Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 23, 2009  |   IRS Urges Stronger Controls on Tax Credit
If Congress decides to extend and expand the first-time home buyer credit, the Internal Revenue Service wants stronger regulation that would force anyone who claims the credit to actually prove they closed on the property.

Linda Stiff, deputy commissioner of the Internal Revenue Service, told the House Ways and Means Oversight Subcommittee on Thursday that the IRS would support requiring anyone claiming the credit to file a copy of a settlement statement from the U.S. Department of Housing and Urban Development, known as the HUD-1 form, with their tax return.

IRS auditors testified that the agency believes it paid thousands of fraudulent tax credit claims, totaling at least $139 million since the first of the year.

Source: The Wall Street Journal, Martin Vaughan (10/22/2009)

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!