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Prisoners cashed in on homebuyer tax credit
CNNMoney ^ | 6/23/2010 | Aaron Smith

Posted on 06/24/2010 3:53:19 PM PDT by Signalman

NEW YORK (CNNMoney.com) -- More than 1,200 prison inmates, including 241 serving life sentences, defrauded the government of $9.1 million in tax credits reserved for first-time homebuyers, according to a Treasury Department report released Wednesday.

Treasury's inspector general also found that thousands of people filed multiple claims or made claims outside the allotted time period. In all, more than $28 million was improperly doled out.

The Internal Revenue Service program at issue is meant to stimulate the housing market by giving tax credits of as much as $8,000 to qualifying first-time home buyers.

"Additional controls are necessary to address erroneous claims for the credit," the report stated. "Further, fraudulent and questionable claims processed prior to implementation of controls will need follow-up action by the IRS."

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: homebuyers; prisoners

1 posted on 06/24/2010 3:53:21 PM PDT by Signalman
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To: Signalman

IRS was not defrauded ~ more like IRS was stupid. Remember, the prisoners are at fixed addresses for extended periods of time. The cops are in charge of their mail. IRS computers can be programmed to pull this stuff aside until the legitimacy of the claims is determined.


2 posted on 06/24/2010 3:55:37 PM PDT by muawiyah
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To: Signalman

Bush’s fault.


3 posted on 06/24/2010 3:55:49 PM PDT by boycott (CAL)
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To: Signalman

And we the taxpayers will never see a cent of the money returned.


4 posted on 06/24/2010 3:59:53 PM PDT by devane617 (VOTE THEM OUT! ALL OF THEM!)
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To: Signalman

Some of these prisoners are pretty enterprising guys.

I wonder if any of them did actually manage to buy a house while in the hoosegow?


5 posted on 06/24/2010 4:05:54 PM PDT by proxy_user
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To: boycott

WAKE UP AMERICA




6 posted on 06/24/2010 4:14:11 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: proxy_user

far more likely they routed the money to ACORN or some other Democrat aid group


7 posted on 06/24/2010 4:16:42 PM PDT by nascarnation
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