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Update on First Time Homebuyer Credit and Tax Refunds
WASHINGTON, D.C. - March 23, 2011 - (RealEstateRama) -- The IRS today released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused by delayed refunds, and it has assigned additional staff and resources to address the issues promptly.
