Tax Credit Rules
April 5th, 2010
Question: I know someone who lied on their tax return to get the new housing tax credit!?
I know someone who lied on their tax return to get the new housing tax credit. The rules state that you must have purchased the home between April 08 and some time this year. They purchased their home in Jan. 08 and when they went to file their taxes the person who did them did not verify the actually date so they lied and told them a date that would qualify them for 6,000 dollars. Do you think they will get audited? They are going around telling everyone how they screwed the government and are getting an extra 6,000 dollars back.
Answer: Not smart. If they get caught they could get jail time. Plus have to pay back the money with interest!
Ethanol tax Credits Face Stiff Fight
The fight for an extension of the 45-cent ethanol blenders tax credit is likely to intensify, the St. Louis Post-Dispatch said, as a coalition of ethanol opponents has dug its heels in to end the credit that expires at the end of 2010.
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