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Congress scrutinizes problems in home buyer credit
by The Associated Press
Oct 22, 2009 | 828 views | 0 0 comments | 14 14 recommendations | email to a friend | print
WASHINGTON (AP) — The rush to implement a tax credit for first-time home buyers opened the program up to potential fraud by people who hadn’t bought a home or already owned one, Congress was told Thursday.

J. Russell George, Treasury Inspector General for Tax Administration, questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit incorporated in the economic stimulus package enacted last February.

He said claimants include those who could possibly be illegal immigrants and that 580 people seeking $4 million from the first-time home buyer credit were under the age of 18. The youngest taxpayers receiving the credit were 4 years old, his office said.

George and an Internal Revenue Service official testifying before a House Ways and Means Committee subcommittee stressed that many of the questioned claims may eventually be found to be legitimate after further examination.

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