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IRS Says 1.4 Million Taxpayers Have Used Tax Credit

September 23, 2009

The IRS has released IR-2009-083 reporting that about 1.4 million taxpayers have filed (or amended) their 2008 income tax returns claiming the $8000 first-time homebuyer tax credit. This is roughly consistent with NAR’s projections that about 1.8 million taxpayers will claim the credit. NAR also estimates that at least 355,000 of eligible sales would not have occurred without the credit.

The IRS release also reminds taxpayers of the importance of getting to closing before the December 1 expiration of the credit and publicizes a YouTube video it has prepared to help taxpayers understand the basics of the credit.

NAR continues its full court press to extend the credit into 2010. This intense campaign will have major grassroots components to secure an extension of the credit as soon as possible to avert a slowdown in the market.

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