RISMEDIA, October 26, 2009—The General Accountability Office has reportedly frozen more than 110,000 first-time home buyer tax credit refunds pending civil or criminal examinations due to allegations of fraud. The main concerns are whether or not a home purchase actually took place and if the home buyer claiming the credit is technically a first-time home buyer as defined by the IRS.
In another article about the possible first-time home buyer tax credit fraud, reporter Dawn Kopecki reports that children as young as four years old have improperly received the first-time home buyer tax credit. And, according to the Treasury’s J. Russel George, who testified before Congress recently: “They [IRS] also found that 580 taxpayers under 18 years old and therefore ineligible to buy a home claimed almost $4 million in tax credits.”
The first-time home buyer tax credit ends Nov. 30, 2009. Here are a few resources on Zillow.com that may help you if you are still trying to use the credit and want to learn more:
$8,000 First-time Home Buyer Tax Credit Ends Soon–Better Get Moving!
New Widget: Do You Qualify for the $8,000 First-time Home Buyer Tax Credit?
Rules and Forms in Place for $8,000 First-time Home Buyer Tax Credit
For more information, visit www.zillow.com.