The Federal Tax Credits Blog

Posts Tagged ‘credit extension’

Floor Statement Homebuyer Tax Credit Extension

Questions and Answers – 14 September 2010

Earthquake, Canterbury—Streamlining of Earthquake Claims Process; Tax System Changes—Effect on New Zealanders; Mōkihinui Hydro Dam—Effect on Endangered Species; Accident Compensation Corporation—Performance

Homebuyer Tax Credit: Whos Eligible?

Question: What’s the status on the $8000 tax credit extension?

So I’m in the process of getting my first house built and was supposed to close on Wednesday. Yesterday I found out that was not going to happen because the mortgage company is stuck waiting on some flood paper (stating that the land isn’t in a flood zone from what I understand).

The home builder then told me that it might be a week (or even an extra day) before they could get all of the paperwork done, missing the $8k tax credit. I’ve read online that they are trying to extend it for people that started before April 30th so that they could qualify up until September 30th.

Is that true or am I out of luck?

Answer: You read wrong. The extension is for active military and government employees who are stationed over seas. For everyone else the extention expires tomorrow.

MHI Hospitality Corporation Reports Financial Results for Second Quarter 2010

MHI Hospitality Corporation , a self-managed and self-administered lodging real estate investment trust , today reported its consolidated results for the second quarter ended June 30, 2010.

First Time Home Buyer Tax Credit and Other Mortgage Real Estate Related News

Question: Question about $ 8000 tax credit in home buying in 2009 and 2010?

My wife and I purchased a home in 2009 and will claim the tax credit when file the tax return.
Now we are considering buying another one as an investment this year.
How does it work with the $ 8000 tax credit? Is it a one-time deal? I’ve heard about the extension into June 2010 but not quite sure if the credit only applied toward the first one OR can be applied to both ones . THANKS.

Answer: Only the first one. It is for first time home buyers.

Greater Hartford Home Sales Plunge in July, But Prices Still Rise

Watchers of the Greater Hartford housing market were expecting a drop in the number of sales of single-family houses in July now that the homebuyer tax credit has ended, but perhaps not to nearly 50-percent slide that was reported Monday.

First Time Home Buyer Tax Credit Extension Update

Question: Clarification on new homeowners credit extension…can it bundle together with the $6,500 for 14500 total?

I’m buying a house and i’ve heard from actual news sources (time, cnn) that it that first time buyers could get 14,500. However since congress passed the bill, it has been stated 8000 for new buyers and 6500 for homeowners who plan to buy another house, or people who have lived on the house for at least 5 years (depends on source). Does this mean they will promise to live 5 years in that house and pay back if the buyers dont live 5 years or that the tax credit will be granted once they live 5 years in the residence? I will gladly accept any clarifications, thank you.

Answer: No. You must have ALREADY lived in the house for 5 years to get the $6,500. It is physically impossible to get both amounts.

Biden predicts Dems will have good 2010

‘I think we’re going to do a great deal better than anyone gives us credit for,’ Biden said of Democrats’ chances in the 2010 elections. (CNN) – Despite rampant speculation Democrats are in for a tough 2010 election cycle, Vice President Joe Biden is dismissing notions the party will witness a “grand debacle” come November. [...]

FOX News Interview with Chip Cummings – First Time Homebuyer Tax Credit