IRS Issues Guidance on Tax Credit

According to the National Association of Realtors®, the IRS has released IR-2008-106, providing some guidance about how individuals who utilize the new $7500 first-time homebuyer tax credit will reflect the credit on their tax returns and receive the benefit from any refund. The notice reinforces the fact that taxpayers will definitely be required to repay the credit, starting with their tax return for 2010, which will be filed in 2011.

Click here to see more information on the Tax Credit IRS Guidance.

NAR Chief Economist's Commentary

Curious on what the National Association of Realtors® Chief Economist, Lawrence Yun, thinks about the Government reponse to the recent credit crisis? Click here to read his September 22nd commentary.

As you can imagine, NAR's Washington D.C. Policy staff is working with regulatory agencies and elected officials on Capitol Hill to alleviate the financial troubles and to assure a robust secondary mortgage market. Liquidity in the mortgage market is essential to the health of the economy. Click Here to Find the Latest News & Information into the Federal Government Response to the Credit Crisis.