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23 Oct 2009 @ 8:14 AM

Fraud Could Undermine First Time Buyer Tax Credit in Nevada

Nevadans have responded to the government’s offer of up to $8,000 in first-time-homebuyer tax credits with gusto, filing more claims and receiving more in tax breaks per capita than residents of any other state.

Nevadans have claimed $146 million in tax breaks from the credit.

But according to new federal reports released Thursday, the program nationwide is littered with potential fraud, threatening its future.

Claims for the tax credit are being filed by those who may not be first-time buyers, those who haven’t yet bought houses, and those who are under 18, according to an inspector general’s report. More than $500 million in claimed credits are being questioned.

The Internal Revenue Service has opened 115 criminal investigations, has frozen more than 110,000 refunds pending further examination and is stepping up audits of questionable claims.

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