IRS filed fraud charges against a buyer and their accountant for making a fraudulent Home Buyers Stimulus claim.
Be sure you discuss the qualifying factors of this credit, with a good financial adviser before you buy a home or file with the IRS. One factor is misunderstood by many people who have not researched this completely.
Here is an example. Mary marries John who owns a home in his own name. Mary moves into the home John owns. The home becomes their primary residence. John does not put Mary's name on the deed nor is her name on the mortgage.
John and Mary decide to buy another primary residence. Since Mary is not the owner of record on of present home, they feel Mary should be able to buy a new residence in her name only and claim the 1st time home buyers credit.
According to the IRS interpretation this may be fraudulent. Read the news release regarding the first IRS fraud case. IRS considers Mary to be ineligible due to the disqualification of her spouse.
Each case is different. Each set of circumstances can be different. No two situations are exactly alike. Only a qualified expert can give you advice.
We are neither attorneys nor accountants and cannot give advice on whether or not your circumstances make you eligible or ineligible for the tax credit. You should seek competent legal or financial advice before you file for the credit.
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Bonnie and Jayne Vaughan - Driven and Dedicated Realtors. Serving Buyers, Sellers, Investors, Clarks Summit Pennsylvania
For more information and free MLS please visit THE SISTERS WEBSITE
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