The Federal Tax Credits Blog

Archive for the ‘Home Tax Credits’ Category

Question: 2009 First Time Home Buyers $8000 tax credit question?

My fiance and I are looking to buy a home soon here. Since we are not married yet can we both claim the $8000 tax credit? Meaning can we both receive $8k separate?

Answer: Legally, no. It references off the address of the property. You may get it initially, but if you were to be audited later, the penalties would be severe. Hey, I’m a worry wart. Easier not to have to go through life not looking over your shoulder, especially when it’s the IRS your looking for.

A look back: South coastal O.C. real estate

Here’s what local experts had to say about the trends we saw in real estate in Laguna Beach, Dana Point and San Clemente.

The 8000 First Time Home Buyer Tax Credit

Many people are striving to make 2010 a successful one and accounting and bookkeeping is one room where there is always a need for an expert. Hence, anyone even without an accounting degree could earn some units and do a job either home-based or office-based. This would be a great way to augment your family’s income and to have a fulfilling career at home.If you want to start a small business, knowledge in bookkeeping would also be very helpful. An entrepreneur should not also know the marketing side of the business but should also have the knowledge and skills in numbers. This would give him the idea on where to cut fat on unwanted investments, expenses and where to give full blast on earning potentials of the business. Luckily, the internet is a useful resource in earning your basic bookkeeping course.

Moreover, there are various bookkeeping courses blog to read and understand the vocabulary to familiarize your self first before plunging in the hot water. It would be a good start to have the bookkeeper basics in you. It’s a good chance to be able to do learning right at the comfort of your home and at the tip of your fingers. And if things are a bit shady there are resources to provide basic bookkeeping help as well. I am sure you would find it nice to be able to earn bookkeeping certification that would jumpstart a huge change in your life and would open the gate for a good career in 2010.

If one is creative, determined and resourceful starting 2010 would be bliss. No more dreaming in vain, no more hoping against hope because as the New Year unfolds we are all given a fair share of blessings, we just have to act now and nurture it. Let’s not be left behind because the world is a competitive world for the strongest and the survivor. It has no room for the meek and wary. Get up and search the internet for different online courses you could start and enrich yourself. Who knows a simple browsing of basic bookkeeping courses could land you a great income opportunity in 2010!

Jay Hancock: Why won’t my real estate taxes fall next year?

Why won’t my real estate taxes fall next year? My new assessment for my home is 22% less than it was last year. So won’t my next Howard County tax bill (as of the new 7/01/2010 lower assessment) be substantially less than it was for 2009?

Pulte Homes Tax Credit Commercial

Shopping for the Houston Apartments or the Houston condos can be pretty simple if you are well organized. You will first have to decide on the kind of unit you are looking to rent, the size, the facilities available in the apartment or condo as well as in the property and the particular area of the city you are looking to reside in.  When you fill out an apartment rental application you will need to have at hand your history of rentals as well as your income figure. If you already have this information ready it will be less troublesome for you.
 
If you have already chosen the kind of Houston apartments, Houston condos or Houston lofts that you would like to live in and the particular area of the city then all you have to do is now make use of the many online apartment rental search services to narrow down your choices. Make sure you use a good service which gives you an updated status of the rentals available. Some of these online services even let you subscribe to mailing lists so that you receive an e-mail in your mail box as soon as there is a an apartment as per the specifications you so desire.

The Houston online apartment rental service should permit you to reduce your search down to the geographical area, kind of unit, size of the unit, rental rate, amenities in the unit as well as amenities in the property like swimming pool, park, gym, clubhouse, amphitheatre, security, etc. Once you have shortlisted the Houston condos or Houston apartments that you are interested in, then you can make a chart by writing the property name at the top and enumerate the features below. This way you can compare them and perhaps reduce the list from five to ten apartments.
 
Make calls to the owners of the Houston condos or Houston apartments that you might be interested in and get more information from their staff. Try to concentrate on getting answers to your questions rather than answering their queries. Make sure you already have a list of questions to ask regarding the features which are of interest to you. Don’t forget to ask about the application fee, money you need to deposit, the rent for the first month, monthly rent thereafter, any additional charges for moving in and so on.

Also, try to assess the staff you interact with; are they polite, knowledgeable and ready to help you? Does it tell you that the place is professionally run? If so, the next step would be to meet them in person. Before you visit their office, just take a round near the property and if possible even drive trough it to check whether it is clean and maintained nicely. If it doesn’t meet your standard of living, then just move on to the next one of the Houston condos and Houston apartments that you have shortlisted.

Timeline of key local events in 2009

Timeline of key local events in 2009

ForRent.com Park at North Vista Apartments in Houston, TX

Question: How is the IRS verifiying the New Home Owners Tax Credit?

We bought our house in March of 2008. We really need that tax credit but missed it by a Month. Is the IRS checking or requiring documentation? I mean, we aren’t trying to steal anything since it has to be paid back, but this money would really help us. We are close to going belly up and losing everything. Any thoughts on how bad an idea it would be to take this credit?

Answer: Dear Curtis: The IRS has many ways to verify the purchase and if the IRS rules are not followed they could impose fines as well as interest if you could not come up with the money quickly.

Ways to check the sale: 1099S, property tax information, date of loan, 1098 interest statement, home owners insurance date and the USPS date of address change as well as many others.

They will know!

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Master Tax Advisor Enrolled Agent.

Home and real estate seminars

If your New Year’s resolution was to buy a house, find a new career or help a charity build homes, you can fulfill it at these seminars.

Smart Homeowners are Buying Now with David Bach

The information sent to the credit bureaus is then utilized to create a numerical score. Credit scores are like grades ranging from 300 to 850. If a person has higher “grade”, he/she will get a better credit rating.

Good credit scores even help in getting reputed job offers, loans for autos, medical, and housing purposes.

Bankruptcy and Credit Report Filing for bankruptcy puts a negative mark on that person’s credit report. Once entered, this bankruptcy information will stay on the credit report for up to 10 years. Therefore, it is important that a person should be aware of this before filing for bankruptcy and find out all alternatives for addressing a debt situation before taking the extreme step.

Filing for bankruptcy is a significant decision that could have a negative impact on a person and his credit report for years to come. This would certainly create a very difficult situation when a person is trying to erase bad credit. Instead, Credit Restoration is a great option available for people who are experiencing severe debt problems. The status of a bankrupt person appears as “filed,” in his credit report which means the person is no longer liable for the debts incurred.

Life after bankruptcy filing proves to be very difficult since it’s virtually impossible to obtain credit, for a home, or get insurance in the near future. How Foreclosure Affects Your Credit Score A big question that arises in the mind of any person on the verge of foreclosure, is the effect of the foreclosure on his credit scores.

Yes, there is an adverse effect as some foreclosure victims have realized that there is a huge drop in their credit score after foreclosure and they cannot borrow money for several years. credit report of a person is based on their entire record of using credit and the entire picture will be considered in assigning a score. If a person has, paid off his loans on time, then foreclosure may not have a huge impact on the credit report. It may cause a slight drop in the overall credit score because plenty of positives cover up one negative mark.

About the Author

David L. Skinner is the President/CEO of Capital Credit Improvement Group, Inc. David has over fifteen years of consumer credit related and other relevant industry experience. He has held a number of executive posts in banks and finance companies, most recently as Senior Vice President of Credit and Operations with the largest centrally operated mortgage brokerage in the United States. In those positions, David has been on the front lines of writing, analyzing, and interpreting credit policy.

Guelph Area Event Calendar

To submit: editor@guelphmercury.com