The Federal Tax Credits Blog

Posts Tagged ‘$6500’

Question: whats the penalty if you wrongly claim the homebuyer tax credit?

My current home ownership is a long story so I wont go into the details. However I feel I fall into the catefory that can claim the 6500 dollar tax credit for buying a new home. But I was wondering what the penalty would be if I claimed it and the IRS came back and said I didnt qualify for it. Would it be just repaying the credit.

Answer: I just went through hell to get it for my 2008 tax return. Yes, 2008, and I just got it today! Trust me, they’re not going to give you a dime until you jump through a bunch of hoops and prove beyond a shadow of a doubt that you’re entitled to it. I say go for it. If you don’t qualify, they’ll let you know. The main thing you’ll need is a copy of your HUD closing contract.

Inside Windham – 3/18

At a recent town council meeting, a good deal of discussion was held among councilors about how someone whose monthly income was Social Security and part-time work, could pay their property tax. To me, this was a hopeful sign that leadership is realizing that for a good-sized segment of our local population, day to day living is a struggle. The job market in Windham doesn’t seem to be booming …

Question: I bought a home in January 2009. Do I qualify for the $6500 credit now under consideration?

I am not a first time home buyer.

Answer: It’s for those who purchase after December 1, 2009, and who have owned a home for five previous years. Sorry!

Visit Cleveland Metroparks Zoo’s Wolf Lodge to Make Wolf Crafts

Adopt One of the Wolves at the Cleveland Metroparks Zoo By Joe Yachanin Cleveland, OH – Trek on down to Cleveland Metroparks Zoo for Wolf Awareness Day from 10 a.m. to 3 p.m. on Saturday, October 16. Enthusiastic pups and pack leaders can visit the Zoo’s Wolf Lodge to make wolf crafts, play interactive wolf games, and learn the facts about this often misunderstood animal.

Nov 2009 Home Buyer Tax Credit

Question: Another question about the $6500 tax credit…?

One question that I have been unable to find the answer to is…
How long will you be required to maintain the new residence as your primary home after purchasing? Or is there any provision in place?

A friend that took advantage of the $8000 the 1st go round said he had to stay in his house 3yrs I think? Would like to know if I will be in the same boat if I take advantage of the new $6500 credit.

Answer: I think it is now 5 years but it still may be 3 years. Look it up at the IRS.GOV

GM looks to banks to secure line of credit

General Motors plans to file its initial public offering in mid- August, sources familiar with the situation said Friday. GM is also in talks with banks for a revolving credit line worth $5 billion, sources said.[...]

First Time Home Buyer Tax Credit Information, 6500 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

CenterPoint Energy Reports Second Quarter 2010 Earnings

CenterPoint Energy, Inc. today reported net income of $81 million, or $0.20 per diluted share, for the second quarter of 2010 compared to $86 million, or $0.24 per diluted share, for the same period of 2009. Â Operating income for the second quarter of 2010 was $263 million compared to $253 million for the same period of 2009.

New $6500 Tax Credit for Current Homeowners