4-yr-old got $8,000 homebuyer credit!, page 1

Due to a loophole and some odd reporting criteria, children as young as 4 received the first-time homebuyer credit that Congress passed last year, according to PoliticsDaily.com. The credit is worth $8,000 and was created to encourage first-time buyers to purchase a home.

More than 500 people have used their children to sign up, with one parent using a 4-year-old to get the credit, the site reported.

These types of claims are among the myriad cases of fraud that have cost the government nearly half a billion dollars, federal investigators told Congress.

Please visit the link provided for the complete story.

Source

Where do you start on a story like this? Incompetent administration? Rampant dishonesty? Or is it just that numbers hardly matter any more - what's half a billion these days?

reply to post by exile1981

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WE just bought a mini farm out in Kansas... the wife and I are retired and just to make sure there's no problems later we put our daughters name on the deed too... when were gone she'll have a house for her and our granddaughter... they never asked how old she is and so she would be entitled to the credit as a first time buyer... were not doing it but still we could...

reply to post by pause4thought

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Interesting, because my daughters boyfriend just bought a home last week and after the closing day he doesn't even know when his 8,000 dollars are going to be in his hands, it seems that many have to wait for weeks even months before getting the credit.

reply to post by DaddyBare

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Why not, it qualifies, everyone else is getting it even if they shouldnt, at least you are buying a house/land and her name is on it and its legal, i mean moraly , sure i can see where one would not want to do it, but hey the govt has screwed us enough the past couple of years, might as well get some of the cash that is being handed out, stick it in a savings account for your grand daughter, so when she turns 16 or 18 she can get a car and get a start on life.

Normaly i would say, no way, i would not take it, but i tell ya, any more the way they are throwing our cash away, i'm leaning more twords why not, not like its going to matter in time anyway, they are spending us into a debt we cant get out of, might as well try to protect your loved ones.

reply to post by severdsoul

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I don't do it for the same reason I didn't buy into the cash for clunkers program... those tax credits are taxable income... if I signed my daughter up for that, then she would have to pay taxes on that income... besides its not an automatic 8 grand it's up to 8 grand or 10% of purchase price... we only paid 12.7 K for the mini farm 4bd house and 6 acres at a foreclosure auction... so that's what... $1,270 in credit...

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