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Golf Carts to Island Divorces: 10 Notorious Tax Loopholes

By Karen Fickes and Warren Joseph of Bloomberg BNA - 2012-06-20T21:55:57Z

Photograph by Ark Photography/Getty Images

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Housing credit for children

A 2008 law intended to spur the moribund housing market provided a substantial tax credit for first-time homebuyers. Because the law barred the credit for taxpayers who already owned homes or had substantial income, some taxpayers had their minor children buy homes in order to get the credit. This loophole was closed the next year, but children who bought homes in 2008 and 2009 were able to keep the credit.