The Federal Tax Credits Blog

Archive for the ‘Tax Credit Extension’ Category

Tax credits spur May home sales

Warmer weather and seasonal trends, combined with the end of the federal homebuyer tax credits, drove completed home sales up 24 percent locally from April to May, but the bottom fell out of pending sales, which plummeted 33 percent after first stage of the credit expired.

First Time Home Buyer Tax Credit Extension

Question: Clarification on new homeowners credit extension…can it bundle together with the $6,500 for 14500 total?

I’m buying a house and i’ve heard from actual news sources (time, cnn) that it that first time buyers could get 14,500. However since congress passed the bill, it has been stated 8000 for new buyers and 6500 for homeowners who plan to buy another house, or people who have lived on the house for at least 5 years (depends on source). Does this mean they will promise to live 5 years in that house and pay back if the buyers dont live 5 years or that the tax credit will be granted once they live 5 years in the residence? I will gladly accept any clarifications, thank you.

Answer: No. You must have ALREADY lived in the house for 5 years to get the $6,500. It is physically impossible to get both amounts.

Biden predicts Dems will have good 2010

‘I think we’re going to do a great deal better than anyone gives us credit for,’ Biden said of Democrats’ chances in the 2010 elections. (CNN) – Despite rampant speculation Democrats are in for a tough 2010 election cycle, Vice President Joe Biden is dismissing notions the party will witness a “grand debacle” come November. [...]

FOX News Interview with Chip Cummings – First Time Homebuyer Tax Credit

Home tax credit extension, now Sept. 30, relieves tardy buyers

NEW YORK Homebuyers worried about closing their house purchases before the tax credit cutoff can relax after the government extended the deadline.

First Time Buyer and move up buyer Tax Credit Extension – La Mirada Real Estate, by Don Jacks

Question: Question about 8,000 first time home buyer tax credit.?

My girlfriend and I are planning on buying a house together (unmarried).
So I assume one of us would be the primary loan holder and the other the co-signer on the loan. We are both first time home buyers.

1. Would we both get an 8k tax break on the house when we were filing our taxes, or is this double dipping?

2. If the answer is no…would one of us be foregoing our 8k tax break in the future should this tax credit be extended beyond november?

Thanks

Answer: BEFORE purchasing a house together go to an Atty and have a VERY detailed contract drawn up to indicate EXACTLY, down to this credit, what will happen if you break up. If you do not think this a VERY serious matter then just read a bit in the real estate area of this site.

No you would be CO OWNERS on the loan if you use both your informations to get the loan.

Speaking in Las Vegas, Obama urges increase in clean energy tax credits

LAS VEGAS (AP) – President Barack Obama is calling on Congress to expand a tax credit for clean energy manufacturing that he says would be a jobs generator for the U.S.

Bill would extend homeowner’s tax credit.(Strictly Business): An article from: Mississippi Business Journal $9.95 This digital document is an article from Mississippi Business Journal, published by Dolan Media Company on October 5, 2009. The length of the article is 325 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: Bill would extend homeowne…

First-Time Home Buyer Tax Credit Extended Quicken Loans

Build America Program’s Impending End Prompts Plea to Senate

U.S. state, city and county groups urged the Senate to extend the Build America Bond program, the part of the federal economic-stimulus plan that has driven down borrowing costs for public-works projects across the country.

GDP – LOL!! Fake rise in GDP and YOU get the BILL!