The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: Will the Obama stimulus package affect my first time homebuyers credit?

i am about to file my taxes and will be taking the first time home buyers $7500 credit (loan). I bought my first home in july 08 . But today i see that the senate is going to ok a $15000 credit. Will this also involve the poeple that bought a home last year or only people that buy a home this year?should i wait to file so i dont have to refile?

Answer: I suggest you go ahead and file. It could take a long time for any bill to pass. Go ahead and get what you have coming to you. The software is already set for the 2008 tax season for the $7500 credit. If they do come up with any changes it should have to be handled on an amended tax return.

So don’t wait. We will have to see what kind of bill gets passed and then they will have to set up programs to be able to handle any adjustment to the current credit.

Laura H – H&R Block – Senior Tax Advisor 5
**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.

2009 – It was a Great Year! by Greg Reese – A 30 Second Review!

Question: where do current homeowners take the $6500.00 tax credit ?

Answer: Line 67 with form 5406!

The Clean Energy Recovery: Creating Jobs, Building New Industries and Saving Money

Question: First time home buyer credit -help with new 1040x form?

I just purchased a home and closed May 28 2010. I was in a binding contract (Purchase Agreement) as of April 28 qualifying me for the first time home buyer credit. The new 1040x form is a little misleading and I was hoping to get some help in filling it out. I have filled out the 5405 form but am stuck on the 1040x. Which sections of new form do I need to fill out? …http://www.irs.gov/pub/irs-pdf/f1040x.pdf…..Thank you for your help!!!!!!!!!

Answer: See the instructions.

You start at line 10, which equals your total tax bill (see the line above your withholding on the 1040 or 1040A). Then you put down the remaining lines. The 5405 is PART of line 14. If you do it right, the amount of the credit pops out on line 20,21.

Attach a copy of the binding contract as well as the settlement sheet and send it in.

The ABCs Of Doing Due Diligence On Fixed Income Annuities

State regulators are stepping up as the SEC, reigned in by Dodd Frank, retreats on regulation of fix

Question: Is my fiance eligible for the $8000 first time home buyers credit?

He owned a trailer (his name was on the title – the title had “manufactured home” on it) within the past 3 years, but it was on rented property. Does this quality as a “home,” and make him ineligible to receive the $8000 tax credit? Not sure if states have anything to do with it, but his trailer was in Michigan and we are purchasing a single family home in Kentucky.

Answer: this is a very good question. If he was able to get a real estate loan- a mortgage on the home then it would be considered a home he has owned in the past 3 years. Not all manufactured homes are finance-able. Otherwise it would have been a personal loan. Like a vehicle

Britain could become nation of renters

Britain is home to a generation of renters who are giving up on buying their own home, according to a new report.

First Time Home Buyer Tax Credit

Question: First time home buyer wanting to buy family home from parents, but have credit score of 591.?

My parents are willing to sell me the house I grew up in for almost half of what it is worth. They said all I have to do is get the loan and they would worry about the down payment. I have a credit score of 591 ostly due to hospital bills. I have no credit cards or car loan and with my fiance we have a combined income of about $55,000/yr. They are willing to sell the house for as little as $100,000. What is the best way of going about this. We don’t want the house out of the family but I don’t think they are willing to rent to own.
They do own the house in full. The only bad thing on my credit are 2 credit cards from over 7 years ago and $16,000 in hospital bills. We have no credit cards open.

Credit score came from Quizzle.com

Answer: Well with that credit rating you are unlikely to qualify for loan even if house appraises out at double the asking price.
Best way for you to do this is land contract, installment contract for deed, rent to own, but this doesn’t give your parents up front money.
We need reform of health care as hospital costs and lack of insurance is major cause of US bankruptcies.
In 6 months you could raise your credit rating above 600, and you might be able to qualify, although you really need 660 or better. This means paying all bills in full and on time. This means not running up your credit cards, STOP using them, and pay 3-5 times the minimums due. Pay off delinquencies. AND you have to have a down payment of 3.5-5% down to get a loan nowadays.
So I’m sorry to say, it doesn’t seem feasible for you at this time. In 6-12 months you can do it with perseverance and persistance and restraint.

Five Thoughts: Caps toughness, Ryan Miller’s sass talk, Coyotes future all in focus

In today’s Five Thoughts, we give credit to the guts and heart of the Capitals while falling in love with the G-rated sass talk from Buffalo’s Ryan Miller.

Home Buying Guide – the mortgage process