Thursday, October 22, 2009

NPR Reports on the Abuses of the Tax Credit for New Home-Buyers

Apparently about a half-billion dollars in tax credits for "new" homebuyers are fraudulent, according to the inspector general who oversees the IRS.

But it may not be that easy to catch the cheats: it requires a full audit, and the IRS has flagged over 100,000 suspicious returns so far.

A key piece of the puzzle: you don't have to prove you actually bought a house to claim the credit.

NPR's Morning Edition has a report:

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