First Time Home Buyer Tax Credit Fraud
Fraud is no laughing matter.
** UPDATE July 2, 2010 – Congress separated the first time home buyer tax credit and National Flood Insurance Program extensions from their original bill and passed them as H.R. 5623 and H.R. 5569 respectively. President Obama signed them into law on July 2, 2010. **
** Please note: the first time home buyer tax credit extension only applies to those who were already under contract as of April 30, 2010. **
PREVIOUS UPDATE: The amendment allowing for the extension and expansion did eventually pass and was signed into law by the President. You can read up on the new rules and changes in “First Time Home Buyer Tax Credit – The New Extension And Expansion.” This includes changes allowing the IRS more abilities to detect fraud.
The IRS has recently announced a crackdown on those committing fraud in regards to the First Time Home Buyer Tax Credit. I’m not surprised. I’ve spoken about it several times and opined that it was only a matter of time before they did it. What concerns me the most is how many searches I see involved keywords like “First Time Home Buyer Tax Credit,” “fraud,” “claimed without buying,” and even “cheat.” I hope they find the people who have committed the fraud as it winds up costing each and everyone of us when someone cheats the system. Check out the full story on my ActiveRain blog.
If you need assistance understanding the tax credit and what it means to you, contact me.
As with any tax-related issue, I also suggest you contact a qualified, trusted tax adviser.
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