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Pay Back Home Tax Credit

The homebuyer tax credit has helped millions of people to buy homes during this tough economic market. However, according to MSN online, almost 1 million homebuyers have to pay back that tax credit. The Inspector General for Tax Administration reported that of 1.8 million taxpayers that claimed this tax credit in 2009, more than 950,000 of them will have to pay it back. All My Sons of San Antonio learnt that a total of 12.5 million dollars was given away for tax credit in 2009. The reason is that some of the people who received this extra money for help actually bought their homes in 2008, when the tax credit worked like a no-interest loan worth 10% of the home’s buying price, or up to $7,5000. Recipients are expected to pay back the loan over 15 years.

If these homebuyers would’ve waited until 2009 to buy their homes, they would no longer have to pay back. The local San Antonio movers also learnt that The Inspector General for Tax Administration found out that 1,326 taxpayers who received $10.1 million in homebuyer tax credits, were identified as deceased by the Social Security Administration. MSN says that about 4.1% of the 2009 recipients had incorrect home purchase dates recoded at the IRS. Of those, about 59,802 had bought their homes in 2009 but the IRS incorrectly recorded these purchases for 2008 which means that some people will wrongfully be getting notification to pay.

If you’re in the process of buying a home in the San Antonio, Texas area, don’t forget to get online and receive your free moving quote from the San Antonio moving specialists. Our local San Antonio movers have been moving families in and out of apartments, lofts, townhomes, single-family homes, even commercial properties and long distance moves. We are backed by All My Sons moving, a licensed and insured moving company with lots of recognition in the moving industry. Navigate throughout our website and find out information about moving, to make your moving day easier. Read moving articles just like this one to ensure a smooth move, how to plan ahead, where to buy your moving boxes and other packing supplies and more details about moving. All My Sons of San Antonio movers have been in the moving industry for years and are part of a larger network of movers operating in numerous cities across America and even one moving office in Mexico. Trust All My Sons moving and you’ll get professional moving services you can trust.