Shira Real Estate

Buyers beware!!! Congress has just noted that tens and thousands of people have taken advantageof the first time home buyer tax credit fraudulently.  In many cases the tax payer claimed the credit prior to them actually closing escrow on any property.  In other cases individuals simply wrongfully claimed the tax credit.  In one case the first time home buyer tax credit was claimed by a four year old child, according to Treasury Inspector General for Tax Administration J. Russell George.

He told a House panel that ‘more than 19,000 people filed 2008 tax returns or amended returns claiming the credit for homes they had not yet purchased.”

To read more about this issue:

 http://news.yahoo.com/s/ap/20091022/ap_on_bi_ge/us_homebuyers_tax_credit

NOTE TO BUYERS:
The Department of the Treasury will conduct a full investigation for everyone who claims this tax credit to verify eligibility, so please make sure that you stay on the right side of things on this issue. 

If there is some grey area for you or you are not sure if now is the right to claim the home buyers credit please contact your local tax professional prior to submiting your claim.  I would hate to see any of you on the wrong side of the law! 

-Shira