Online House Hunting

do people have to show proof to the irs that they use the money to buy a house using Obama program?

i know people are filing for the money that has been offer to people to encourage them to buy house like the first time home buyer (8,000 program from obama). What are the consequences if they do not use it for the right reason? do they have to proof the use of the money?

Public Comments

1. No one is getting any money anyways.. the money that Obama so generously gave to the banks.. they are keeping... very few have gotten any of it.
2. The government doesn't GIVE you money for that program. What happens, is if you bought a house for the first time this year, you'll get a big chunk off this years taxes when you pay them in April. And yes, if you claim the tax credit without proof, the IRS will have some questions for you.
3. jfc No one gets $8000 in their hands. It's a TAX CREDIT. And yes. You have to complete an IRS form with all documentation to take the credit on your taxes.
4. They're not giving you money to buy a house, they're giving you a tax credit if you bought a house.
5. The real estate agent is responsible for that paperwork. They are at risk of losing their license if they cheat.