Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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$8,000 tax credit has been taken advantage of, but not how you think, and the IRS is cracking down!

The $8,000 FTHB tax credit has been a great success in America. Many first time buyers have taken advantage of this great tax credit and given an indirect boost to the economy through the housing market. However, some people have taken advantage in a different way. Fraud…

I’ve come to find out that $8,000 has been going here and there to people that have not even bought a house, or did buy but we’re 100% ineligible. For the fourth time this year the IRS’ watchdog group has warned that fraud is running rampant in the multi-billion dollar tax credit program. Of almost 1.5 million tax credit claims already filed the inspector general has found at least 70,000 claims, totalling almost half a million dollars, granted to people that do not appear to qualify for the credit. That’s almost 5% of all FTHB tax credit’s claimed and those are only what have been found so far.

The IRS has stated they plan on vigorously pursuing those that have filed fraudulent claims and already has opened 107,000 civil cases related to the credit and identified 167 criminal schemes. When you think about it, this is barely scratching the surface as most of the credits already filed were for people that bought in the first half of the year or those that filed amended returns to get the credit back. When we start filing our 2009 returns next year, we’ll really see the credits requested. Hopefully by then more people will understand they shouldn’t be committing tax fraud, especially on this subject. Because everyone has been warned…

~Greg

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