The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: Should I buy a house before the $8k tax credit is up in June 1010 or wait?

All the mortgage calculators online say I can afford as house that is around $180k. I have $10k that I can put on a down payment for a house. So if I am looking at a house that is $150k, $10k is about 6.7% down. Would it be advantageous of me to buy at house with a lesser down payment and recieve the $8k tax credit OR wait until I have about $20k saved up for a downpayment at the end of 2010 and buy a house then (but I will not recieve the $8k tax credit).

I am knew to buying a house so there is alot I do not know, I know a higher down payment will reduce my interest rate which could save thousands over a long period of time..any input helps thanks.

Answer: You need more then 10k to buy, there are all sorts of closing costs that you have to pay out of pocket. Set aside at least 5k for those.

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

Rinnai R75LSi Natural Gas Indoor Tankless Water Heater, 7.5 GPM $1,092.00 …

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $130.00 …

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $1.42 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–mo…

HM Revenue & Customs: PAYE, Tax Credit Debt and Cost Reduction, Fifty-eighth Report of Session 2010-12, Report, Together with Formal Minutes, Oral and Written Evidence (House of Commons Papers) …

The Secret To Home Buying in 2010 “Exclusive First-Time Homebuyers Workshop – April 3, 2010″

Question: Is the 2009 car tax credit just for the purchase of new cars or does it also work on auto leases?

Answer: Leasing a car does not qualify for the new car sales tax deduction.

Stephanomics

Inflation is well above target. Should we worry?

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

GloriousNationalPartyBriefing02/16/2009

Toll Brothers: Orders Up, Cancellation Rates Way Down, Toll buying Lots Again (Uh, Oh!)

Toll Brothers, the self-proclaimed “leading builder of luxury homes,” reported that net home contracts totaled 866 in the quarter ended April 30th, up 40.9% from the comparable quarter of 2009. Gross orders were up 16.6% from a year ago, while sales cancellations were down 71.4%. The company’s sales cancellation rate expressed as a % of gross orders was 5.3%, the lowest rate since the third …

Home sales take worst hit in 40 years

Question: what happends if your file for the home Buyers Tax Credit after nov.6 2009. unaware of the changes.?

i did attach a closing statement. will my refund be held up. this was not an amended return
i closed on nov 20, 2009 filed my very late 2008 taxes on nov 23, 2009 using the old version un aware of the changes. i did include a copy of my closing statement. will my refund be delayed

Answer: It wasn’t an amended return? What was it? Were you just filing very late for 2008? It’s too early to file a 2009 return. If you weren’t filing an original 2008 return, and just sent the form for the credit and the closing statement, they’ll probably send it back to you since it wouldn’t be a proper filing – and that isn’t something that changed with the new 11/6 law. When did you close? If you closed after 11/6 you are supposed to wait for a revised form 5405.

Tax credits fuel surge in home sales in April

MANATEE — Federal tax credits helped spur a home-buying spree in the Sarasota-Bradenton market last month, with sales of existing single-family homes 32 percent higher than a year ago, the Florida Realtors trade group said Monday.

First Time Home Buyer Tax Credits— You dont have to pay back!!!!

Economic rebound slowed last quarter

ASSOCIATED PRESS WASHINGTON — The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year. The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete …

2/17/10: White House Press Briefing