The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: Is Congress considering extending the first time home buyers credit thru 2011.?

Is there any chance that Congress is going to extend the first time home Buyers Tax Credit? What does the currently proposed extentions include? Thanks

Answer: yes, it is.

IRS sees increase in online filing

SPRINGFIELD – The IRS stopped mailing paper forms and instructional booklets this year as it pushed the trend toward more e-filing of tax returns and tax tips disseminated by apps for smart phones.

Extension of First Time Buyers Tax Credit

Question: Home Credit eligibility without wife on mortgage?

My wife and I are looking to buy our first house. Neither of us have owned before. Her credit is poor and the mortgage is going to have to be in my name and won’t include her. Are we still eligible for the $8000 tax credit? If so, will it matter how we file our taxes in order to get it (ie. separately or joint)?
It may sound questionable that i’m the only one on the mortgage but that is how it goes. In order to qualify for the loan and that interest rate, she will not be included on the mortgage agreement

Answer: It will not effect the credit. The credit is for the purchase of the property, it does not matter if 1 or 5 people buy it, as long as all are first time. Because she is your wife she has to not have owned for the last 3 years, on this title or not, but she has not, so you are good to go.

Peninsula Financial Advisor Larry Krause Explains How Financial Reform Affects the Average American

The new financial reform bill is the most sweeping economic legislation since the New Deal. Larry Krause, a Bay Area financial advice expert, explains how new rules governing lenders, banks, and credit ratings agencies can affect average consumers and investors.

Mortgage Mentoring : $8000 Tax Credit Still Available

Question: I am a first time, veteran, prospective, home buyer in Georgia. ?

Due to a past divorce, I have a low credit score. Low debt and excellent income. What are my best choices for buying a home, including forclosures such as va and HUD or FHA?

Answer: Because you are a veteran you are entitled to special loans, talk with the veterans administration and ask them to put you in touch with someone.

Lower Demand Pushes Beazer Homes To Loss In Q1 – Update

Homebuilder Beazer Homes USA Inc. Tuesday posted a loss for the first quarter, as home sales and orders declined on lower demand. In addition, the year-ago results were favored by a tax benefit. Further, homebuilding revenues slid 47.3 percent, reflecting the sales and orders decline and higher cancellation rate. The Atlanta, Georgia-based company, however, expects a seasonal improvement in …

First Time Home Buyer

Question: I’d like to see a summary of Republican “socialism” behavior eg. tax credits enacted, stimulus check, military?

I’d like to see a summary of Republican “socialism” behavior eg. tax credits enacted, stimulus check, military (haha)
in light of everything going on right now… i hate when i see people calling Obama a Socialist (trying to make this a bad thing) when many of the policies in play today were “socialistic” in nature and directed by Bush or other republicans. Face it, any government spending for the greater good is socialist, when it becomes an issue is when these are done at the expense of people working hard. If Obama, said – no i am not a socialist, i am a capitalist (the opposite) everyone would be up in arms, because a pure capitalist would let any company or organization die or go under at the later expense to the economy (because they dont care once it happens).
so… specifics on republican social policies please.

we are all americans. we should support and defend our country and our president. not doing so is unpatriotic.

Answer: You left out farm subsidies they never like calling that welfare or socialism and that runs into the billions of dollars.

Axelrod on Way Out: ‘We’ve Learned Some Lessons’

Obama’s chief political strategist and senior adviser leaves the White House with resurgent Republicans in mind Boehner: Cut Up the Credit Cards YOU DECIDE: Find the Cuts

Home-buyer Tax Credit for the Military Featured on Live 5 News

Question: First Time Home Buyer Credit and Revised Legislation 2009 Stimulus?

Recently my husband and I bought a house (Nov 2008). We are eligible to receive the $7500 tax credit with paying the amount back over 15 years. I recently read that there is a 2009 bill in the House(see below link) that modifies the terms of the tax credit and that if passed the tax credit would not have to be paid back. My question is would I still be eligible for these revised terms given that purchased my home last year. Also should we continue with filing our taxes now, or wait to see what happens with this bill. Thanks.

http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm

Answer: Neither the House nor Senate version of the bill makes the changes to the $7500 tax credit (not having to repay it) retroactive to November. Its only retroactive to January 1, 2009 in both versions of the bill. Of course, that could change later, but as it stands now… it only goes back to 1/1/09. Any houses purchased by first time home buyers prior to 1/1/09…unless its changed…will have to pay the credit back over 15 years. Its still a good deal…its a $7500 interest free loan for 15 years!

From that article you linked to:

Both the Senate and the House versions of the new act remove the requirement that buyers repay the credit. The Senate bill applies retroactively to any purchase completed between January 1, 2009 and the end of August. The House version is also retroactive to the start of the year, and expires at the end of June. As long as buyers don’t sell for at least 36 months, they keep the money.

And the credit is refundable, meaning that it can be claimed even if the amount of the credit earned exceeds the buyer’s tax liability. So even if your total tax bill comes to just $5,000, you can still qualify for a full $7,500 refund

Realtors cautiously optimistic for 2011

Looking at trends in home prices, unemployment, interest rates, and foreclosures, some realtors are optimistic about the real estate market for the coming year, while others advise caution. Most agree that decisions about selling and buying depend on individual needs.

Queen Creek New Home Subdivisions Back in Business