55% Fraud rate for first-time homebuyers handout. 950,000 people must repay

Economy • September 2010 • Views: 839

http://money.cnn.com/2010/09/09/real_estate/who_repays_tax_credit/index.htm

NEW YORK (CNNMoney.com) — Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government.

According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

The first-time home buyers tax credit had well over a 50% fraud rate. 950,000 out of 1.8 million people who claimed it are being asked to repay.

(Sadly, I don’t think anyone will go to jail for this.)

Oh! Congress and Obama want to extend this again. All while taxing my business more.

Taxes Fraud

Recent Pages by reuven (ReamWorks SKG):
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4 comments

Curt Fri, Sep 17, 2010 5:14:14pm

Like no one in the Federal Government figured out when you hand out quick cash (well, "quick" in terms of the glacial speed of Fed Guvment processing), WF&A quickly shows yup at the table. Can you say Debit cards after Katrina? And that's one of many money lack of management disasters in recent history.

Seriously, doesn't anyone in DC with their hands on the purse strings recall anything other than the last poll showing how many people (need their votes...oops:correction:) need some money to just survive?

Pythagoras Fri, Sep 17, 2010 9:17:29pm

Something's fishy here. Do you really think 50% of the people using Turbo-Tax who take the credit are taking it in error? How about those using H&R Block? How about those using VITA? How about those using a CPA?

If you are foreclosed on, then you owe the money back, but that's not fraud. Also, the 2009 sales are not, typically, the ones that get foreclosed on.

Something just doesn't make sense here.

PS, I did about 60 tax returns last year as a VITA volunteer. I see lots of attempts to bend the rules. This doesn't fit my experience.

Pythagoras Fri, Sep 17, 2010 9:24:23pm

This third sentence in the summary above is not in the article and is very different from what the article says. Some of the credits simply must be repaid over the next 15 years because, depending on the date of purchase, some credits were merely loans. That may well be half of them but, for most people, this is just the deal they got -- not fraud.

Locker Fri, Sep 17, 2010 10:01:00pm

Hey reuven what's the deal with your fraudulent article title and your deliberate addition of material not found in your "quoted source". You then use your own intentional misquote to launch an attack on Obama, congress and cry about taxes on your small business. Top it off with remorse over the fact that people who made a mistake on a form aren't going to jail.

You... are a fucking jerk.

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