The Federal Tax Credits Blog

Archive for May, 2010

Question: Va Home Loan Question?

My Father just received his Certificate of Eligibility for a VA home loan. Does this guarantee him the loan? What are the next steps? Also, his credit is below average, can he use me as a cosignee if I have an above average credit score? We’re hoping to get our first house this year and take advantage of the new home Buyers Tax Credit.

Answer: No, the bank makes the loan. VA makes it possible that you don’t need a down payment (or very little) and possibly the seller can pay closing costs if written as part of the bid. There is also the VA funding fee (which can be financed)- your father will be exempt if he is receiving compensation for a service connected disability.

http://www.homeloans.va.gov/lgyfaq.htm

These FAQ’s should help.

I’m not sure about cosigning, but the loan can be put into both your names.

Few teams for home-schooled athletes

COLUMBIA — Only 15 years old, Hannah McGennis tightly clutched the MVP trophy awarded to her for exceptional play. Hannah and her team, the Central Missouri Saints, were national champions after defeating the Thesa Riders of Fort Worth, Texas, on March 20 in the girls 16-and-under National Christian Homeschool Basketball Championships title game. “Our team enjoyed it because we’re the little …

Who our tax dollars went to and WHY! – The Crisis of Credit Visualized Part 1

Question: Tax question in regards to foster care / adoption?

I keep getting mixed answers so I’m confused. We have custody of a child that is in foster care. We will have had custody for over a year by the end of ‘08. We are in the process of adoption. My question is- can we claim the child for the ‘08 tax period? The adoption is expected to go through in early ‘09. Are there any tax credits for adoption? Thank you in advance.

Answer: A foster child placed by the State or a State authorized placement agency is treated as your natural child for tax purposes. Since the child will have lived in your home for more than 6 months at the end of 2008, you can claim the child under the Qualifying Child rule as long as the CHILD did not provide more than half of their OWN support and meets the age requirements, i.e. under age 19 or under 24 if a full time student.

The stipend you receive from the state is not taxable income to you and is not treated as self-support provided by the child. It has no affect on your tax return at all.

Contrary to what another poster seems to think, the child is NOT the “dependent” of the State. Legal custody has never been a requirement under the Tax Code.

OmniVision Reports Financial Results for Fourth Quarter and Fiscal 2010

SANTA CLARA, Calif., May 27 /PRNewswire-FirstCall/ — OmniVision Technologies, Inc.

Senate Session 2010-04-19 (15:56:28-16:47:53)

WesternZagros Announces 2010 First Quarter Results

CALGARY, ALBERTA–(Marketwire – May 27, 2010) – N

Oilsands Lawsuit: Chipewyan Prairie Dene First Nation

Energy Star rebates boost business

By VIKKI BROUGHTON HODGES The Dispatch Retailers of appliances and heating and air conditioning systems expect another boost in business as the state launches the second phase of its successful Energy Star Appliance Replacement and Rebate program Tuesday.

Ace Air

Toll Brothers: Orders Up, Cancellation Rates Way Down, Toll buying Lots Again (Uh, Oh!)

Toll Brothers, the self-proclaimed “leading builder of luxury homes,” reported that net home contracts totaled 866 in the quarter ended April 30th, up 40.9% from the comparable quarter of 2009. Gross orders were up 16.6% from a year ago, while sales cancellations were down 71.4%. The company’s sales cancellation rate expressed as a % of gross orders was 5.3%, the lowest rate since the third …

Home sales take worst hit in 40 years