IRS is challenged by home-buyer tax-credit claims

10/16/2009 | WebCPA

A report by the Treasury Department's Inspector General for Tax Administration shows that taxpayers were allowed more than $7.8 billion in first-time home-buyer credits. But, of this amount, about $489 million was claimed by taxpayers who did not appear to qualify for the credit, the report said. But the IRS disagreed with a recommendation by the inspector general that third-party documentation should be used to justify the credit -- the IRS said that such a move would interfere with electronic filing.

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