U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 04-29-2010, 01:10 PM
 
231 posts, read 336,552 times
Reputation: 125
In my case, they knew I owned other properties because I deducted the property taxes on them, and I assume the bank sent the IRS the 1098 on my other mortgage (on the home where my father lives).
Reply With Quote Quick reply to this message

 
Old 04-29-2010, 01:15 PM
 
Location: NJ
17,580 posts, read 19,435,604 times
Reputation: 15361
Never underestimate the suckiness of people.

"We identified more than 580 taxpayers younger than 18 who claimed almost $4 million in first-time home buyer credits, the youngest of which were taxpayers who were four years of age," he said.
George also testified his office identified more than 19,000 tax returns filed electronically in 2008 where someone who already owned a home tried to take the credit, costing taxpayers $139 million. And, he added, that does not include returns filed on paper.
Linda Stiff, deputy commissioner of the IRS, told the hearing she had identified as many as 160 fraudulent schemes involving the tax credit and most of these are already under review. "We've had indications on 115 cases of potential schemes involving about 8,000 taxpayers and tax returns that are currently under criminal investigation," she said.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 01:25 PM
 
41,263 posts, read 44,022,248 times
Reputation: 12523
They are not going to make all prove what you will have to;that isn't feasible or even necessary for many. I am surpised tho that you lawyer and agent didn't say there might be a question.Its all new so many don't really know tho in defense.Its like any other credit or deduction subject to audit and denial unless proven.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 01:31 PM
 
Location: Baltimore
1,749 posts, read 4,271,674 times
Reputation: 1602
As a taxpayer I'm glad that they're matching against other information to verify eligibility prior to issuing the refunds. They are going to check anyway - whether prior to issuing the refund or afterwards - and it is much harder to get the funds back once the refunds are issued. And as others have said you can thank all the filers who fraudulently claimed the credit for this extra step. If you are entitled to the credit, you will get it. You just may have to wait a little longer for it.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 01:46 PM
 
231 posts, read 336,552 times
Reputation: 125
Yeah, I agree with all of this, except that I'd not be forced to wait so long if they had simply put a disclaimer on the home buyer credit form stating that any taxpayer claiming the credit who already owns real estate will be deemed ineligible without providing sufficient evidence with his/her tax return.
That way, I'd have sent in an explanation with my tax return and be spared the extra 2-6 months of waiting.

Quote:
Originally Posted by texdav View Post
They are not going to make all prove what you will have to;that isn't feasible or even necessary for many. I am surpised tho that you lawyer and agent didn't say there might be a question.Its all new so many don't really know tho in defense.Its like any other credit or deduction subject to audit and denial unless proven.
According to three telephone reps with the IRS, that is exactly what they are doing - ANY taxpayers who already owned property at the time of their purchase of a new home for which they claimed the first-time buyer credit would be deemed ineligible pending further proof that the new house is their first "principal" residence (as defined by the federal gov't).
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 01:53 PM
 
Location: NJ
17,580 posts, read 19,435,604 times
Reputation: 15361
Keep in mind who you are dealing with. This is the same organization that every year is found to give vastly different answers to the same question when people call their help line. It would be like walking in to the DMV and expecting fast efficient service.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 02:09 PM
 
Location: Closer than you think !
440 posts, read 714,273 times
Reputation: 307
They probably have a Macro Key set up to deny claims so they can get back to watching PORN on their taxpayer provided computer.. Just kidding Mr./Mrs./Miss IRS Agent ..... If it were up to me ALL the fraud would be dealt with much more severely and a stay at Club Fed with Madoff would be on your schedule
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 02:14 PM
 
Location: Closer than you think !
440 posts, read 714,273 times
Reputation: 307
Quote:
Originally Posted by manderly6 View Post
Keep in mind who you are dealing with. This is the same organization that every year is found to give vastly different answers to the same question when people call their help line. It would be like walking in to the DMV and expecting fast efficient service.
Hey Hey Hey - Do NOT disparage the DMV. I had to go in there three times last year - same day ... because I did not have all the info that I needed - each time there was NO LINE... I KNOW, I was scared to go outside after the last time - I just knew the sky was about to fall
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 06:26 PM
 
Location: Scottsdale, AZ
1,364 posts, read 1,617,117 times
Reputation: 1369
Don't panic, just comply with their request and provide the documentation. It has been my experience that is you can substantiate your claim they will allow it. It is just easier for them to deny and make you prove it than to try and figure out who is cheating and who is not.
Reply With Quote Quick reply to this message
 
Old 04-30-2010, 06:14 AM
 
3,399 posts, read 3,494,038 times
Reputation: 1337
Well the question for the OP, is this.

Since it wasn't your principal residence and you pay taxes on it. Did you claim a "homestead" on that home that wasn't your principal residence. If you did, you are going to royally screwed. Than your local state becomes involved and will re-adjust and fine you for higher property taxes that's incurred to non-principal homes.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 06:06 PM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top