Government Subsidy
or Government Scam?

Subsidy or Scam? Many Abuse Housing Tax Credit

(Reuters) — Thousands of individuals claiming the first-time homebuyer’s $8,000 tax credit may have been attempting to scam the system, including purported four-year-olds and illegal immigrants, according to a watchdog report released on Thursday (by IG, inspector general Russell George).

It further faults the IRS for failing to take its advice that a third party be required to document an individual claiming the credit actually purchased a home.

The IRS refuted some of the findings of the IG, and argued for example that some findings are premature because some taxpayers may eventually purchase a home.

Under the law, the credit should be claimed after purchase.

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