Im being audited by the IRS and I cheated on my taxes – HELP!?
You need to relax and just wait. You will get a letter in the mail telling you what the problem is and what they plan on doing. Likely they will revoke the credit and you will not get the refund you were anticipating. You need to just wait for the IRS to contact you or you need to call the IRS and ask them what the problem is. You cannot play stupid. They hear people say all the time they didn’t know…well you knew you were cheating and you just need to be apologetic. You aren’t the 1st you won’t be the last.
You dolt, you had to buy the house BEFORE claiming the credit. Ain’t no “plan” to do it option. The fraud on this credit must be staggering…and you can bet the IRS personnel are going to become experts in deciphering every settlement statement format in the country. (You will be asked to fax it in to prove you bought the house.
Ok first of all. Don’t panic. Here is the First time home buyer info:First-Time Home-buyer Credit If you are a first-time home-buyer, you may be able to claim a one-time tax credit of up to $7,500 ($3,750 if married filing separately) or 10% of the purchase price of your home (whichever is smaller). You may be able to claim the credit if: * You purchased your main home in the United States after April 8, 2008, and before July 1, 2009, and * You did not own any other main home during the 3-year period ending on the date of purchase. You can choose to claim the credit on your 2008 Form 1040 for a main home purchased after December 31, 2008, and before July 1, 2009. If you constructed your main home, you are treated as having purchased it on the date you first occupied it. Who cannot claim the credit. You cannot claim the credit if any of the following apply. * Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly). * You are, or were, eligible
Well, i can tell you that i think you may have some troubles coming your way. See, the form 5405(first time home buyer form) asks specific questions about the actual purchase price, and date of closing. i, on the other hand, went to an accountant this year for the first time in 7 years to have mine done. Since i bought my house, and closed on it 2 days after the start date of this program(closed april 11th 2008). I just wanted to make sure everything was done right. Well, here it is over 2 weeks later, and my federal still hasnt been accepted by the IRS. Kind of makes me think that they are delaying all of the first time home buyer applications.
