Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

An Albuquerque Real Estate Company - People In "The Q" Use Q Realty®

Call Today: 505-750-0059

People in “The Q” use Q Realty™

  • Home
  • Property Search
    • Search by Community
      • Tinnin Farms
      • North Albuquerque Acres
      • North Valley Albuquerque
      • Downtown Albuquerque
      • Foothills North and High Desert
      • UNM Area
      • Sandia Heights
      • Far Northeast Heights
      • Uptown
      • Northeast Heights
      • Foothills South
      • Four Hills
      • Southeast Heights
      • Academy West
      • High Desert
      • Corrales
    • Newest Listings
    • Million Dollar Listings
    • Luxury Homes ($500K-$1Mil)
    • Single Family Homes
    • Condos & Townhouses
    • Foreclosures
    • Open Houses
    • Recent Price Reductions
  • Buyers
    • Buying with Q Realty®
    • Featured Listings
    • Mortgage
    • Open Houses
  • Sellers
    • Selling with QRealty
    • Listing Your Home
    • What’s My Home Worth?
    • Request a FREE Market Analysis
  • Find an Agent
  • Blog
  • About Q Realty®
    • Our Agents
    • Real Estate Licenses
    • Preferred Vendors
    • Career Opportunities
  • Contact
You are here: Home / Blog / $8,000 First Time Home Buyer Tax Credit – I hope none of these were Albuquerque Home Buyers

$8,000 First Time Home Buyer Tax Credit – I hope none of these were Albuquerque Home Buyers

April 15, 2011 John Kynor Leave a Comment

Most of the money — about $326 million — went to more than 47,000 taxpayers who didn’t qualify as first-time home buyers, said the report by J. Russell George, the Treasury inspector general for tax administration. Other credits went to prison inmates, taxpayers younger than 18 and people who did not actually buy homes.

“The IRS has taken positive steps to strengthen controls and help prevent the issuance of inappropriate home buyer credits,” George said. “However, many of the actions occurred after hundreds of thousands of home buyer credits had already been issued, including fraudulent and erroneous credits totaling millions of dollars.”

The popular credit provided up to $8,000 to first-time home buyers and up to $6,500 to qualified current owners who bought another home during parts of 2009 and 2010.

The IRS said it worked hard to enforce a complicated tax credit that provided more than $27 billion to almost 3.9 million taxpayers. The agency said it corrected math errors on more than 370,000 returns and audited more than 400,000 taxpayers claiming the credit, denying hundreds of thousands of questionable claims. In all, the agency said its enforcement efforts saved more than $1.3 billion and identified more than 200 criminal schemes.

via usatoday.com

The $8,000 tax credit no doubt sparked a surge in home buying last year, but when it was created, nobody considered the implications it might have when unscrupulous home buyers use and abuse the system in their favor, perhaps even participating in fraud to receive the $8,000 tax credit. In Albuquerque, many home buyers received this tax credit. It didn’t only help home buyers, but it also help sellers get their home sold, due to a surge in buyers.

Posted on Albuquerque Real Estate-Albuquerque Homes For Sale

Tweet

Related Posts

  • Decorating a Contemporary Dining Room
  • Do-It-Yourself Tips for a Luxury Kitchen
  • Adding a Patio Spa to Your Backyard
  • This is a wordpress post
  • This is a wordpress post

Filed Under: Blog, Buying Your Home, Mortgage News

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Agent Directory

Find an Agent

Testimonials

Jeremy is a young professional who is tireless in his pursuit of helping you sell your property.

Buyer and Seller in Rio Rancho
Broker-Jeremy Griego

Read More

Mortgage Calculator

$
  %
  yrs
  %
$

Real Estate Search

Q Realty® is an Albuquerque real estate company and is locally owned and operated. Q Realty® or "The Q" was founded on the principals of outstanding customer service and we have earned the reputation of being the most “customer-centric,” honest, ethical and professional real estate company in Albuquerque. We treat our customers how we like to be treated.

Real estate used to be considered a sales industry and many companies still treat it as such, but not Q Realty®. Consumers do not like the feeling of being “sold” and neither do we. Instead we “serve” and “help” our customers with their real estate needs. As a result of our dedication to first class customer service Q Realty® earned a spot on Albuquerque Business First's list of the top 25 Real Estate Brokerages in New Mexico, as measured by the number of homes sold and the total value of homes sold by each brokerage

Q Realty® is comprised of only the most experienced and talented Real Estate Professionals who have reputations for delivering exceptional customer service. We specialize solely in the Greater Albuquerque Area, which includes Rio Rancho, Corrales, Placitas, The Village of Los Ranchos de Albuquerque, Bernalillo, Belen, Los Lunas, Bosque Farms, Tijeras, Zuzax, Edgewood, and the rest of the East Mountains.

We are Q Realty® and we specialize in “The Q”. If you are buying or selling a home in the Albuquerque area, please give us an opportunity to earn your business and contact us today.

info@theqrealty.com
505-750-0059
4333 Pan American Frwy NE Suite E Albuquerque, NM 87107
© 2021 Q Realty® | Albuquerque Real Estate | Albuquerque Homes For Sale

Sign Order Form | Sitemap | Log in