Friday, May 12, 2006

IRS cracks down on down-payment assistance programs

I saw a bit in Thursday's Tribune regarding the IRS cracking down on down-payment assistance non-profits, threatening to strip them of tax-exempt status from those that are funded by builders and other home sellers. In a recent ruling the IRS said such groups do not serve a charitable purpose but operate out of self-interest and to expedite the sale of homes.

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