HomebuyerTaxCredit

4-Year-Old Got First-Time Homebuyer Tax Credit, Panel Told

Four-year-olds are adorable, trustworthy, and, having never owned a home before, fully eligible for the first-time homebuyer tax credit that Congress passed in 2008. As a result of that loophole and numerous faulty reporting mechanisms, a House panel learned Thursday of tens of thousands of cases of fraud in the tax credit program, including more than 500 instances of people using their children -- including a four-year-old -- to apply for the credit to get around income caps and a requirement that the purchaser has never owned a home.Together, fake or faulty claims for the $8,000 refundable ...

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