Four-year-olds can be first-time homebuyers

The first-time homebuyer tax credit may have been a little too popular, with many Americans so eager to take advantage of the incentive that they gamed the system. Almost $4 million in tax credits were granted to children as young as four years old, according to a CNN report. Some parents, it seems, applied for the first-time credit in their children’s names in attempts to work around the government’s income limits, which are $75,000 for single taxpayers or $150,000 for married taxpayers filing a joint return. Internal Revenue Service employees were among those who claimed credit they weren’t actually eligible for, the report said.