The Federal Tax Credits Blog

Archive for February, 2010

Financial questions and answers

By ILYCE GLINK In your case, because you intend that the home you are buying is going to be your permanent residence, you should be able to claim a tax credit. But the IRS will want to see this address on your federal income tax return as your permanent address so you should make sure you move in as soon as possible, in 2010.

Senator Johnny Isakson on Expanding the Home Buyer Tax Credit

Question: I am going to invest in Houston, buy it and rent it out (good idea)? First time buyer.?

I have been reading alot on articles. It a buyer market and I am thinking of the future. I know there is alot of land in Texas, but Houston is rated #11 avg 3-4% increase. I have good credit and I want to purcahse a house in Texas and rent it out. I am new to all of this am curious what people think. I will put 10-20% down and planning to keep the house for more than a decade. I live in california. I been reading about property managers who take 5% of the rent. I know i ave property tax, closing cost, and isurance any more thing I need to know beside the loan?

Answer: Before you buy anything in TX check how much property tax will you be paying. I had checked the Dallas area and its about $5000 property tax a year for a house that cost $170,000 so if you will get $1200 -rent you will have to pay about $500 a month for taxes and insurance without counting the mortgage. Do your math….

Just hours left to cash in on Home Renovation Tax Credit

Serkan Senturk of Kenwood Hardwood Flooring installs a new floor in the home of Post columnist Jamie Golombe. Golombek is having his hardwood floors done just in time to qualify for the home …

REALTOR announces housing tax credit expansion!

Question: What UK tax forms do you fill-in if you have lived in the Republic of Ireland for part of the UK tax year?

My question concerning the 2009 UK Tax Return centres on what parts/forms my friend should complete in order to avail of relief/credits on tax paid on rental income paid to the Republic of Ireland Revenue Commissioners in the 2008/09 UK tax year (i.e. she paid income tax on rental income earned on an UK property to the Irish Revenue Commissioners for the Irish tax year 2008). She has been forwarded the 2009 Tax Return document, containing the Employment, UK Property and Additional Information pages already. However, in order to avail of relief/credits, which documents/sheets should she also complete? She have lived in the UK (since relocating from RoI) from December 2008 – is she liable for UK tax from that date to March 2009?

Answer: This is counted as foreign income, not income from property, so she needs to obtain and complete the Foreign Income pages which allows a claim for DTR.
If she has not yet completed a P86, then she needs to do so. If she was prevusly resident and ordinarily resident in the ROI, then she will be resident in the UK from the date of her arrival and therefore only liable to UK from that date.

Child poverty fight ‘in reverse’

The fight against child poverty has “slid into reverse” with more than 1.7 million British youngsters missing out on enough food and clothes, a charity has warned. Related Stories Concern at drop in officer numbers People use NHS ’2,000 times each’ Teaching unions to ballot members Tributes paid to bomb blast soldier Commons approves City watchdog Bill

Prime Ministers Question Time TODAY 26th November 2008. Questions from Cameron to Brown all on the Economy

Question: how long will it take to get child tax credits? im in UK?

im already getting child benefit. my baby is now 7 weeks old and i sent the form for child tax credits just over 4 weeks ago. anyone know how long it takes to get your 1st payment and will it be backdated from the day my daughter was born??? thank you in advance!

Answer: It will be backdated to the day your daughter was born.

Mine took about 5 weeks to come through. I called them and they confirmed everything over the phone and told me when I was going to get a payment.
If I were you I would call them because the post has been messing about loads lately. By calling them to check on the status of the claim you won’t have to wait as long as you would if you wait for them to send out the info to you.

Jane I think teh “fudge

In reply to Gillard’s New Website Misses The Point : Jane I think teh “fudge formula” for school funding has become as complex as tax law! The rules of school probably take as many tonnes of paper, too. I wrote on my blog: “like investing, ‘past performance is no indicator of future returns’ and “Never confuse a test score with an education” John http://truepolitik.blogspot.com …

EEP100 – Lecture 17