By: ThomasT

Roth & Company, P.C. 3 months ago on Wordpress

The madness of crowds: Senate votes 98-0 to extend homebuyer credit…

So the $8,000 first-time homebuyer credit is riddled with fraud and costs taxpayers $43,000 to $80,000 for each home bought……

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Belinda Roberts 3 months, 2 weeks ago on Wordpress

Why is the concept of “stealing from future demand” a bad thing in terms of a housing tax credit but perfectly acceptable and used to tout benefits of cash for clunkers?

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uberVU - social comments 3 months, 2 weeks ago on Wordpress

Social comments and analytics for this post…

This post was mentioned on Twitter by taxgirl: Surprise! People cheated on taxes w first time homebuyer’s credit: http://tinyurl.com/yz3o55w (HT @taxtweet)…

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ThomasT 3 months, 2 weeks ago on Wordpress

As a new home owner, thanks to the credit, I’m clearly in favor of it. In our sample of one family, I would say that it is probably the case that it stole from future demand, but by a very significant amount – 4-5 years. And at least in Philadelphia, this aspect of the stimulus not only bolsters the for-profit participants in the house-sales industry, but provides a useful boost to the city treasury from the transfer tax.

And I wonder how much of the fraud is, as the home purchases are accused of being, merely transferred from one opportunity to another? Ie, if there are people out there willing to defraud the government, is this really the motivating factor?

And we have this story because people are getting caught – so it seems that the costs will mostly be in enforcement and punishment, not so much losses from the fraud itself. I’d bet that if you took the net costs of fraud and enforcement from the homebuyer credit and the net income from your favorite enforcement scheme, the offshore amnesty program, the IRS still comes out ahead in revenue generation for the US Treasury this year. ... See all content Hide content

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Tweets that mention Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant | taxgirl -- Topsy.com 3 months, 2 weeks ago on Wordpress

[...] This post was mentioned on Twitter by Chris Rohde, Megan Mahaffey. Megan Mahaffey said: My fear- led by shady preparers? RT @taxgirl Surprise! People cheated on taxes w first time homebuyer's credit: http://tinyurl.com/yz3o55w [...]

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MommyLisa 3 months, 2 weeks ago on Wordpress

http://kstp.com/article/stories/s795057.shtml?cat=1

Even before the credit people where defrauding lenders and sellers of homes – and ultimately the tax payer.

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Roth & Company, P.C. 3 months, 2 weeks ago on Wordpress

Fraud? You mean ‘confidence’!…

So the first time homebuyer credit is riddled with fraud. TaxGrrrl reports: The IRS announced earlier this week that it……

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Kelly 3 months, 2 weeks ago on Wordpress

I think a HUD sheet/settlement sheet would do the trick.

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Wilmington Real Estate Home » Buying Nc Coastal Beach Property … 3 months, 2 weeks ago on Wordpress

[...] Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant … [...]

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