Homebuyer Tax Credit Totals

The Government Accountability Office has released a report tallying the number of homebuyers benefitting from the homebuyer tax credit.

The numbers are still incomplete as the IRS continues to process submitted claims.  Further, some homebuyers will not claim the credit until the end of the 2010 tax season in April of 2011.

Nonetheless, the current totals are as follows:

  • 1 million buyers have claimed $7.3 billion of the repayable, $7500 tax credit for first-time buyers
  • 2.3 million buyers have claimed $16.2 billion of the $8,000 and $6,500 tax credits for first-time and qualified repeat buyers

Of the 2.3 million claims, 1.7 million buyers claimed the $8,000 first-time buyer credit for $12.1 billion.  600,000 claimed the $6,500 tax credit for qualified repeat buyers for $4.1 billion.

The GAO also reported the claims by state.  Unsurprisingly given their respective sizes, California, Texas and Florida top the lists for total tax credit claims and dollar amounts. Nevada had the highest dollar amount of credit claims per resident.