what if you recieved the first time home buyers credit but do not intend to purchase a home?
June 7th, 2010 by admin
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3 Responses to “what if you recieved the first time home buyers credit but do not intend to purchase a home?”
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Expect to be audited and cited for tax fraud. You’re not allowed to claim it until AFTER you buy the house. On the IRS form (Form 5405), you have to state the date you bought the house and the address of the house.
Well, you cheated and will probably be audited and should be. People that do things like this ruin it for everyone.
This is called tax fraud, for which you will have to re-pay the rebate, plus penalties and interest, and could also be prosecuted. And there is no statute of limitations for the IRS to come after you for this as it is fraud.