The Internal Revenue Service (IRS) has more than 100,000 civil examinations of potential fraud related to the First Time Home Buyer Tax Credit according to HousingWire.com. In response to the examinations, The House Ways and Means Oversight Subcommittee will be holding a hearing on the administration of the tax credit.

“I am pleased that more than one million taxpayers claimed the first-time homebuyer credit,” said subcommittee chairman Rep. John Lewis (D-GA). “However, I am concerned about recent reports that there have been fraudulent schemes involving the credit.”

 

The article in HousingWire.com continued to state that the IRS had completed its first successful prosecution of a first time homebuyer tax credit fraud-related case in late July.

To qualify for the First Time Home Buyer Tax Credit, the client must be buying a personal residence and not owned a personal residence for at least three years. If you qualify and need help getting your financing in order, there is very little time left. Call me at 541-342-7576/541-221-3455 cell or e-mail me. I am here to help through the hurdles of home ownership.