• Most Popular
  • Most Shared

U.S. IRS probing home-buyer tax credit claims -WSJ

Tue Oct 20, 2009 2:05am EDT

Oct 20 (Reuters) - The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.

Financials

The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. economy back to life.

Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.

The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.

The IRS was not available to comment. (Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)

Financials


More from Reuters

Photo

European governments agree to help Greece: source

BERLIN (Reuters) - European governments have agreed in principle to help heavily indebted Greece, a senior German coalition source said on Tuesday, in what would be the first rescue of a euro zone member in the currency's 11-year history.

» More Top News
A Greek flag at the Bank of Greece is seen near a statue of ancient philosopher Socrates in Athens February 5, 2010. REUTERS/Yiorgos Karahalis

Avoiding "another Greece"

Don't count on the euro zone growing anytime soon. Getting into the single-currency club will be tougher than ever.  Full Article 

Global Markets
An unknown Toyota car covered in preparation for the Chicago Auto Show, February 9, 2010. REUTERS/John Gress
SPECIAL REPORT:

What went wrong at Toyota?

An inside look at the spectacular crisis embroiling one of the world's best-known brands shows a series of unheeded warnings and a stubborn refusal to listen.  Full Article | Video 

Autos