As the housing market continues to struggle, Congress enacted a refundable credit allowing taxpayers to claim as much as $8,000 tax refund. The provision is set to expire on November 30, 2009. A recent article in The Wall Street Journal reports that tens of thousands of taxpayers have submitted potentially fraudulent home-buyer credit claims on their tax returns. There was not an age limitation on the credit. Thus, the Treasury Department reported that more than 500 people under the age of 18 have attempted to claim the credit. The main sponsor of the credit, Sen. Johnny Isakson (R., Ga) stated that he is cautiously optimistic that the credit will be extended. He stated that there will be additional safeguards in put into place. Currently, the credit is available to single filer taxpayers with AGI up to $75,000 and married couples with AGIs not exceeding $150,000.
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