The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: Was the half a billion in fraud the basis for why Obama decided to extend the 1st time home buyer credit?

Together, fake or faulty claims for the $8,000 refundable tax credit may have cost the government up to half a billion dollars so far, investigators told the Ways and Means subcommittee.

http://www.politicsdaily.com/2009/10/22/four-year-old-got-first-time-homebuyer-tax-credit-panel-told/

Russell George, an inspector general with the Treasury Department, told the subcommittee about the most brazen instances of bogus claims that he had come across since the IRS created a filtering system last May to weed out suspicious applications.

George said he had found nearly 20,000 returns for people who may not have actually purchased homes; thousands for people who already owned homes; 3,200 taxpayers who could not prove they were in the country legally; and an unspecified number of IRS employees wrongly applying for the credit.

Answer: According to Obam Fraud= Good.

Wall St Week Ahead: New year, old worries for U.S. stocks

By Edward Krudy

First time home buyer tax credit

Question: Are you eligible for the 1st time homebuyer tax credit if you purchase from estate of relative?

I am going to buy the home of my deceased grandmother that is currently owned by her estate. I am not a beneficiary of the estate, but the executors are my mother and aunt. I have read that you are not eligible for the $8000 tax credit if you buy a home from a close relative, but don’t know if my situation qualifies. Have any of you tax/real estate gurus out there come across this situation? I do plan on contacting the IRS to get their opinion beforehand but wanted to see if anyone had any real life experience with this. Thanks.

Answer: o my knowledge the IRS has not ruled on this specific issue. If you can prove that you bought the home at Fair Market Value and the opportunity to purchase the home was open to others I would take the credit and let the IRS tell you otherwise.

JER Investors Trust Inc. Provides Company Update and 2009 Annual Statement of Affairs

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Can you use the 8000 tax credit toward your closing costs with regard to real estate?

Question: i just filed my taxes today and got the $7,500 home credit. But?

Now the Senate just approved the $15,000 tax credit. Can i amend my tax return to include this? does anyone have details about this tax credit?
no seriously, the senate just passed it tonight. I want to get the socialist money so i’ll have extra cash. Plus it’s one of the few ways left to get money anymore. I’m forgetting the concept of “work”.

Answer: It may have passed in the Senate but now it will have to go back to the House for approval and on the President’s desk to sign into law and it depends if it is retroactive if not then you’ll have to wait till you file your 2009 taxes.

That’s just the way our government works.

Fiat CEO confirms engine to be built in US

AUBURN HILLS, MICH. — Fiat SpA will build a new, more fuel-efficient engine for Fiat and Chrysler vehicles at a plant near Detroit, Fiat CEO Sergio Marchionne said Thursday.

Senator Johnny Isakson on Expanding the Home Buyer Tax Credit

Question: Applying for $8000 tax credit for a home purchase in 2009 on 2008 tax return?

I want to purchase a home this year but I wanted to use the money as a down payment. Can I claim it in 2008 tax return and if I do will I be getting the 7,500 pay back loan or the 8,000 free tax credit?

Answer: thats seems to be the million dollar question, and i saw that everyone is to be saying yes to that, but who knows the irs might forget that its owed and take a year to years to get that refund

LIKE NEW! Totally remodeled 3BR. New kitchen, bath, tile floors,

LIKE NEW ! Totally remodeled 3BR . New kitchen, bath, tile floors, roof. $8000 tax credit available. San Jose area. $89,000 (520) 432-2278

8000 Dollar tax credit when you buy a home

Question: Homeowner Tax Credit Extended, plus $6500?

I have a question about what I just read on yahoo.

“Under the new language in the Senate, homeowners who have lived in their home for five of the past eight years would be eligible to receive a $6,500 tax credit, while first-time buyers would still be eligible for an $8,000 credit.”

What does the part about the $6,500 mean?

Answer: It means nothing until the House of Representatives passes the exact same language. If the House of Representatives passes different language, then the conference committee decides. If the House of Representatives passes nothing, then it means nothing.

If the House of Representatives does pass the same language, then anyone who owned a house from 2001-2006, 2002-2007, 2003-2008, or 2004-2009 might qualify for a $6500 tax refund or a $6500 reduction in their tax bill, but only if they fill out some paperwork, and only if either Obama signs the law or the House of Representatives and the Senate both vote by a 2/3rds majority to override his veto.

Inlanta Mortgage Reminds Homebuyers about $6,500 Move-Up Tax Credit on Single-Family Homes

Move-up tax credit added in November and encourages homeowners to upgrade or move into another property. A signed contract must be completed by April 30, 2010 in order to qualify. (PRWeb Dec 30, 2009) Read the full story at http://www.prweb.com/releases/2009/12/prweb3388854.htm

Tax Credit Extended