Boy, that home-buyer credit was a great idea

October 13th, 2011 by Joe Kristan

From the TaxProf:
TIGTA: 41% Error Rate in $30 Billion First Time Homebuyer Tax Credit Program
From the TIGTA report:

The IRS reported a total of $29.7 billion in Homebuyer Credit claims were made by more than 4 million individuals as of May 7, 2011. Our overall objective was to evaluate the effectiveness of IRS processes to ensure the accurate and timely repayment of the Homebuyer Credit. …
The IRS issued incorrect notices or did not send notices to 61,427 households due to notice programming errors or incorrect information on tax account. … [O]ur review of the third-party vendor


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