The Federal Tax Credits Blog

Posts Tagged ‘credit extension’

Report: Citywide Home Values and Sales Increase in Second Quarter

NEW YORK, NY–(Marketwire – 07/14/11) – The total dollar value of New York City’s residential sales transactions jumped 13 percent in the second quarter of 2011 to $7.42 billion compared to the first quarter of this year, according to a report released today by the Real Estate Board of New York (REBNY). Home prices citywide also inched upward by three percent compared to the same time last year …

Home Buyer Tax Credit Extended for a Select Few

EU Readies Plan to Urge Investors to Buy New Greek Debt

European officials readying Greece’s second bailout in two years are preparing to ask investors to reinvest in new debt when existing bonds mature, as Moody’s Investors Service downgraded the country’s bond rating to Caa1 from B1 and assigned it a negative outlook.

Question: Tax credit $8,000 extension for deployed military?

Explain a bit about it.

Answer: Quoting directly from the IRS: “Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.”

Innkeepers, Caribe, Inverness, Cordia, Vitro, WaMu, Berkline: Bankruptcy

Their offer was about $1.13 billion, according to the buyers’ statement. Chatham won yesterday’s auction for five other properties with a bid of more than $190 million, according to a person with knowledge of the auction. For other Bloomberg coverage, click here.

Military Tax Credit Extension

Question: First Home Buyers Tax Credit Military Extension?

I deployed in December of 2009. Will I still qualify for the Military Extension for First Home Buyers Tax Credit? I’ve read a ton of sites and it’s very unclear, I’ve read for 90 days between jan1 2009-may31 2010, I’ve read 90 of the days has to be in 2009. I’m just looking for a concrete answer as I close on my house in jan 2011 and I’m trying to see if I qualify.

Answer: “Are on qualified official extended duty (defined on this page) outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010.”

The 90 days do NOT have to be in 2009. They could be 90 days in 2010 or 2009 or any combination there of.

So, YES, you do qualify if you close in January 2011.

Phones open for Payback Line9

KUSA – It’s the next best thing to finding buried treasure. 9NEWS and the Colorado Treasurer’s Office are teaming up for Payback Line9. If you think you have unclaimed property that may be in the State’s Vault, call 303.866.6070. Be patient. They are very busy.

Military Tax Credit Extension