The Federal Tax Credits Blog

Archive for the ‘Homeowner Tax Credits’ Category

Question: $15000 tax credit for home buyers?

Can someone explain how this will work? Will I get a $15000 check next year after I file if I buy a house this year? Or do they just deduct $15k from my AGI to lower my taxes?

Answer: At this point it a proposal for the stimulus package and not a done deal. It is a tax credit (although I am not sure if it like the current one that is more of an interest free loan that gets repaid over 15 years). That means true tax credit of 10% of the value to a maximum of $15000.

The other way isn’t such a great credit, now, is it?

good luck!

House Session 2011-03-09 (15:27:00-16:28:39)

Question: Will the Obama stimulus package affect my first time homebuyers credit?

i am about to file my taxes and will be taking the first time home buyers $7500 credit (loan). I bought my first home in july 08 . But today i see that the senate is going to ok a $15000 credit. Will this also involve the poeple that bought a home last year or only people that buy a home this year?should i wait to file so i dont have to refile?

Answer: I suggest you go ahead and file. It could take a long time for any bill to pass. Go ahead and get what you have coming to you. The software is already set for the 2008 tax season for the $7500 credit. If they do come up with any changes it should have to be handled on an amended tax return.

So don’t wait. We will have to see what kind of bill gets passed and then they will have to set up programs to be able to handle any adjustment to the current credit.

Laura H – H&R Block – Senior Tax Advisor 5
**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.

2009 – It was a Great Year! by Greg Reese – A 30 Second Review!

Question: Once new homeowner credit is $15000 how do I get the additional amount over the $7500 I have already received?

What do I have to do in order to get the $15,000 new homeowner credit (if and when it passes) if I have already filed my return and am expecting the $7,500. Is there an amedment I have to accomplish or if the bill is approved will I automatically be sent the difference?

Answer: It’s an if, not a when, it passes. And it wouldn’t necessarily apply to you, would very likely only apply to purchases after it’s passed if it is. If it passes there would be instructions developed on how to claim it if you qualify.

Assessor: 27,000 homes in county may lose tax credit

KINGMAN — A new state law could affect more than 46,000 Mohave County homes used as vacation or rental homes. Mohave County Assessor Ron Nicholson said the law would raise property taxes an additional $100 to $600 a year for rental properties and second homes.

Bill & Dwan Twyford Ask: Are you an UNDERWATER homeowner or investor?

Plant Impact PLC – Preliminary Results – replacement

Plant Impact PLC – Preliminary Results – replacement

Question: What are some advices or tips for first time homebuyer approved for low income family CAL-HFA or FHA loans?

I live in California. I heard there are ways to get the government to reduce your property taxes, get the seller to pay for your closing costs, get a down payment loan with no interests, and many more (feel free to fill me in). My family qualifies for CAL-HFA or FHA loans because we are a low income family, we plan to borrow a couple thousands from different relatives but aside from family help, what can we do to utilize the government’s help or programs to the fullest? Any tips or advices or new discoveries that I don’t know of are welcomed. My dad has excellent credit by the way. Thank you and I greatly appreciate it.

Answer: Check with your city/county RE: first-time homeowner programs, as real estate and developers often work closely with such entities. (The only catch is that you may have to sell it to another first-time homeowner, and there sometimes is a cap on what one can sell it for, so the other person can afford it.) Start with your financial institutions that you/other family members have relationships with. Having excellent credit is important . . . see what you can do to clear/improve your credit. Seek a reputable loan broker, as they often have special loans — not all banks offer government-type loans. All financial entities have “raised the bar”, due to the number of negative issues that I’m sure you’ve seen from the media. Look at new house/condo developments. With the real estate downturn, builders often have special incentives (and referred financial entities) . . . you can negotiate on closing costs, transfer taxes. Start small — buy the best you can afford — maybe stretch a little bit to get what you want; yet, something one can reasonably afford . . . make cosmetic improvements over time. Your first home probably won’t be the last, so build equity for selling and buying your dream home down the road. Think about resale value . . . buy the “worst” house in the “best” neighborhood.

Falling prices keep area home sales rising

Last month, 900 existing homes were sold in the Volusia-Flagler area — the second-highest monthly amount in five years. Buyers of single-family homes were drawn by the area’s low prices, which in May fell to a median price of $112,300, down from $118,300 a year ago.

Home sales and the end of the homebuyer tax credit