1,300 Prison Inmates Got Homebuyer Tax Credits. . . .

1,300 prison inmates got homebuyer tax credits

According to the associated press:

Nearly 1,300 prison inmates wrongly received more than $9 million in tax credits for homebuyers despite being locked up when they claimed they bought a home, a government investigator reported Wednesday.

The investigator said 241 of the inmates were serving life sentences.

In all, more than 14,100 taxpayers wrongly received at least $26.7 million in tax credits that were meant to boost the nation's slumping housing markets, said the report by J. Russell George, the Treasury Department's inspector general for tax administration.

Some taxpayers received the credit for homes purchased before the tax break was started. In other cases, multiple taxpayers improperly used the same home to claim multiple credits. Investigators found one home that was used by 67 taxpayers to claim credits.

"This is very troubling," George said. "Congress created and modified the homebuyer credit to stimulate the economy and help taxpayers achieve the American dream, not to line the pockets of wrongdoers."

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Here are just some of the other issues found in the report:

1.  2,555 taxpayers were given $17.6 million for homes purchased before the dates legally allowed.

2.  For one address, 67 taxpayers claimed the credit on the same home.

3.  241 prisoners claimed the credit while serving life sentences, none of which were filing joint tax returns.

4.  Over 10,000 people were granted the tax credit on homes used by other taxpayers to claim the same credit.

5.  34 IRS employees who already owned homes filed for and were given the homebuyer tax credit (plus the 53 already under investigation from an internal audit in 2009).

6.  Over $9.1 million was paid to 1,295 prisoners who were incarcerated when they said they purchased their homes. While some instances this is still possible, the audit reveals that in most cases it is illegitimate.
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These are the same idiots that are now in charge of 1/6th of our economy with Obamacare. Can't you imagine the fraud and abuse that will happen with that trillion dollar fiasco. . . .

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To read the full article go to:
http://www.cnbc.com/id/37870056

http://agentgenius.com/real-estate-news-events/homebuyer-tax-credit-audit-shows-fraud-in-the-millions-of-dollars/