I am an attorney, and seem to do OK. I am not as clueless as it may have appeared (my sarcasm is sometimes a little too oblique for some audiences, I'm afraid). This is a discussion forum, and often the best way to stimulate discussion is to ask questions for which you already know the answers.
I talked to a real estate broker friend, and he said that fraud appears to be rampant (non-buyers submitting claims), because there apparently is no documentation requirement. Supposedly, the guvment is "auditing" the claims, but wouldn't it have made more sense to reqiure the documentation at the outset? That was my point.
It actually IS cash. It's a "tax credit" to the extent of your tax liability, and the balance comes as a "refund" (of money you never paid in) from the guvment. So assuming you had sufficient funds withheld to cover your tax liability, you would be getting a check for the full amount of the "credit".
I'm thinking he got an extension on his 2008 return to October 15 in anticipation of the sale closing, then just went ahead and made the claim when he filed.
I knew the gravy train had been extended through April, but didn't mention that to the seller, as I wanted to keep some pressure on him to provide the information I needed.
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
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