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73799 Homebuyers Misused Tax Credit

An estimated number of 73,799 taxpayers are found to be claiming incorrectly the tax benefits of a first-time home buyer. A report from the Treasury Inspector General for Tax Administration has thrown light on the possible misuse of first-time home buyer tax credit earlier this month. According to the report, the IRS finds it difficult to carry out eligibility verification for most beneficiaries of Recovery Act as it is the time to process tax return.

Though the IRS has not turned down the claim of any taxpayer so far, it needs some time to get a thorough study of the matter before it can reach any conclusion. The incident, on the other hand, is seen as a catalyst to encourage Congress for taking safety measures against the possibility of misuse of first-time home buyer tax credit in the US.

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