Home Owners Tax Credit
August 18th, 2009
Question: How is the IRS verifiying the New Home Owners Tax Credit?
We bought our house in March of 2008. We really need that tax credit but missed it by a Month. Is the IRS checking or requiring documentation? I mean, we aren’t trying to steal anything since it has to be paid back, but this money would really help us. We are close to going belly up and losing everything. Any thoughts on how bad an idea it would be to take this credit?
Answer: Dear Curtis: The IRS has many ways to verify the purchase and if the IRS rules are not followed they could impose fines as well as interest if you could not come up with the money quickly.
Ways to check the sale: 1099S, property tax information, date of loan, 1098 interest statement, home owners insurance date and the USPS date of address change as well as many others.
They will know!
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Master Tax Advisor Enrolled Agent.
Home and real estate seminars
If your New Year’s resolution was to buy a house, find a new career or help a charity build homes, you can fulfill it at these seminars.
Smart Homeowners are Buying Now with David Bach
Posted in 
Tags: