Tax credit for home buyers is open house for tax cheats

10/23/2009 | Wall Street Journal, The

About 19,000 taxpayers who hadn't bought homes claimed $139 million in tax credits for first-time home buyers, and the credits were approved, Treasury officials said Thursday. There were 74,000 additional tax-credit claims, for a total of $500 million, where filers were suspected of owning homes previously. The Internal Revenue Service is investigating more than 100 potentially criminal schemes involving the credit.

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