The Federal Tax Credits Blog

Archive for September, 2010

Question: Why Do People With Kids Get Tax Credits…?

Why Do People With Kids get Tax Credits….?***SERIOUS QUESTION***…..wouldn’t it makes more sense to give people who DON’T have kids tax credits as a incentive for not pro-creating and draining our scare resources…i mean as long as an influx of illegals come over wouldn’t it be wise to reward those will not try to reproduce….your thoughts….
yes but why should they get that incentive…no one told them to have kids…what about my standard of living…i want new shoes, clothes, and whatnot….why should people with kids get all the breaks….

Answer: The true answer would be not to “reward” either for their efforts. Having children or NOT having children has nothing to do with the way in hwich people are governed, and thus the taxes should be the same.

This falls in the same category as two single people paying fewer taxes than two married people (Nicknamed the “marriage tax”.) none of it makes much sense. It’s all political.

House of the future: Stealth toilet, iPad…

The expanded energy tax credit gives homeowners a break on green improvements done by the end of 2010. Here are 8 ways to spend your green.

A Rally for Florida Tax Credit Scholarships

Question: Do I only claim for half of the First Time Home Buyer Credit?

Me and my mom purchased a home in October 2009. Now, we’re not sure if I’m supposed to claim the whole credit by myself, or we are supposed to claim half of it each. This is the first time I own a home and my mom owned a house but she never lived in it.

Answer: As long as this house was not purchased from a relative and all other conditions are met, you can allocate the credit between you as you choose. Read the instructions of Form 5405 for clarification.

Why Mosts Economists And Media Analysts Are Like Pigeons

Watching economists and media analysts react to breaking economic news is a bit like looking at a flock of pigeons flying over the New York skyline.

Project Economy: First Time Home Buyer Credit

Question: What does the 1st time home buyer tax credit / stimulus mean for us?

Your Question
how does the 1st time home Buyers Tax Credit work in our case.?
House closed November,2008 has my name then my son’s name on deed. He bought one from my daughter earlier in the year. this was his 1st. I had not owned 1 for years. I’m on disability and don’t file taxes, of course my son does.

Answer: Be sure to go directly to the IRS site, and talk to an accountant:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here’s a good summary:

http://www.hawaiihome.biz/2009/05/first-time-homebuyer-tax-credit-faqs/

http://www.hawaiihome.biz/2009/05/first-time-home-buyers-tax-credit-2009/

Email me if you have questions.

No Break In Home Market’s Woes Despite Tax Credit

More than 3 million Americans have taken advantage of a generous tax credit for home buyers. But it may have had only a limited positive effect on sales. Some experts even say the tax break didn’t help things at all and might have done some harm. read more

First Time Home Buyer Tax Credit – Austin’s Top Real Estate Agent

White House Mulls Extending Homebuyer Tax Credit

Despite the dismal sales of new U.S. homes last month, the Obama administration is not yet sure about extending the First-Time Homebuyer Tax Credit, but it is eyeing other moves to revive the housing market.

Rep. Welch calls for extension of First-time Homebuyer Tax Credit