The Federal Tax Credits Blog

Archive for the ‘Federal Tax Credits’ Category

Question: First-Time Home Buyer Tax Credit?

Background info: http://www.federalhousingtaxcredit.com/faq.php

Can I claim a house I bought this year (2009) on my 2008 taxes or do I have to wait until next year???
Thanks, Helen. I am aware of the repayment. I just wasn’t sure if i’d be allowed to claim for this year since it’s purchased in 2009.

Answer: You can claim the credit on your 2008 return. Remember, you have to pay it back, it is more like a loan then a credit.

Helen, EA in PA

Income, Credit & Home Loans: Buying a House : Private Mortgage House Insurance (PMI) Tips

Question: First Time Home Buyer Tax Credit or any Credit (question of primary residence)?

I have been reading the IRS website and can not get a clear cut answer of how the IRS defines primary residence. In 2008, I purchased a home for my parents about 500 miles away in another town. My name is on the deed and the mortgage as well. I do not consider this place my primary residence since I have never lived there.

In Oct of 2009, I purchased a home for myself in which I consider as my primary residence. I am looking to file the First Time Home Buyer’s credit and was wondering if I would qualify? I am not sure if the IRS considers a primary residence as just simply owning a home, in the case I do or is it a place where you actually live?

If I do not qualify for the first time home buyer tax credit, I noticed that there was a second home buyer’s tax credit available as well for $6,500. Do I qualify for this? I closed my current property about a week before the extension in November 2009. Thanks!

Answer: If you owned a home in the last 3 years you normally do not qualify for the FTHB credit. There is a newer credit for folks who upgrade their home to a new replacement home. Your circumstances are too involved to get a good answer in this forum. See a local tax pro for solid advice based on your situation. Here is the IRS form:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

Manitoba Telecom Services Inc. Reports Second Quarter 2010 Results

Manitoba Telecom Services Inc. , including its two primary operating units “MTS” and “Allstream”, today reported its financial results for the second quarter ended June 30, 2010.

First Time Home Buyer Tax Credit – 30 year Fixed FHA Financing – RealEstateMarketingThisWeek.com

Obama: Clean Energy’s Venture Capitalist-in-Chief

The White House is gambling big on a new industrial policy to promote electric cars and batteries—but does history show such government backing is a good idea?

KANSAS CITY HOUSE, MO – 5100 EMERY

Question: will i get working tax credits this new tax year ?

My income for my husband and i fell drastically in October 2009..with the new tax credits award pending for April 2010 will we see a change in our child tax credit award and will we now qualify for working families tax credit…just wondered because I onow they base the award on last years income but thats no help to us ..we have struggled for the last 6 months and are hoping for some more help
thanks

Answer: You should do because its year to year so if your circumstances have changed which they have and you give them a total of your income of the past year they will work it out from there.I would ring them up and ask them directly what you have to do , i would do this ASAP because you may be entitled to some help now.

Entries under “Column”

Every day tens, if not dozens, of albums are sold in record stores across America. And yet the average American musician represented by a major record label is forced to scrape by on only millions. Their only fault: Being born talented and with a marketable face.

Tax Tip: Additionall child tax credit

Question: Am I wrong for not paying taxes? Is it wrong to use loopholes? Thanks O for no income taxes last year…?

Me and my wife make 200k per year. We purchased 15 electric golf carts for $4600, and we received a tax credit of $69000. Well so far I have sold 7 of the golf carts for $4600 each on craigs list. I am confident I will sell the remainder this spring. But I have paid 69k less in taxes….. YESSSSSSSSS. I cant believe that making almost 200k in 2009, I will have to pay no taxes, legally…… I get to keep my whole 200k…..
to celebrate, I spent 38k on a platinum rolex president II…….. So glad that $ is not going to fund generational welfare….
I did not want to get into it to deep, but I did a lease – purchase with the carts

Answer: Liberals will tell you that this is all lies.
In truth liberals do not even know how to tax right.

BTW you cannot sell your electric vehicles right away and claim tax credit. But sure enough, there are slightly more complicated loopholes which work to the same effect.

New Laws Effective January 1, 2010

The following legislation will take effect beginning Jan. 1, 2010.

Golf Cart Tax Credit and the Ultimate Golf Cart Showroom