The Federal Tax Credits Blog

Posts Tagged ‘$6500’

Question: How to I get the housing tax credit for 2009 tax’s?

I understand the “bones” about the Federal Housing Tax Credit but I still have a question. I understand the deadline has been extended to April 30, 2010 ( http://www.federalhousingtaxcredit.com/glance.php ) and I was wondering when do you have to close by to have this on your 2009 tax’s? Is it Dec 31, 2009? Or sooner?

Answer: Dear WN: You must close before you send in your 2009 tax return which will be completed before Apr 15 2010.

You must have a contract before Apr 30 2010 and close before June 30 2010 in order to get the “NEW” extended credit.

See www.irs.gov

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

CBS 2 HD Has Your 2010 Income Tax Tips

Each year there are a number of changes to the tax code, most of which never affect the average taxpayer. But as you start to prepare your 2009 taxes, there are several new adjustments that can really save you big bucks this season.

EXTENDED! First Time Home Buyers Tax Credit

Question: $6500 homebuyer tax credit?

I wanted to find out if I qualify for the $6500 homebuyer credit. I have lived in my residence for 7 years and want to buy a second vacation home. Do I qualify for the credit? If not, are there any ways around it that I can still qualify?

Answer: No, you don’t qualify since you will not be occupying the new place as your principal residence.

The ONLY way to qualify for the credit is to move into the new place as your principal residence for at least 3 full years from the closing date of the purchase.

You do NOT have to sell your old home, but you must move into the new one.

Question: Under the extended $8000 tax credit program, which deadline applies for an owner-built home?

We are going to have a home built to our specifications. I know that the critical date is the date of first occupancy, but it is not clear from what I am reading whether the deadline will be April 30 or June 30. One web site I found says, in specifically discussing circumstances such as ours: “In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010)”

What sales contract would they be referring to, when what we are doing is building on a lot we already own?
I should clarify that I will be paying cash for the construction, so there will be no lender involved.

Answer: June, you have a binding contract with the construction loan company.

Five signs to measure economic recovery in 2010

Economic recovery is in the air as America emerges from the longest – and worst – recession since World War II.

Tax Credit Extended

Question: Will the federal tax credit for the Toyota Camry hybrid extend into the 2007 tax year?

Answer: Read all about it at the website below. Here is a little bit
The new tax credit sets a limit of 60,000 hybrids per carmaker. Toyota hit the 60,000 mark in June, 2006. (Honda and Ford are unlikely to reach 60,000 hybrids in 2006.) Buyers have until Sept. 30 to purchase one of the five gasoline-electric hybrid models sold by Toyota and Lexus to qualify for 100 percent of the credit. On Oct. 1, the credit amount listed above will be reduced by half.
The credit for Toyota hybrids will stay at 50 percent for two quarters, fall to 25 percent in the subsequent two quarters, then expire on Oct. 1, 2007.
The credit amount is based on the purchase date of the vehicle.
The new law for the hybrid tax credit might require taxpayers to recapture their hybrid tax credit if they re-sell their hybrid car or truck.

Home prices likely fell in October vs. year ago

Home prices likely fell in October vs. year ago By J.W ELPHINSTONE The figures for October, which will be released Tuesday, should reflect the rush of homebuyers trying to complete their purchases before the original expiration of a federal tax credit. The Nov. 30 deadline was extended last month to April 30..

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Federal Tax Credit Extended Through April

Question: Is the first home buyer credit being extended to 2010 and increasing to 15K?

As discussed here, http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html, there are 15 bills in Congress to extend the credit into 2010 and increase to 15K. Fact or Fiction?
Sorry link was not working. Here is the correct one : http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html

Answer: They wanted it to be $15,000 the first time and it was shot down. Unlikely that it would pass now, especially with everyone in a tizzy about all the government spending. I doubt many politicians would endorse this. No one wants to support big spending right now so that way if things with Obama don’t work out, they can say it was because of the over spending and that they didn’t support it when they attempt to make a run for the Presidency.

Home Prices in 20 U.S. Cities Rose for Fifth Month (Update1)

Dec. 29 (Bloomberg) — An index of home prices in 20 U.S. cities rose in October for a fifth consecutive month, putting the housing market and economy farther down the path to recovery.

Home buyer Tax Credit Extended!