First Time Home Buyer Credit Dependent
June 5th, 2010Question: 2 questions about my taxes this year?
okay first of all, we are buying a trailer on contract (we did not go through a bank for a loan) this is the first time we are buying a home. we still rent also because we have to pay lot rent of 249. a month since june. would we be eligable for the first time home buyer credit i have heard about?
second, we made a total of $13,647 last year with 6 dependents. our mortgage is 202. a month, and we payed nothing into federal all year. would we be able to get the child tax credit or did we not make enough? we can’t file our taxes until we get my husbands w-2 and im trying to figure out if we will be getting enough to pay back a friend if i borrow money from her… please help asap if you can. the state is indiana if that matters.
Answer: You do realize that this credit is just a loan and has to be repaid back to the government – right?
Q. How is the credit repaid?
A. The first-time homebuyer credit is similar to a 15-year interest-free loan. It is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld. http://www.irs.gov/newsroom/article/0,,id=187935,00.html
you may get the Earned Income Tax Credit- http://apps.irs.gov/app/eitc2008/Forward_Eligibility.do;jsessionid=QZhsJ9sRHtGJS0K7jZJCYVVqn4lN6ssBLpgyBg1zz3C5l1rGLGZN!1005928371!-133893481
I can’t tell you how much as I don’t know everything about your finances (will you be filling jointly, was there any unemployment compensation) and your dependents (are these you children, are they 17 and under) but I would think it would be around 4000.00. Please, wait until you get the w-2’s until you borrow money, the 4k is just a guess.You can e-file you federal taxes for free. Don’t go to H&R block for one of their anticipation loans – they are a rip off!
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