Homebuyer tax credit: 950,000 must repay

[dex]

Homebuyer tax credit: 950,000 must repay - Sep. 9, 2010

Does this affect anyone here?

If so, did you know you had to repay it?

 

[NW Landlady]

It is also taking a look at all those deceased taxpayers who received credits.
The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.

Holy Cr*P!

Sounds like being dishonest on your tax return is SOP for a lotta peeps.....

 

[teejayevans]

Holy Cr*P!

Sounds like being dishonest on your tax return is SOP for a lotta peeps.....

There was caller on Ray Lucia show, he set up a corporation which he used to write off stuff, he admitted is was for tax purposes and had no income or customers). The IRS put a lien on his house and he was calling to find out how he could sell this house without paying the IRS?
He lost his job and all I can think is "bad things happen to bad people"
TJ

 

[RunningBum]

There was caller on Ray Lucia show, he set up a corporation which he used to write off stuff, he admitted is was for tax purposes and had no income or customers). The IRS put a lien on his house and he was calling to find out how he could sell this house without paying the IRS?
He lost his job and all I can think is "bad things happen to bad people"
TJ

So what was the response? I hope it was "grow up and take some responsibility for once in your life" rather than giving him the advice he wanted.

 

[teejayevans]

So what was the response? I hope it was "grow up and take some responsibility for once in your life" rather than giving him the advice he wanted.

Response was your SOL, IRS always wins. They didn't call him on his attempt to scam the IRS, probably because he gave a sob story about being out of work for 2 years, and did not want to pile on.
TJ

 

[harley]

It is also taking a look at all those deceased taxpayers who received credits. The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.

Holy Cr*P!

Sounds like being dishonest on your tax return is SOP for a lotta peeps.....

I'm a little curious why the other 798 dead people got to keep their money.

I'm sure there are plenty of tax cheats, but I suspect there are many more who for some reason can't figure out our oh so simple tax code and make an honest mistake.

 

[JOHNNIE36]

We bought in 2009 and got the tax credit. One other stipulation that I recall is that you have to stay in the house three years or you have to pay back the money. I remember that, but don't have details. You have to submit closing documents (the HUD form) so don't know how the closing date could not be known.

 

[jimnjana]

Anybody think the government will come to the aid of the "victims" of the 2008 credit and erase the requirement to pay it back? I think it will more likely than not be brought up in congress if it already has not.

 

[jebmke]

Anybody think the government will come to the aid of the "victims" of the 2008 credit and erase the requirement to pay it back? I think it will more likely than not be brought up in congress if it already has not.

Why stop there? Why not go back and compensate the "victims" of the 2007 no-credit period?

 

[Helen]

Why stop there? Why not go back and compensate the "victims" of the 2007 no-credit period?

Why stop there? Why not go back to the high tech meltdown and compensate the "victims" there?