Comments on: Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant

By: Homebuyer’s Credit Extended. | taxgirl

Homebuyer’s Credit Extended. | taxgirl — Thu, 01 Jul 2010 17:06:45 +0000

[...] not tax, boosts) but the real numbers attributed to the credit have been soft. There has also been massive amounts of fraud perpetuated on the system using the tax [...]

By: Andy

Andy — Thu, 24 Jun 2010 01:40:59 +0000

I still think the home buyer credit stimulus has done more good than bad for the economy and home buyers/sellers. After all, even if you assume the same amount of fraud was committed in 2009 when the home buyer credit program was expanded, it still only makes up about 2% of the total program outlays.

By: Roth & Company, P.C.

Roth & Company, P.C. — Thu, 05 Nov 2009 14:40:09 +0000

The madness of crowds: Senate votes 98-0 to extend homebuyer credit…

So the $8,000 first-time homebuyer credit is riddled with fraud and costs taxpayers $43,000 to $80,000 for each home bought……

By: linda

linda — Sat, 24 Oct 2009 16:04:17 +0000

Currently and continuing there are 582 taxpayers under the age of 18 yrs that claimed the tax credit($4 million) 1 Child was 4 yrs old. There was fraud on the Econonic Stimulus for $300-1,200.00 for we were wide open for $7,500.00-$8,000.00. No time to put safety provisions in place, just get the housing market moving. Oversight committee John Lewis(D.,Ga) introduced legislation Thursday aimed a blocking the fraud. limits to 18 to claim the credit and required the inclusion of A Hud-1form. This should have been done from the very beginning. Throw money out and then $$$ to get it back or perform audits and chase those cheats> No thought into it to begin with.

By: Belinda Roberts

Belinda Roberts — Fri, 23 Oct 2009 13:35:21 +0000

Why is the concept of “stealing from future demand” a bad thing in terms of a housing tax credit but perfectly acceptable and used to tout benefits of cash for clunkers?

By: Hey Kid, Wanna Buy a House? | taxgirl

Hey Kid, Wanna Buy a House? | taxgirl — Fri, 23 Oct 2009 10:46:00 +0000

[...] to the first time homebuyer’s credit continues to make headlines. After initial reports that over 100,000 refunds were perhaps inappropriately distributed, the IRS has released more data about fraud relating to the [...]

By: uberVU - social comments

uberVU - social comments — Fri, 23 Oct 2009 00:31:43 +0000

Social comments and analytics for this post…

This post was mentioned on Twitter by taxgirl: Surprise! People cheated on taxes w first time homebuyer’s credit: http://tinyurl.com/yz3o55w (HT @taxtweet)…

By: ThomasT

ThomasT — Thu, 22 Oct 2009 15:44:05 +0000

As a new home owner, thanks to the credit, I’m clearly in favor of it. In our sample of one family, I would say that it is probably the case that it stole from future demand, but by a very significant amount – 4-5 years. And at least in Philadelphia, this aspect of the stimulus not only bolsters the for-profit participants in the house-sales industry, but provides a useful boost to the city treasury from the transfer tax.

And I wonder how much of the fraud is, as the home purchases are accused of being, merely transferred from one opportunity to another? Ie, if there are people out there willing to defraud the government, is this really the motivating factor?

And we have this story because people are getting caught – so it seems that the costs will mostly be in enforcement and punishment, not so much losses from the fraud itself. I’d bet that if you took the net costs of fraud and enforcement from the homebuyer credit and the net income from your favorite enforcement scheme, the offshore amnesty program, the IRS still comes out ahead in revenue generation for the US Treasury this year.

By: All In One Information » Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant …

Thu, 22 Oct 2009 15:15:21 +0000

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By: Tweets that mention Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant | taxgirl -- Topsy.com

Thu, 22 Oct 2009 14:33:15 +0000

[...] This post was mentioned on Twitter by Chris Rohde, Megan Mahaffey. Megan Mahaffey said: My fear- led by shady preparers? RT @taxgirl Surprise! People cheated on taxes w first time homebuyer's credit: http://tinyurl.com/yz3o55w [...]