The Federal Tax Credits Blog

Posts Tagged ‘bookmark’

Question: Will I receive a tax refund this year?

I am a nurse and I grossed $45K in 2008. My federal tax withholding was $5225 and my state withholding was $1300. I am also a full-time student. I have been receiving the Lifetime Learning Credit for the last 2 years and my educational expenses were approximately $16K. I am completely tax illiterate and I want to start learning a little more about my money. Thanks!

Answer: yes about 3600.

City leaders, think tankers suggest various causes of Detroit’s high illiteracy rate

A damning report released this month showing that nearly half of all adults in Detroit, Michigan are functionally illiterate has pundits and officials playing the blame game.

NCEA’s Lindalyn Kakadelis discusses education tax credits

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495. PARK RIDGE Agenda The city of Park Ridge lists the following meeting for the week …

Question: First time home buyer credit-owner financing?

Does the 8,000 tax credit apply in owner financing situations?

I will be buying from a friend (not a relative which would wipe out the credit) and will be using owner financing. Are there any provisions in the bill that would prohibit me from receiving the tax credit?

Answer: Yes it does! We just bought a home through owner financing from a website that explained it all to us over the phone. http://www.ezhousebuying.com
Here are the guidelines from the IRS website that is most important and that has to be in the contract to be legal. The contract had to meet these 7 requirements, per my CPA.
“If the taxpayer obtains the “benefits and burdens” of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.” (New 7/2/09) IRS.gov

Also, you have to look at the income limits in the IRS.gov website and you OR your spouse can not have owned a primary residence for the last 3 years. Also, it is up to 10% of purchase price up to $8000 tax credit. So as long as the price is over $80,000, you will get the full $8000 First Time home Buyers Tax Credit.

Andes Energia PLC – Final Results

Andes Energia PLC – Final Results

Vacant Round Rock home available with OWNER FINANCING!!!

Question: FHA loan: Using Fiance’s credit with mine to get house?

Hello, my Fiance’ and I are getting married on November 7th, 2009 and are hoping to take advantage of the first time home Buyers Tax Credit and are currently looking at foreclosed houses. Only problem is she is a Nanny and does not pay taxes on the income she uses and will not be able to claim her money until next year on her taxes with me (making her). So my question is her credit is much better then mine (almost perfect, she has a car and a few credit cards) but cannot prove her income, so I’m stuck with so-so credit and want to get the best rate possible…is there any banks out there that can use both of our incomes and credit scores together towards an FHA loan? any help would be wonderful. And I don’t even mind hearing from loan officers who think they can help us!

Answer: Congrats on your up coming wedding.
Sorry, but anyone applying for the mortgage will have to provide income documentation. You have a couple of choices here.
1) Wait until she has filed her taxes.
2) Apply on your own – With an FHA loan, a person with a 620 score gets the same rate as someone with an 800 score.
3) Credit repair – work on getting your scores up if they are under a 620.

Soaring on solar

Soaring on solar

1900 sq ft $99000 100% USAD Rural Development grant financing HEY YOU GET AWAY FROM MY CAR!

Question: How do you repay the $8000 first time home buyer credit?

I received the $8000 First time home buyer credit when I bought my house June 2009. Certain things came up and now my wife and I can not afford the house. I need to know how I would have to repay the $8000 if I sold the house before the 3 year mark.

Any and all information is welcome.

Thanks

Answer: 8k due April 15, 2011 in full.

County home sales and prices drop in first quarter

The new year is off to a rocky start for Tooele County’s real estate market.

Federal Housing First-Time Home Buyer Tax Credit Program: Top Five Facts