Treasury Identifies Confusion in IRS Handling of Homebuyer Tax Credits

"The Treasury Inspector General for Tax Administration (TIGTA) has completed a study of IRS management of the evolving series of tax credits that were offered to homebuyers over that last two years and found that the IRS needs to "improve its capabilities to identify taxpayers who must repay tax credits for homes they purchased under the First-Time Homebuyer Credit program"

The findings also provide an unpleasant surprise for a few people who took advantage of the credit, but good news to many more."