Home Buyers Tax Credit – Don’t Cheat!
August 9th, 2009 Categories: Real Estate News
We’ve written here about all the benefits of the 2009 Home Buyers Tax Credit and now we are adding another piece to the story – Don’t Cheat!
Sure, everyone would love to get the maximum $8,000 dollars back on their tax return but if you don’t qualify for the Tax Credit, do not try and fudge the numbers. Don’t Cheat.
According to an excellent article in yesterday’s Washington Post, “the IRS already has 24 criminal investigations of suspected fraud underway around the country. It has executed 7 search warrants and last month a tax preparer in Florida entered a guilty plea on federal charges of fraud in connection with the first-time buyer credit.”
The article, by writer Kenneth R. Harney, goes on to note a list of things that can disqualify buyers from the Home Buyers Tax Credit:
- “Purchasing your house from a related person
- Buying a home with a spouse who is ineligible, even if you are eligible individually
- Acquiring a house through an inheritance or gift
- Financing the house through a tax-exempt mortgage bond program
- Making too much money – in excess of $95,000 of modified, adjusted gross income for singles, $170,000 or more for married joint filers.”
For more of this timely article, click here. For more on how you can take advantage of this great opportunity in today’s market, call me at 703.927.4554 or email at michael.bergin2@verizon.net.
And remember, Don’t Cheat,
Michael
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