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Wednesday, October 28, 2009

Fraudulent Claims of the $8,000 tax credit

I heard on NPR a few days ago that there is an enormous number of fraudulent claims for this tax credit and that the IRS is unable to challenge fraudulent claims for the $8,000 tax credit without doing a full-blown audit! No proof is required, it appears, that the taxpayer is a first time home buyer or that they have actually bought a house!

Any legislation extending the tax credit should include a provision putting some controls on this raid on the Treasury!

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