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Homebuyers tax credit posts

First-Time Homebuyer's Credit Gets a Makeover

Posted Jan 17th 2010 11:40AM by Tom Taulli (RSS feed)
Filed under: Housing

The first-time homebuyer's credit -- of up to $8,000 -- has certainly been popular. And, it's given a much-needed boost to the lagging real estate market.

But according to a report from the Treasury Inspector General last year, the program has seen plenty of dubious activity. In fact, there are now more than 107,000 civil cases in progress (even a four-year old claimed a credit!).

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Homebuyer's tax credit: A hotbed of fraud?

Posted Oct 22nd 2009 2:30PM by Tom Taulli (RSS feed)
Filed under: Bad News, Housing

Lately, the residential real estate market has been perking up. A key driver has been a juicy tax break: the first-time home buyer's tax credit, which comes to $8,000. No doubt, this can make a big difference when making the decision to purchase a home.

In fact, about 1.4 million taxpayers have filed returns to take advantage of the benefit.

This should be a good thing, right? Well, whenever there is a significant tax break, expect a good amount of cheats to get a piece of the action (especially during hard economic times).

Continue reading Homebuyer's tax credit: A hotbed of fraud?