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Money, Business and Finance >> Obama First Time Homebuyer $8,000 scam
| 8/7/09 11:32 AM | |
seg
50 
Member Since: 3/28/05 Posts: 9851 |
Tell me why this won't work. A guy called me yesterday wondering if he could do the following: Chick owns a home in her sole name and her and her fiancee live there. She sells the home to him. He otherwise qualifies for the $8,000 tax credit and claims the credit on his 2009 return while still single. They then get married in 2010. It's obviously a scam, but I couldn't find anything in the letter of the law that would prohibit the guy from claiming the credit, other than an argument by the IRS that the sale itself wasn't a bona fide sale. |
| 8/7/09 12:37 PM | |
|
MightMakesRight
63
Member Since: 1/27/04 Posts: 1081 |
Seems more like a loophole then a scam. |
| 8/7/09 1:18 PM | |
|
OneScoup
Member Since: 4/18/02 Posts: 13365 |
Sounds like it would work. More a loophole. |
| 8/7/09 11:28 PM | |
|
seg
50
Member Since: 3/28/05 Posts: 9856 |
It would be her personal residence so no gain or loss recognition. He would have closing costs, but they would be less than $8,000. I think if he got audited the IRS would say this was not a bona fide sale and disallow the credit. Then he would have to fight about it. |
| 8/11/09 1:31 PM | |
|
disbeliever
138
Member Since: 9/27/03 Posts: 3527 |
I think having a first time homebuyer credit is stupid. Why not give it to anyone looking to buy a house? |
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