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First Time Home Buyer Credit Fraud

By
Services for Real Estate Pros with Charles G. Perkins, CPA

It seems, that there are some trying to take the first time home buyer credit that are not eligible for the credit.  Penalties for tax payers and preparers can be quite stiff.  Final responsibility is always the tax payer.  These days tax preparers can be held accountable if they take a position that can’t be reasonably supported.

Here is a link to a news release from the IRS

http://www.irs.gov/newsroom/article/0,,id=211399,00.html

 

Posted by

Charles G. Perkins, CPA

Servings Small Businesses in the Puget Sound Area

 

Cell: (206) 422-5504

Office: (206) 228-1988

email: charles@charlesperkinscpa.com

website: www.charlesperkinscpa.com

 

Charles G. Perkins, CPAI look forward to meeting your business and tax needs.  I also have many partners in business that can meet your other business needs.  These include contractors, insurance agents, investment advisers, financial planners, mortgage advisers, and many others.

Comments (2)

Brian Griffis
Realty Choice - Springfield, MO

That is why it is so important to make sure your "first time" buyer is truly qualified.  Remember, if the spouse has owned a house, that may make them ineligible as well.

Aug 18, 2009 03:57 AM
Charles Perkins
Charles G. Perkins, CPA - Burien, WA

Yes, it is important to get all of the information.  Unfortunately, tax preparers often get tax information after the close of the year and after transactions are complete.  Educating potential buyers is important before a purchase when it may be possible to restructure a transaction or make the necessary changes on loan docs.

Aug 18, 2009 02:35 PM