First-Time Home Buyer Tax Credit Fraud

This should come as no surprise.  Anytime there is free money out there people will always try to get their hands on it.  Some may have been misled by the Accountant or just don’t care and want to try to take advantage of it.  If you want to find the correct information as to whether or not you qualify for the first-time home buyer’s tax credit, go to www.irs.gov.  There is a big difference between a government website than some article or Blog you read.  That goes for anyone’s Blog including mine.   

The Wall Street Journal reported that “The Internal Revenue Service is examining more than 100,000 suspicious claims for the first-time home-buyer tax break, another sign of potential trouble for the soon-to-expire program.  The IRS said it was investigating 167 “criminal schemes” involving the credit, according to the subcommittee. IRS officials on Monday declined to describe the suspected schemes or provide additional details.”

Hopefully this doesn’t have a negative effect on whether or not they will extend the tax credit.  If they are to extend it I think that the best option is the one that Kiplinger’s Letter had which meant you just had to have an offer accepted before the end of November.  You wouldn’t have to close by then. 

http://online.wsj.com/article/SB125599683058895389.html#mod=todays_us_page_one