Maybe someone could explain how this scam would work?
It’s a tax credit, which means a 1040 would have to be filed. There are ways to circumvent the wait time and receive the funds upon the closing of a home purchase. But, just getting a check in the mail? I’m not getting it.
Best Answer - Chosen by Asker
You have to close on your house by Dec 1, 2009. On your 2009 taxes you will have to fill out a special form, and you will be able to claim an additional 8000 tax credit. As if you’ve paid 8000 additional in taxes. If you’ve paid $15,000 in taxes it will look as if you’ve paid $23,000. If you are normaly due back $2,000, you will get back $10,000. Best way to use this is to reduce your weekly payroll deduction between now and the rest of the year, and put the additional money into a bank account for your down payment.
Make sure you close by Dec 1st.