The Obama administration is still considering whether or not to extend the “First Home Buyer Tax Credit” which is set to expire on November 30th 2009. The tax credit has boosted recent home sales according to recent home sales analysis. The government is postponing their decision so that they have more time to review the data as to how much the extension of the tax credit will cost. Senator John Isakson, (R-Georgia), is not only seeking to extend the tax credit but to include and attach “repeat home buyers” to the bill. On another note, the IRS is in the process of investigating over 107,000 examinations of questionable claims of individuals who have filed for the first time buyer tax credit. To date, 167 criminal investigations have been identified since the tax credit was enacted.
As reported AP, cited in Newsday, October 21st, 2009
Compliments of Irene Lockel, Netter Real Estate
(631) 661-5100 ILockel@NetterRealEstate.com
