First-time buyer tax credit a hit!

Many of you have been asking whether the first time homebuyer credit is working, and, according to a report from the IRS, it appears to be on track.  As reported in Inman News,

"A report [1] by the Treasury Inspector General for Tax Administration, which looks at 56.9 million tax returns received through March 6, revealed that 567,685 households claimed the tax credit, but 38,158 weren't eligible because they may have been homeowners in the last three years."

"If those trends hold up for all 140 million tax returns the IRS expects this year, about 1.4 million households will claim the first-time homebuyer tax credit, but about 94,000 of those will be disqualified because they are not first-time homebuyers."

To read the full article click here. So, make sure you are fully versed on the program so that your buyers can be one of those that benefit...or one of your sellers may benefit by having a buyer qualify to buy their home by using the tax credit.