He told a House Ways and Means oversight subcommittee that they also found 580 taxpayers under the age of 18 who claimed $4 million in first-time home buyer credit. One was 4 years old..."Some of our findings, while preliminary, are somewhat disturbing," George said. Among the most striking instances of fraud include 4-year-olds, non-U.S. citizens and IRS employees inappropriately claiming the benefit, he said. (Here's the link: More Systemic Fraud)I can think of several other reasons not to extend the tax credit - about $8,000 of them. I'm not sure why my taxes should be used to put someone into a house who has a high probability of defaulting on that house within the first year. The only real beneficiaries are the real estate and mortgage brokers.
Thursday, October 22, 2009
Shouldn't surprise anyone - seems like about 80% of the housing and mortgage market is riddled with interminable fraud. This is reason enough ALONE to not extend the 1st-time homebuyer tax credit. From the Inspector General for Tax Administration:
Posted by Dave in Denver at 4:02 PM