Administration’s efforts to stabilize the housing market and the economy as a whole,” said Deputy Treasury Secretary Neal S. Wolin. 
The tax credit was initially for first-time homebuyers, and more than 700,000 took the credit last year. In November, the “Worker, Homeownership and Business Assistance Act” expanded the tax credit program for current homeowners seeking a replacement, primary residences. The repeat homebuyer tax credit is up to $6,500.
Overall, nearly 1.8 million taxpayers have collected $12.6 billion in tax credits to buy a home, due largely to the Recovery Act, the Treasury said.
But housing market analysts say the expanded program has failed to spur any significant increase in home sales during the first quarter of 2010. Only now are homebuyers rushing to beat the deadline.
For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 tax return, due April 15, 2010, or their 2010 tax return, due April 15, 2011.  Qualifying homebuyers who purchased a home in 2009 could claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010.
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