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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Taking the 8k 1st homebuyer $, but not being eligible??
Posted by kokopelia
Oh well I didn't get the 8k tax credit either cause I bought a home from my mom. I was a first time home buyer... 
This post reminded me to ask a question.
Does anyone know how the government is making sure that you don't take the credit? How do they know who you bought it from?
I ask, only bc I have a friend who bought their house from her grandmother. She was planning on taking the credit, and I saw on the tax form that you can not have bought from a family member, even a grandparent. I let her know. I'm guessing so people just don't try to get the 8k by putting the house in someone else's name.
Well, she plans on taking it anyway for the free money. How in the world is she getting away with this? Did I read it wrong and she IS allowed to buy from a grandparent and collect the $? Totally not fair since she already got the house for 1/2 of what it was worth. 
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Posted 8/13/09 1:10 PM  |
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MrsFab
this is bliss.......
Member since 10/08 1234 total posts
Name:
Mb
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
hmm, I would be too nervous, the IRS usually eventually gets you- and I would guess they would be the ones that would investigate this
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| Posted 8/13/09 1:15 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
For the record, I'm mad that they would even THINK of taking advantage of the money-it makes me mad bc that is MY taxpayer money, and they are not qualified under the program.
I have to pay back my $ (from 2007) why should they get away with this getting free $$, you know? Makes my blood boil!!!!!
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| Posted 8/13/09 1:19 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
it sounds like tax evasion to me! I wonder if the IRS will examine the returns that take this credit more closely?
personally I never want to be audited...so that's enough for me to keep my tax nose clean!
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| Posted 8/13/09 1:28 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
Posted by Erica
it sounds like tax evasion to me! I wonder if the IRS will examine the returns that take this credit more closely?
personally I never want to be audited...so that's enough for me to keep my tax nose clean!
I completely agree!!!
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| Posted 8/13/09 1:56 PM |
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mtnmama
Member since 5/06 4794 total posts
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
Well imo your friend is taking a big risk. Since this is a new program, it is what I would consider a red flag item. Taxpayers who claim it have a good chance of being reviewed, since it is a new credit.
I am surprised her accountant is agreeing to this. If she is doing the return herself, she better put that money aside and plan to pay penalty interest "when" she is caught.
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| Posted 8/13/09 2:13 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
Posted by cpanyc
Well imo your friend is taking a big risk. Since this is a new program, it is what I would consider a red flag item. Taxpayers who claim it have a good chance of being reviewed, since it is a new credit.
I am surprised her accountant is agreeing to this. If she is doing the return herself, she better put that money aside and plan to pay penalty interest "when" she is caught.
I whole-heartedly agree. There is only so much you can put your nose in someone else's business and finances though. I've told her once, I'm baffled that she would do it anyway.
Honestly, I hope the government DOES have something to check these people claiming the 8k, because I don't want to have to tattle tale. It just isn't fair if someone is getting money that they are not entitled to, and WE are footing the bill.
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| Posted 8/13/09 3:28 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: Taking the 8k 1st homebuyer $, but not being eligible??
they claim they do random audits on programs like this. It usually takes 3 years or so to get audited, so she may not hear anything for awhile. And considering there are SO MANY people taking advantage of it, she may slide by without anyone seeing it, since you don't have to send to much proof in. She should not do this, but hey we live in a world where so many people feel "entitled" to everything, so I'm not surprised.
If you get an FHA loan, some banks will give you the 8K credit for cloing closts or to use towards a down payment. I like the idea, but not everyone can get it (I don't know the terms) and you can ONLY use it towards closing costs or down payment. I'm not sure if you can use it in place of you cash that you plan for the downpayment, if that's the case its worth it, but if not, I don't know I would opt in.
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| Posted 8/13/09 3:35 PM |
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