The Federal Tax Credits Blog

Archive for the ‘Tax Credit Extension’ Category

Congress May Extend Home Buyer Tax Credit Closing Deadline

document.write (” “); Homebuyers hoping to qualify for a federal tax credit but are sweating over whether they will close by the June 30 deadline could get three extra months.

1st Time Home Buyer Tax Credit Extension

Senate leader Reid seeks homebuyer tax extension

Senate Majority Leader Harry Reid on Thursday proposed giving extra time to homebuyers trying to get a popular federal tax credit by the end of the month.

Wonkbook: Harry’s Reid’s busy summer; BP bankruptcy?; Bernanke’s outlook

Harry Reid has put together a packed Senate schedule for the summer, including financial reform, war funding, energy legislation and Elena Kagan’s confirmation. Meanwhile, Wall Street is starting to think about a BP bankruptcy. And Ben Bernanke is predicting an unpleasant recovery.

Senate Session 2010-04-13 (18:47:30-19:13:11)

Question: Will the housing tax credit be extended to 2010? If so, will they consider bumping it to $15,000?

I heard this was being debated, but I couldn’t find any stories on it. Can someone shed some light on it for me, or a link to a story?

Answer: There are no stories, only rumors.

I have not found anything showing that congress is even talking about it though.

I really hope not, all of these freebies are dribing our country into more debt then I think my great grandchildren will be able to handle already.

Fitch warns of ‘formidable’ U.K. fiscal challenge

Britain faces a “formidable” challenge in putting its public finances in order, Fitch Ratings said Tuesday, urging the country’s new government to speed up deficit cuts.

$1-A-Gallon Biodiesel Tax Credit Extended, DER 03/11/10

Question: Rebate Stimulus Credit – No SSN?

I did not apply for an SSN for my wife as I was not aware that for the Stimulus check, we need SSN. I cannot get the rebate stimulus credit now as she still does not have the SSN. But I can apply for her work authorization and then get the SSN somewhere in July 2009. What are my options?
1. File the return now, & then go for the amended tax return
2. Apply for an extension, & then file the return in July 2009.
3. Would it possible to claim this in 2010 return?

Answer: You seem to have it down. I would not file an extension just for this reason. According to the IRS, this is not a reason to delay filing. To receive the stimulus, you have to have been eligible in the end of 2008. I do not know your situation, but if this is accurate, you can choose to file an amended return when you receive the number.

April Home Sales Up as Tax Credit Expires

CEDAR RAPIDS – Home sales shot up as many home buyers beat an April 30 deadline to get a federal tax credit for their home purchase. Record sales were recorded by realtors in the Cedar Rapids Area Association of Realtors multiple listing service.

Northern VA Market Update for May 2010