federal first-time home-buyer tax credit SCAM!

Get yours now? Why am I not surprised that yet another Obama adminidegration plan has thrown even more of your tax money away. Did you know even prisoners need to be first time home buyers, while still in prison?

http://online.wsj.com/article/SB10001424052748703574604574501253942115922.html

It's hard not to laugh when viewing the results of the federal first-time home-buyer tax credit. The credit, worth up to $8,000 for the purchase of a home, has only been available since April of last year. Yet news of the latest taxpayer-funded mortgage scam has traveled fast. The Treasury's inspector general for tax administration, J. Russell George, recently told Congress that at least 19,000 filers hadn't purchased a home when they claimed the credit. For another 74,000 filers, claiming a total of $500 million in credits, evidence suggests that they weren't first-time buyers.

Among those claiming bogus credits, at least some of them were definitely first-timers. The credit has already been claimed by 500 people under the age of 18, including a four-year-old. This pre-K housing whiz likely bought because mom and dad make too much to qualify for the full credit, which starts to phase out at $150,000 of income for couples, $75,000 for singles.

Mr. George said his staff has found at least 53 cases of IRS employees filing "illegal or inappropriate" claims for the credit. "In all honesty this is an interim report. I expect that the number would be much larger than that number," he said.

http://money.usnews.com/money/personal-finance/real-estate/articles/2010/06/25/home-buyer-tax-credit-fraud-errors-persist.html
The report also found that 10,282 taxpayers obtained credits for purchasing the same homes that other taxpayers were using to claim the credit themselves. While the inspector general wasn't able to put a precise dollar figure on it, the value of these inappropriate credits is expected to reach into the tens of millions. The inspector general recommends that the IRS use computer programs to identify taxpayers who made claims based on properties that others had used and investigate their refunds.

In addition, the inspector general flagged 2,555 taxpayers?who received $17.6 million in credits altogether?based on home purchases that occurred before the program had launched.