The Federal Tax Credits Blog

Posts Tagged ‘credit car’

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: I bought a new Prius in 2009, so what do I need to give my tax man?

Isn’t there a tax credit for new cars? What proof do I need to show of this purchase?

Answer: Bring the invoice from the dealership.

The sales tax is deductible.

There used to be a Hybrid tax credit but I believe that it expired on the Prius.

Levins push electric car credit

Following on President Obama’s State of the Union vow to put 1 million electric vehicles on the road by 2015, U.S. Rep. Sander Levin on Wednesday introduced legislation that would boost the production and purchase of electric vehicles by expanding a federal tax credit.

Corvus Cars

Question: Will a trade in affect the sales tax for new car purchase in California?

The car I am going to buy will sell for $22,500…if I get credit for $8,000 for my trade in, will the sales tax be based on $14,500 (22,500-8,000)? Does this apply to California sales tax laws?

Answer: California will require you to pay sales tax (based on the rate for your County of residence – not where purchased) on the purchase amount regardless of any trade-in.

The magneto’s fixed

“We have magneto trouble. How, then, can we start up again?” mused John Maynard Keynes in December 1930, likening the stagnant economy of the Great Depression to a broken generator in an automobile.

2006 LEXUS LX 470 4DR SUV 4×4 Certified Navigation

Question: Ohio sales taxes on a used car purchase with a trade-in?

For a used car purchase, should you deduct the trade-in from the used car purchase price to calculate the Ohio sales tax? I bought a used car and had a trade in and I was taxed on the full purchase price of the used car. I got no credit for my trade in.
Thanks

Answer: I live in ohio too, and trade ins only get deducted off of NEW car purchases. Sorry, just don’t seem fair.

GM Accelerates Toward Chinese Business, Plug-Ins

GM’s successful IPO raised billions of dollars and allowed the government to cut its stake in the automaker by half. CEO Dan Akerson says the company is committed to boosting production of the Volt — its plug-in electric car — and to reaping huge profits from selling cars in China.

Recovery: Vehicle Tax Deduction (ASL, Captions & Voice Over)

Question: Filing married for first time, husband in Army, i worked only 2 months from oct – dec 08, bought a house and?

a rv. bought the house in july 08, the rv in dec 08. im a german national and didnt have a ssn until august, then started working in oct-dec, i only paid 68 cent in state taxes haha. husbands fed taxes withheld were 1843.42, he claims 0. we got married in 07 but couldnt file together as i had no social yet. we paid 333.86 in county taxes for the house and 3427.18 in interest in 2008. we already know what we are getting back in state taxes for him, we assume i might have to pay. we also bought a new car in april/may 08, purchased on army post. we have made some home improvements (tile in dining room, patio in back, porch in front) have the receipt. what about the first time home owner credit for 7500? our 10% would be way over that so we would get the 7500 so..any estimates on how much we would get back in fed taxes or in general? thank you to whoever will answer

Answer: you are definitely going to want to talk to a professional. you have several different issues to talk about….

first: you could have filed married for 2007. you would have filed a paper return, but it would have given you a higher standard deduction. all you would have had to do is put ‘applied for’ in the part that asks for your ssn. i suggest you go back and amend the 2007 return and file married filing joint.

second: the house and the RV will prove advantageous for you this tax season. it will give you the opportunity to itemize which could be very good for you. buying the new car could help too, but a tax professional will know exactly what works for your situation.

third: the home improvements won’t be of any use until you guys sell your house. definitely keep your receipts because it will help if and when you sell the house.

In order to give you an accurate answer on what you would get back you would have to give us WAY more information… but I strongly suggest you ask around and find a tax preparer that you can go to and talk to them about all this.

if you don’t feel you can afford something like that you can always look into TurboTax. Its very easy to use and guarantees the highest refund you could get, legally. This website offers 20% off Turbo Tax. http://turbotax.intuit.com/affiliate/intuitrefer

Good Luck!!

IBM to get nearly $8M tax rebate for 600 NC jobs

RALEIGH, N.C. (AP) – An IBM Corp. subsidiary will hire 600 workers at its North Carolina campus over the next two years and could get a tax rebate of nearly $8 million while paying wages below the local average.

New Car Buyer’s Deduction