The Federal Tax Credits Blog

Posts Tagged ‘$6500’

Question: I have lived in my home since 1989. Am I able to take advantage of the $6500 tax credit ?

Answer: Are you serious? It’s for people who buy a home, not who already own one!

Tax Tips Week 5: New Rules for New Houses, Cars, Appliances

This week, we update you on new guidelines for these credits.

$6500 Tax Credit for Current Homeowners

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

Consuming Interests: TurboTax answers your homebuyer credit questions

The April 15th tax deadline is not that far off. Still, readers have questions on whether or not that qualify for the homebuyer credit. Bob Meighan, TurboTax vice president of consumer advocacy, answered some of the more complicated questions.

Collier Swecker on First Time and Repeat Home Buyers Tax Credit

Question: What are the rules for qualification for the new $6500 second-time homebuyer tax credit?

What are the effective dates? That is, what is the deadline for closing on the house?
Consider the following situation regarding my older brother: He bought a home in a different state because he got hired for a job there in Feb. 2001. He lost his job in June 2007, so he sold his home and moved back up here with our parents. Suppose he buys a house now, closes next week, and moves into it. Will he get a $6500 tax credit?

Answer: The short answer is no.

The reason he won’t get a tax credit is that there is absolutely no provision in the tax code for one.

When you are watching or reading the news, pay close attention. A “proposed” law isn’t law yet. When the news refers to a bill in congress, once again, it isn’t law. Most proposals do not become law and many more are drastically changed before they become law. Wait until we have a law before you ask questions.

I hope this helps.
Gary

Money left unprotected auditor finds

City cash was sometimes left unprotected and unsold transit passes often left unsecured — and at least twice some of both went missing — Sudbury’s auditor general has concluded.[...]

Bad Credit Home Mortgage Refinance

Now finance your existing mortgage again, by taking a new loan, which is usually at reduced rates as well as at favorable terms and condition, even with bad credit. Yes, now a poor credit history cannot stop you from getting mortgage refinance loan. With bad credit mortgage refinance, you can change your current financial condition and take it from being an adversity to an advantage. Following are some advantages of a Bad Credit Refinancing:

A bad credit home mortgage refinance is possible for people with less than perfect credit. The interest rates will not be as low as those for consumers with good credit but you can still end up saving in the end. There are some important points you should consider before refinancing. First of all, you need to access your credit situation. If credit has been a problem for you in the past, you will desire to take control of your finances before applying for a mortgage refinance loan.

You might need to calculate all of the costs involved in refinancing before making a decision. A lower rate of interest and a shorter loan payoff time are two desirable benefits of refinancing. Some people are only interested in lowering their monthly payment amount. However, you will need to remain in your home long enough to reap the benefits of refinancing. It makes no sense at all to refinance your home if you plan to move within a few years. It is a good idea to figure how long it will take to recover the costs of refinancing. Some loans may offer a lower rate of interest but have excessive closing costs and fees. You will want to be aware of all costs involved including any additional income taxes you may be charged. Follow the above points carefully and you’ll be able to enjoy the fruits of bad credit home refinance to its fullest.

North Bay slasher’s children lash out at victim

A woman still bears a scar on her neck after being slashed last year, but her attacker’s children added a few scars of their own when they blamed her for their mother’s penitentiary sentence. “These facts are chilling,” said Crown attorney Paul Larsh.[...]

2415 Center Avenue Payette, Payette county, Idaho

Question: Does the new provision to the American Recovery and Re-investment Act apply to me?

I’m a little confused about the new provision to the AARA of 2009. I purchased a home in May 2009. Because I bought my previous residence from my father in 2003 I was not considered a first time home buyer. I seem to fall into the long time home buyer category for the new $6500 tax credit for home purchases but does this only apply to homes bought after the bill is signed this month or to any home bought in 2009?

Answer: Unfortuneately it does. The purchase has to be made after November 6, 2009 and before April 30, 2010. (There is a small extended period to June 30, 2010 for binding contracts dated between the above dates.)

Home Price Double Dip Begins

Given the combination of the expiration of the home buyer tax credit and the increasing number of loans moving to final foreclosure, we knew that home prices overall would take a hit, but it would take a while.

Existing home owner $6500 tax credit questions