The Federal Tax Credits Blog

Archive for April, 2010

Question: Any incentives for first time home-buyers?

I know the federal government will be working with banks to ‘help’ owners with foreclosures on the horizon by extending deadlines, lowering payments, etc, etc.. But what about incentives for new buyers?? I’m looking to buy here in a few months hopefully and am curious of any existing and future incentives for first time home buyers; may it be FHA, tax breaks/credits, etc. Also, any word on what Obama might bring to the table? Thanks in advance!
I’m in North Carolina
I know Obama isn’t Santa Claus. Just curious about any recent news or legislation discussed. Also in the light of the Dem majority House, US Senate, etc in regards to home buying that anyone has heard.

I’m sure you can understand, as our tax dollars are buying shares of credit companies to take a hit on these foreclosures.

Answer: go to “getdownpayment.com” or what’s also know as The Nehemiah Program it is a way to get a home you can only do it for the first time you buy a home on a foundation and the gov gives you 1% down for your mortgage you just have to take a class that helps you understand how your mortgage can increase and how property is assessed tax wise…very very beneficial! My husband and I did this! I am pretty sure it is everywhere but not positive.

Home Buyer Tax Credit Proposed in New Jersey

Purchasers of new and existing homes would get a tax break of up to $15,000 over three years.

Las Vegas New Homes Tax Credit.wmv

Question: Will there be a tax credit for the Toyota Prius in 2008?

The tax credit for the Toyota hybrids has expired and I am looking into buying one and I could not find out if Congress is going to offerer another credit or dedection.

Answer: http://www.irs.gov/newsroom/article/0,,id=157557,00.html

http://www.toyota.com/prius/tax.html

The US Federal income tax credit for Toyota hybrids ran out for vehicles purchased on/after Oct. 1, 2007. Amount for purchases of New (not used, nor leased) Toyota Prius before that date can be found at the above links. (The IRS hasn’t yet certified the amount for the 2008 Prius purchased before Oct. 1, 2007, as of my typing…)

It’s always possible that Congress may decide to extend the credit, implement a new one, or implement a new tax deduction… But I haven’t heard any rumblings about such yet.

Depending on where you live, you may qualify for a state income tax credit or deduction, or reduced sales tax, though.

http://autos.groups.yahoo.com/group/toyota-prius/links/Financial_000963256550/

Electric cars searching for a place to plug in

A line will start forming this week for people wanting to buy mass-produced electric cars, but the vehicles’ rollout could be hindered by a shortage of Bay Area charging stations. Nissan Motor Co. Ltd. will begin accepting online reservations for the fully-electric Leaf vehicle on Tuesday for a…

Question: Would you support a fifty cent a gallon ($0.50) gasoline tax to support clean energy incentives?

This tax and ALL the revenues generated would be used to supply tax credits and incentives for all individuals to offset the costs of installing solar panels and systems, wind generators, super insulation, and the purchase of hybrid cars/vehicles

Answer: Absolutely not. Alternative energy systems should be economical on their own terms. Why would should I be taxed so that you could install an inefficient energy system? If you think this is a good idea, go spend $20K-30K to install a solar roof and live happily ever after.

City of Martinez Installs EV Charging Stations

MARTINEZ, CA – The three 120V stations, manufactured by Coulomb Technologies, are located in and around downtown Martinez, including one at City Hall; one at Main and Court streets; and one at the Amtrak Station.

2004 Toyota Prius in Portland OR

Question: Isn’t it funny that the senate can come to a conclusion so quickly on illegal immigration?

Yet they can’t formulate any legislation to help the homeless VETERANS living on the streets, can’t get the government to get it’s act together to get our gulf coast cleaned up, can’t get the banks and credit card people to stop gouging us with enourmous interest rates and fees, cant’t pass a death penalty law for child molesters, won’t even look at a fair-tax law and abolish the IRS. Are these guys a bunch of schmuks or what? Are they selling out on our right to a sovreign nation?

Answer: The Senate is illegal.

Rep. Melancon Votes to Support Wounded & Women Veterans

U.S. Congressman Charlie Melancon (LA-03) voted today to improve health care and other services for wounded, rural and women veterans and ease the burden on the caregivers of wounded veterans.

Veteran’s Tax Credit Mailer Info Video (Part 2 of 3)

Question: No longer on child tax credit?

I turned 17 last June and was not on the most recent child tax credit for 2009. The cut-off age is seventeen according to the IRS. Does this mean my parents are no longer responsible? Age eighteen would make more sense as you’re a legal adult.

Answer: Who said the tax code makes sense?
You’re Right, since you were 17, no child tax credit on you for the parents. However, they still get the dependency exemption, and if you go to college next year, the education credits.

Homebuyer Tax Credit Deadline Approaches

April 14, 2010 (Belleville News-Democrat, Ill.) More than 63,000 Illinois taxpayers have collected more than $440 million in first-time homebuyer credits this tax season.

NBR | Tax Tip #2 for Tax Year 2009 – College Credits | PBS