The Federal Tax Credits Blog

Archive for the ‘Home Tax Credits’ Category

Question: I bought a home in January 2009. Do I qualify for the $6500 credit now under consideration?

I am not a first time home buyer.

Answer: It’s for those who purchase after December 1, 2009, and who have owned a home for five previous years. Sorry!

Nov 2009 Home Buyer Tax Credit

Question: Questions about the housing rescue bill?

I am a first time home buyer and I’ve heard that I can receive a credit of $7500 for buying a house.

Every time I call a mortgage lender they act like either I’m from Mars and I don’t know what I’m talking about or they say they don’t have any updated information to tell me.

Who can I call or where can I find out additional information about this. I want to make sure I make the appropriate downpayments and follow the rules to make sure I’m elgible.

Who can tell me more about this? What resources are there out there? It seems like Congress passed a law and no one knows about it. Is anyone with a pulse eligible that is a first time home buyer?

Answer: First time home buyers, is a “Loan” that you get from the government that you have to pay back each year when you file for your income taxes.

Lenders do not like this credit at all because it ends up as a “phantom” down payment. What i mean is you have to pay it back and increases the risk to the lender.

More information found in my link below.

Las Vegas home sales fall 11 percent in June

July 09–The tailwind from the homebuyer tax credit has ended and some housing analysts are concerned the market may be headed for further decline.

Home Buyer Tax Credit Update, Use $ for Down Payment

Question: Do you have to pay back the $8000 first time home buyer tax credit?

Do you have to pay back the $8000 first time home buyer tax credit? i know you have to stay in the house for 3 years, but i got different answers about if i have to pay it back in 15 years on never have to pay back. i just need to know if its a yes or no. Thanks guys

Answer: This is a USA question.

Which year did you buy the house?

For 2008, the maximum credit was $7500 and it was to be paid back over 15 years, starting in 2010.

For 2009, the maximum credit is $8000 and if you lived in the house 36 months, wasn’t to be paid back.

Research Reports on Williams-Sonoma and Pier 1 Imports — the Sweet & Sour From Home Furnishing Stores

JOHANNESBURG, SOUTH AFRICA–(Marketwire – July 26, 2010) – www.RothmanResearch.com provides members a complete scrutiny of the Home Furnishing Stores industry with thorough research on Williams-Sonoma Inc. ( NYSE : WSM ) and Pier 1 Imports Inc. ( NYSE : PIR ) Sign up now on www.rothmanresearch.com to access these free reports.

New tax credit good news for first-time home buyers.(Business)(Taxpayers may be eligible for up to $8,000 that does not have to be paid back): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on February 26, 2009. The length of the article is 655 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: New tax credit good ne…

Mortgage Loans Oklahoma | Oklahoma Home Mortgage | Mortgage Tulsa Oklahoma

Question: How will a Mortgage Tax Credit Certificate affect my income if monthly benefit exceeds monthly tax w/holding?

We are a single income family of 5, so I claim all of my exemptions throughout the year. Consequently, my federal tax with holding is only $35 or so a month. I live in Hawaii, where my monthly benefit from a MCC would be as much as $360 a month. Would I receive $360 a month, or would I only receive an amount to cover my $35 a month in taxes that I pay now? Does MCC work like receiving early earned income credit?

Answer: The mortgage interest credit is intended to help lower-income individuals afford home ownership. If you qualify, you can claim the credit each year for part of the home mortgage interest you pay.

Who qualifies. You may be eligible for the credit if you were issued a mortgage credit certificate (MCC) from your state or local government. Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home.
This is a non refundable credit that can possibly reduce your tax liability, it is not paid out like EIC.
If you Itemize your deductions on Sch A, you can not include in the computation for the credit any amount of Mortgage Interest that is deducted on the SCH A.

See Publication 530

http://www.irs.gov/publications/p530/index.html

http://www.irs.gov/publications/p530/ar02.html#d0e1150

Volunteer Firefighters Celebrate 50th Wedding Anniversary

Two Ona Volunteer firefighters were honored Saturday night, and it wasn’t for putting out flames.

Analysis of the President’s Commission on Housing’s proposal of a mortgage interest tax credit (Invited research working paper / Federal Home Loan Bank Board) …

An inter-temporal, linear programmings model of an S&L: With application to the proposed mortgage interest tax credit (Research working paper / Federal Home Loan Bank Board) …

Tax Credit for First Time Home Buyer Loan, Government Assisted Financing Program and FHA Mortgage

Question: Do you think the Existing Home Buyer Credit will be extended?

We purchased our house in September 2005 and just missed the cutoff of being in our home for 5 years to receive the $6500 tax credit.

With the news os the real estate market crashing low again since the credit is about to expire, does anyone think they will extend again?

I’ve have read mixed reviews on this.

My wife and I want to sell real bad but would rather wait fore this extra incentive than to sell and get nothing.

Answer: It’s unlikely that they will extend the credit again – unless the housing market really takes a beating in the coming months. The winter months are always rough in the real estate market, even with the credit. Probably a combination of the colder weather and the holidays and people just not that interested in house shopping. Expect the market to really pick up in March and April as the weather gets better and the current April 30 deadline to be in contract approaches. If the credit is extended, I would expect it to be a lower amount and possibly not include the credit for non first time buyers.

Remember Jumbo Loans? They’re Back!

With little to no fanfare, it appears jumbo loans are not only getting cheaper, they’re getting easier to obtain. After several years of stagnation in high-end housing, thanks to the disappearance of the jumbo market, things are moving yet again.

Zeitgeist Addendum