The Federal Tax Credits Blog

Archive for the ‘Home Tax Credits’ Category

Question: Qualified for First Time Home Buyers Credit?

So my husband and I got a construction loan and our loan officer worked it into a refinance for us to purchase the mortgage. We are first time home buyers (builders)…does anyone know if we are disqualified from the $8 tax credit because we worked this loan as a refinance? Or is it just plain and simple if you are first time home buyers, you get the credit? Any sources of information are appreciated.

Answer: your loan is not important. if you purchased a home to be used as your principal residence and neither of you have owned a home in last 3 years then you qualfy.

Annaly Capital Management Releases Monthly Commentary for November, Providing a Review of the Economy and the …

NEW YORK–(BUSINESS WIRE)–Annaly Capital Management, Inc. (NYSE: NLY) released its monthly commentary for November. Through its monthly commentary and blog, Annaly Salvos, Annaly expresses its thoughts and opinions on issues and events in the financial markets. Please visit our website, www.annaly.com, to check out all of the new features and to view the complete …

Question: Will I or am I still able to get the First Time Home Buyer Tax Credit?

I am currently in the process of buying a home for the first time. The home is a Short Sale, we the saler and I agreed and have signed a contract in January but the bank is taking there sweat time with getting liens taken care of and a deal done. (Extension were put in place so Im still in the contract) The bank didn’t even assign anyone to the sale until March. I know that the dead line for the Tax Credit is 4/30/10 but with a signed contract by the the saler and I already agreed upon but its the banks fault this is taking so long will that keep me from getting the tax credit?

Answer: Hi kilgore87!

That’s great that you have a signed contract for the home you are interested in! As I’m sure you are aware, short sales take a lot of time to negotiate and close. Having a signed contract is the first step in being qualified for the first time home buyer tax credit. The next step is closing before June 30. If you don’t close before June 30 you will not be eligible for the tax credit. Good luck!

Local home sales dive, foreclosures soar

Clark County’s housing market experienced a double whammy in October, with a dramatic drop in home sales driving down prices and a backlog of distressed properties that entered the market faster than they could be absorbed. The number of homes in some stage of foreclosure countywide surged to 527 in October, an 81.7 percent rise over the same month last year and a 21 percent climb in one month …

Porter offers ‘window’ to tax credit

Spring City’s Mark Porter, owner of Superior Home Improvements, stands beside two of his best-selling windows. With temperatures steadily dropping, Mark Porter is staying busy helping Rhea Countians get ready for another cold winter by making sure their windows aren’t hard on their electric bill.

Tax Credit Home Improvements

Question: First Time Home Buyers Credit – 2009 Stimulus Package?

Can anyone please help clarify the details on the updated tax credit for first time home buyers? What are the stipulations? Do they require your put a certain percentage down? Also, if you buy a house next month can you go back and amend your 2008 tax return to get the $8,000 now?

Thanks for the help!

Answer: If you buy a house in March of 2009 you cannot claim the credit until you file your 2009 taxes in early 2010! You cannot amend your 2008 tax return to get the credit because YOU DIDN’T BUY A HOUSE IN 2008!

The updated tax credit will have dates associated with it, just like the current $7500 tax credit has dates associated with it (and the current one is an interest free loan that is repaid with your taxes over 15 years starting in 2010 at $500 per year).

I don’t know what the final details were in the most recent stimulus program, but one of the proposals was to make it a true credit (not an interest free loan) if you keep the house for at least 3 years.

good luck!

Special Report: For GM IPO, the government is back-seat driver

By Clare Baldwin, Soyoung Kim and Kevin Krolicki

2010 CURRENT Home Buyer Tax Credit – forgotten details

Question: Do we still qualify for the 8,000 tax credit?

We just bought a home in May 2009. We wanted to get the 8,000 tax credit but we weren’t sure if we can or not. We did own a home before and sold it 3 years ago…in June of 2006. The big question though is that we didn’t live in our other home but only 1 year and then we rented it out while my husband was in the military and we lived in base housing. So do we still qualify for the tax credit if we didn’t live in the house? I have heard yes we can get the credit but I want to know where I can find this info to make sure it is correct. Also, if we can get it, do we just claim it on next years taxes?

Answer: So the house you just sold wasn’t your primary residence. And you say it was rented out.

Did you declare the rental income on your taxes? If yes, and you can show you were living in your own rental property for the 36 months ending on May 2009, you could still qualify.

Klein-West debate turns nasty

The testy and often nasty campaign between Democrat incumbent Ron Klein and Republican Allen West went on full display Sunday morning as the two congressional candidates bickered back and forth in their first live televised debate.

TAX CREDIT EXTENDED UNTIL 2011 FOR MILITARY AND FEDERAL EMPLOYEES!!