The Federal Tax Credits Blog

Posts Tagged ‘8000’

Question: I am Building my own house. To get the $8000 tax credit who determine’s occupancy?

I am Building my own house. I am looking to get in befor Dec 1 for the $8000 tax credit. I was looking at the Bill H.R 3221 where they define Construction of a new house and have a question about Occupacy. Who determine’s Occupancy?

Answer: They are talking about the completion papers, when the house is done.

Unless the construction is complete by Dec 1 you can’t take the credit.

In the Service

Air Force Airman Matthew J. Martin graduated from basic military training at Lackland Air Force Base, San Antonio, Texas.

New tax credit good news for first-time home buyers.(Business)(Taxpayers may be eligible for up to $8,000 that does not have to be paid back): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on February 26, 2009. The length of the article is 655 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: New tax credit good ne…

8000 tax credit one more time

For people belonging to the middle class, managing a tax debt problem has always been a challenge. The circumstances become even worse when the debtors are unable to pay off their IRS taxes. In addition, it gets worse when the IRS starts adding up penalties upon the outstanding tax amount. In such circumstances, one ought to think about tax debt settlement alternatives to lead a stress free life, in addition to repaying the IRS tax debt. There are some alternatives available for you to settle your IRS debt, which can be easily availed through the help of a good tax professional. The options are discussed below:

Offer in compromis

Offer in compromise (OIC) is generally a contract between a taxpayer and the Internal Revenue Service to resolve the taxpayer’s tax liabilities, and to pay less than the total IRS amount due.

Tax penalty standards

At times one fails to pay off the taxes on time, and IRS starts imposing penalties as well as fines to your net taxable amount. Generally, these fines and penalties are not calculated without taking in to consideration the individual’s state of affairs, nor think about the reasons the debtor couldn’t pay off the taxes in time. Any IRS debtor can avail IRS tax relief if he or she has a valid reason to avoid the penalties.

IRS payment plans

It’s the best possible alternative for people who are looking to avail IRS tax debt relief without affecting the credit history or ratings. It provides a chance to reimburse the IRS debts in the form of flexible repayments over a period. However, one needs to keep in mind that in most of the cases, the debtor might be paying all the penalties and interest while redeeming the IRS dues.

203k Rehab Loan – New York FHA Loan to Renovate and Improve Property Owners’ House, Condo, or a Mixed Use Property

Great Northern Mortgage Corp., a correspondent lender approved by the Federal Housing Administration, offers assistance to apply for a New York FHA loan that allows to receive one low interest mortgage to finance improvements in your house, condo, or a mixed use property. (PRWeb May 12, 2010) Read the full story at http://www.prweb.com/releases/203k_Rehab_Loan/Great_Northern …

What we know and don’t know about using the $8,000 tax credit for down payment assistance

Question: $8000 tax credit extended?

I heard they are extending the $8000 tax credit until June 2010 (or something like that), is that true? I really hope so, because the house we are gonna buy is a short sale house and it is taking FOREVER!!!! I wasn’t going to make it by Nov. 30th!! I would appreciate if someone tells me something they know or heard. THANKS SO MUCH!!

Answer: Nothing official so far.

The bill passed the Senate. That is just one step. It also must pass the house. If there are differences, the two bills must be reconciled. Then, the President must sign it.

OFFER by KRAFT FOODS INC. (‘KRAFT FOODS’) for CADBURY PLC (‘CADBURY’) — Kraft Foods Offer to Include Partial Cash …

This morning, Kraft Foods announced a definitive agreement to sell the assets of its North American pizza business to Nestle for a total consideration of US$3.7 billion.

Jacksonville Real Estate Short Sale Deal..

Question: I just found out I am being a victim of identity theft. How do I stop it?

I went to the Experian site and submitted disputes on the credit items, but their program won’t allow disputes on the 7 addresses where I’ve never lived.
I was in a hospital for 7 months five years ago and had all my furniture, clothing, personal photos, papers( old ID and passport) and files stored in a woman’s barn. When I got out of the hospital, she said I had left my things too long and she called “charity” to pick up. She didn’t say which “charity” but no charity would pick up new moving boxes clearly marked tax files, etc. They pick up clothes and furniture. And I found out that in that town they don’t even have pick up service. She has done this to another lady in Golden Valley, Az so I believe that I am her victim, too. I Googled her name and it came up as an alias for another name (could be just a divorce because she was married. To the point, I’m feeling very stupid, helpless and angry. Any steps for me to take?

Answer: First, notify the three major credit agencies by their toll free numbers. Let them know that documents about your identity have been stolen and instruct them to block and track anyone using your confidential data, even those with whom you have current business with, i.e. banks, credit card co.’s. who using your critical info such as social security numers, bank or credit accounts. Many stealing info will target your bank accounts and credit cards…wiping you out. Contact your banks and credit card co’s and let them know.

If you are on Social Security, contact them at 1-800–774-1213 or their id theft page http://www.ssa.gov/pubs/10064.html

on that page they also recommend you contact the FTC (Federal Trade Commission) at http://www.ftc.gov/bcp/edu/microsites/idtheft

You also should monitor your credit report periodically. Free credit reports are available online at http://www.annualcreditreport.com/

Next, contact police and generate a police report about the actual facts and time the incident occurred and have them get a statement from owner of property where documents were stored. (Sorry, but storing documents like that on someone elses property was really dumb. All documents of that type should be kept either in a personal safe in your home or in a bank safe deposit box)

If passports or other federal documents and/or birth certificates are involved, contact Homeland Security, FBI, or the State Dept and let them know these documents have been stolen. Also contact the post office where you live, and where the alledged theft occurred, as they can determine if someone is fraudulently using your name or identity to send or receive mail.

The federal gov’t takes the theft of these documents seriously as they are a major problem and a means for potential terror groups and individuals to enter country illegally

This is a hard lesson, but it’s now up to you to protect yourself.

Remember, this kind of thing has even happened to Bill Gates, so you’re not alone.

Good luck

AZ revenues down, credit rating downgraded

PHOENIX (AP) – A new report says state revenues of $422 million last month are down 15.7 percent from November 2008 and sales tax collections were down 13.1 percent.

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Tax Credit Video – 5 Reasons to Buy a Home This Year

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.[...]