The Federal Tax Credits Blog

Question: Can I get energy star tax credit if I buy windows but then move a month after they are installed?

I am going to install energy star windows in my home this month and would like to claim the 30% tax credit. Here is the hang-up I am not sure about:
I am planning to move a few weeks after they are installed. So when I do my 2009 taxes I will not longer be living in the home the windows are in. So they are being purchased and install while I live there but then when I claim the credit this house will no longer be my “principle residence.” Anyone know the rule for this? Can I still get the credit?

Answer: “at the time of installation, the dwelling unit is owned and used by the taxpayer as the taxpayer’s principal residence (within the meaning of § 121)”

It will be up to you to defend in an audit that you hadn’t moved until 3 weeks after the installation. You will have the paperwork showing the installation was completed, on say June 1st and the moving expenses showing you moved your stuff on August 1st…. If, on the other hand, you have paystubs showing you were already working in another state in May, you’d flunk.

(Presumably the buyer is demanding new windows? Or you think it will sell/rent better with them? It’s not like the credit is 100% of the money spent….)

Shutterman’s product comes with tax advantage

Greg Swartz said the best advertising for his small business doesn’t cost a dime.

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Question: Is it good to extend my tax filing status until Oct 2009 and take the first time home buyer credit 8K ?

I am planning to buy my first home and will be closing it at the end of May 2009. I haven’t filed my 2008 taxes yet.

1)Does it make sense to ask for tax file extension and then file after I close my home in May and claim the 8K credit as well ?

2) Or am I better of filing next year and claim the 8k credit ?

Answer: You have the following options:
file 2008 returns now and amend later.
file for an extension for 2008 return
or
claim it when you file 2009 return next year.

You choose which option suits you best based on the income in 2008 and 2009. This credit is phased out for high income people, and if you fall in that category, choose the year which favors you most.

HOUSING: Amid crisis, market stages surprising recovery in 2009

When economists looked into their crystal balls last winter,their visions of the future did not include a housing marketrecovery-in-progress.

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Home Buyer Tax Credit

Home sales up, pending sales plunge, sending mixed signals for November

Two reports released Tuesday demonstrate the roller-coaster ride that is the housing market: Home sales increased in November while pending sales plummeted.And housing officials suggest government stimulus is responsible for both.The popular homebuyers tax credit — originally slated to end Nov. 30 but later extended to April 30 — goosed home sales nationwide, including in the Memphis area.”The …

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Question: Does filing for the education credit affect your tax refund process?

I am a North Carolina resident. My tax return was accepted on January 17, 2009. And the program taxslayer said my refund should have direct deposited on January 30, 2009. I didn’t receive it so I checked irs.gov and it said February 3, 2009. Then February 3rd there was nothing and I checked it again and it then said Februay 10th. Does anyone know why the dates are changing so much and why I haven’t received it by now. I filed for the Lifetime Learning credit and was wondering if anyone thought that could be the delay or may have had the same problem? Thx:)

Answer: Plenty of returns have been delayed for 1 to 3 weeks this year. The IRS is not saying why on any specific return though the most likely culprit appears to be incorrect claims under the Recovery Rebate Credit. Many folks either failed to enter the correct amount of last year’s stimulus rebate in the tax software or deliberately omitted it when they saw that it reduced their apparent refund. If the numbers don’t match the IRS records, processing is delayed while the IRS manually reviews the numbers. It’s not likely that the Lifetime Learning Credit is the culprit.

The AMT issue mentioned by another poster was LAST year. The article is dated January 14, 2008.

Oklahoma to receive $2.6 billion in stimulus funds

OKLAHOMA CITY (AP) — Oklahoma is expected to receive more than $2.6 billion from the American Recovery and Reinvestment Act of 2009, along with additional grant funds in areas like education, techn…

Platypi Vlog: Cooperative Education Tax Credit

Question: First-time home Buyers Tax Credit?

Are you eligible for the 2008 2009 first time home Buyers Tax Credit if you used a down payment assistance program and the loan is FHA?

My question is based on this: Now I do not fully understand what a MRB is or if it ties into FHA loans or Downpayment Assistance Programs.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.

Answer: Look through your paperwork. Is there a Mortgage Credit Certificate?

These are programs were local governments do a bond program–they sell the bonds, take the money and lend it at LESS than the going interest rate to first time homebuyers. Since you are already getting financial help, you don’t get another one.

A down payment assistance program isn’t the same thing. It’s a technique of getting around the 3% down payment requirement to qualify for the loan. Your cost basis in the home is MINUS this downpayment when it didn’t come out of your pocket. (Most of these programs have been shut down because the money came from the builder and the builder just raised the price to cover it. Leaving you with a higher sales price and probably higher property taxes.)

Business owners are making New Year’s resolutions

Small business owners aren’t just putting together budgets and sales projections as 2010 approaches.

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