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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  December 30, 2010  |   Home Buyer Tax Credit Called Effective
Calculating how much the home buyer tax credits cost is an inexact science. At least one analytical firm has concluded that home prices would have fallen 10 percent further without them.

But the cost of propping up prices was significant. The Joint Committee on Taxation estimates that the three credits combined probably resulted in tax revenue losses of about $22 billion through 2019.

According to the U.S. Government Accountability Office, about 1 million buyers claimed $7.3 billion in interest-free loans under the first credit. These loans must be repaid starting in 2011. Another 2.3 million people claimed $16.2 billion in tax credits that don’t have to be repaid and the IRS is still processing these claims through the 2011 tax filing.

Source: United Feature Syndicate, Lew Sichelman (12/26/2010)

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