Friday, October 23, 2009

4 Yr Old & Kids Get $4 Million in Tax Credits to Buy Homes

From the "can't believe its true" file: No one under the age of 18
can legally purchase a home. However, a four year old baby as
well as hundreds of other minors managed to provide
tax payer identification numbers (TIN) as part of the
qualification process in receiving U.S. federal tax credits
reserved specifically for first time home buyers.


4-Yr-Old-and-Kids-Get-$4-Million-in-Tax-Credits-to-Buy-Homes
"Through July 25, 2009, we identified more than 580
taxpayers younger than 18 years of age who claimed
almost $4 million in First-Time Homebuyer Credits. The
youngest taxpayers receiving the Credit were four years old.
Contract law generally exempts children under the age of 18
from being bound by the terms of a contract. Therefore, it is
unlikely that these taxpayers would have entered into an
arm’s-length transaction for the purchase of a home."

In other words, someone was using the unauthorized social
security number of some unsuspecting victim for perpetrating
identity theft fraud.


So, while technically its not supposed to be possible for a 4 year
old child to sign documents to purchase a home in America, we
see again that it is quite entirely possible for identity theft to be
committed using a tax payer identification number.

Our tip for today is to pull a credit report and especially a public
records profile (pip)
on your children to insure no crafty identity
theft fraudsters haven't already run a scam.

PS: Please share this important identity theft tip with loved one
or friend.

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14 Comments:

At 11:44 AM, Blogger agent99 said...

Sadly, a great many times these type of identity theft cases are perpetrated by a family member or someone who has access to the under age minor's social security number & knows they can be long gone before anyone ever notices this crime as it typically takes years to uncover.

 
At 11:47 AM, Blogger agent99 said...

Just to show how prevalent under age minor identity theft has been since we've tracked it, check out this reference to our archives:

Discover the Shocking Truth to Identity Theft of Children

 
At 11:51 PM, Anonymous Tax online said...

"4 Yr Old & Kids Get $4 Million in Tax Credits to Buy Homes"... interesting news... thanks for the post..

 
At 11:55 PM, Anonymous Victim to Identity Theft said...

Interesting post. Really amazing tale.

In case you are looking for a good resource of guidance for victims to identity theft. check out the link.

 
At 1:50 AM, Anonymous eddz1949 said...

This is hilarious! Many people assume that the crime came about due to the Internet.

The fact is, identity theft has been around for probably as long as there have been identities to steal.

 
At 9:12 AM, Anonymous Joe said...

Great info!!
Thanks for sharing this with us

 
At 10:57 PM, Anonymous alesum said...

This comment has been removed by a blog administrator.

 
At 7:51 AM, Anonymous Patrol Log said...

The single best way to protect yourself from identity theft is to put a credit freeze on your credit file. You can do this by applying to each of the three credit unions: TransUnion, Experian, and Equifax. The fees for placing the freeze, and subsequent thawing when it is needed, vary state from state, but they are usually quite minimal. Look into it!

 
At 10:57 PM, Anonymous high risk merchant accounts said...

Identity thieves are doing their illegal acts on tax claims.

 
At 12:50 PM, Anonymous toenail fungus treatments said...

That is just crazy, a baby could never buy a house or a car. Identity theft is something else. You really need to keep your data secured.

 
At 6:58 AM, Blogger George E. Bourguignon, Jr. Attorney at Law said...

This type of fraud is quite possible in our computer age.

 
At 2:14 AM, Anonymous Business Loan said...

Generally I do not post on articles, but I would like to say that this blog really forced me to do so! Thanks, really nice blog.

 
At 10:46 PM, Blogger H S Consultants said...

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At 6:13 AM, Anonymous Ian said...

that's totally sick that people will prey on the most vulnerale members of society

 

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