The Federal Tax Credits Blog

Archive for January, 2010

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Numerous credits reward taxpayers with savings

While both tax deductions and tax credits can save you money, a credit is more beneficial because it is a dollar-for-dollar reduction of the tax itself.

A Home Buyer Credit Meets Foreclosure

Kiplinger editorial director Kevin McCormally and fellow tax experts Peter Blank and Mary Beth Franklin tackle your most pressing tax challenges.

$8000 First-time Homebuyer Tax Credit

Question: Recent Florida Solar Energy Bill?

I was trying to find the Recent Energy Bill that was passed in florida.

Does anybody know where I can find the entire bill?

Also, what I’m looking for is the Solar part…..if they changed anything with tax credits.

It used to be up to $2000 but i heard it’s changed to $4000

Cheers!!!

Answer: I think you are referring to CS/HB 7123. Here is a summery.

Compare energy-efficient products under one roof

Add another arrow to the quiver of energy-efficiency upgrades homeowners can undertake that qualify for a federal tax credit: radiant barriers for hot Texas attics. See the offerings this weekend at the Fort Worth Home & Garden Market show.

Tax credits make solar energy cheap, in long run

Obama To Call For Extension Of Bonus Depreciation Through ‘10 Official

WASHINGTON -(Dow Jones)- U.S. President Barack Obama will call for temporary bonus depreciation, a $38 billion tax cut that would let businesses more quickly recover their capital expenditure costs, to be extended through 2010.

Part 3 of 10 – Third and Final Presidential Debate – John McCain and Barack Obama, October 15, 2008

Question: Will I be eligible for the $8000 tax credit?

My fiance and I will are purchasing his grandmother’s home and will be closing on August 28,2009. We are both first time homebuyers. We will not be married until June 2010. I know that my fiance will not be eligible for the tax credit because we are buying it from his grandmother. Will I be eligible to claim the full $8000 tax credit since I am not related to her?
I forgot to mention…that we will both be on the mortgage. Does that make a difference?
the house is over $80,000

Answer: You can claim the credit, all $8000 of it, since you won’t be a relative when you close. Your fiance can’t.
Both of you being on the mortgage doesn’t change anything.

Homebuyers only have another 3 months to utilize tax credit

Home sales across the Midwest continue to lag as prices sink to lows not seen in more than a decade. There is, however, a silver lining. The next three months could present the last opportunity for bargain buying before a homebuyer tax credit expires and interest rates potentially increase.

2010 CURRENT Home Buyer Tax Credit – forgotten details