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IRS paid $513,000,000 in undeserved homebuyer tax credits!
invite response
2011 Apr 16, 8:53pm 1,237 views 2 comments
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1
joanne.fendell
2011 Apr 17, 7:20pm
My guess is that people's tax refunds will be withheld until the credit plus interest and penalties are recovered. It's a surer way of getting the money back than putting a lien on the house.
The original "credit" was a no-interest loan that had to be paid back. Later it was made into a refundable credit. This is why the numbers (64,125 if everyone got the full $8K) are so low.
2
American in Japan
2011 May 10, 11:11am
American in Japan
2011 May 10, 11:11am
It still is a lot of money to me…
I wonder how this has panned out... and some of these people who defrauded the government to get their "handout" are probably even underwater.
http://finance.yahoo.com/news/IRS-paid-513M-in-undeserved-apf-4212763607.html
Wonderful. Any chance that they will try to recover some of this?