The Federal Tax Credits Blog

Posts Tagged ‘current’

Question: Does Arizona have a state tax credit for tuition fees paid?

The Federal Form1040 has the Hope and Lifetime Learning Credits, as well as a an adjustment to income for tuition fees(line 34). Is there something similar on the Arizona state tax return?

Answer: You can check for this here: http://www.azdor.gov/

Cochise college president speaks at Chamber breakfast

Cochise College president J.D. Rottweiler talks about the power of Cochise College during “Wake Up Sierra Vista with Issues and Eggs,” a greater Sierra Vista Area Chamber of Commerce breakfast meeting held at the Pueblo del Sol Country Club on Tuesday. (Beatrice Richardson Herald/Review) By Adam Curtis Herald/Review SIERRA VISTA — At a time when community colleges across the state and nation …

Supreme Court declares AZ’s tuition tax credit program constitutional

Question: If you bought a house in August 08 can you still qualify for the tax refund?.?

THIS IS THE PART THAT HAS ME CONFUSED:

Different income eligibility limits apply depending on when you bought the house. If you purchased it before November 7, 2009, you are eligible for the full first-time home buyer’s tax credit if you are single and your income didn’t top $75,000 or if you are married and your joint income didn’t exceed $150,000. The credit phases out for individuals with incomes up to $95,000 and married couples with joint incomes up to $170,000, disappearing above those income levels.
We did not own a house for 4 years before this purchase, so I know we qualify as a first time home buyer. It states that you must not have owned for at least 3 years before.
We are married, and live on one income of $60 a year.

Answer: You are eligible for $7500 refundable interest free loan payable in 15 years.

Opportunities To Have A Tax Effective Investment Home Loan In The Lead Up To June 30, 2010

Australia’s leading mortgage broker, Aussie Home Loans, today urged investment property owners to investigate to minimise their tax exposure in the lead-up to the end of the financial year on June 30, 2010.

Married Couples and the Home Buyer Tax Credit.mp4

Question: What kind of mortgage do I need?

With the housing market like it is and my credit finally improved, what kind of mortgage do I need to get. I will be a first time home-buyer, but my situation is complex:

1. I am active military and currently overseas.
2. My sister will be living there in my absence to maintain it… NOT for rent. I do not want to purchase it as an investment property.
3. Both of the ones I am considering are under $25,000.

It will be my primary residence when I am done with active duty, and in the meanwhile, I will be moving my belongings in, I just won’t physically be there. (I don’t even have an addy for my driver’s license).

Please help me out or at least point me in the right direction. My sister has the POA to take care of everything regarding the purchase and closing and everything else and I have an awesome real estate agent that is trying to help (but doesn’t know the specifics).
Thanks!!!

Answer: you need to get approved by a mortgage professional. then make the offer and let her serve as poa BUT in a mortgage the lender will require a specific POA just for this loan no question so wait till you have acceptance and approval then get the specific number emailed to you. I am sure in the JAG office you can get this done and even fedex back in time to close
I am a mortgage banker in TN & KY

Minnesota First Time Home Buyer Incentive Ends Soon

Realtors believed the tax credit incentive has increased sales. Gary Kalligher, the Owner of Remax 1 in Duluth, said that 176 homes have sold this year, compared to 161 homes at the same time last year.

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

Question: I am looking at buying a house (I am a first time home buyer credit)?

Hello I am looking at buying a house. I am a first time home buyer and so I am thinking I will get the tax credit, but I am not sure because I will need a co-signer (my mother who is not a first time home buyer) will this effect my eligibility for the tax credit?

(not that this matters for the question, but I am sure people will think I am getting over my head if I need a co-signer)
1) I will not qualify for a loan on my own
2) I am not buying a house I cant afford I will have roomates (and beable to pay on my own if they screw me) Also I will be putting down over 10%

Answer: As long as the deed/title of the house is in your name, you should qualify for the first time home Buyers Tax Credit. Whose name the mortgage is in is not as important…

Homebuyer Tax Credit: What does it mean?

January 18, 2010 A Federal Tax Credit Extension signed into law in November extends the $8,000 first-time home buyer tax credit that was originally set to expire the first of that month. What does it mean for home buyers?

How to Use the Home Buyer Tax Credit to Invest, Buy for Someone, or Downsize.mp4

Question: First time Buying a home when one spouse has great credit score and the other has bad credit?

My Husband and i are thinking on buying our first home. we are both first time buyers. However he has great credit and i have bad credit about 610 score. I am working on improving my credit. He was in the military so he’s qualify for the VA Loan. We would like to buy a home in MD (Montgomery or PG Co.) area. What is the best way to go about this? Would it be better for us to apply for a home loan together or for him to apply w/o me? or Do they automatically look at my credit? What are best first time buyers program for our situation? And what are the different types of loans available for especially in the state of MD?

PLEASE HELP!!! ANYONE IN THIS INDUSTRY….REALTOR, BROKER, ETC. AND/OR WITH EXPERIENCE!!!!!! ANY ADVICE OR SUGGESTION IS HIGHLY APPRECIATED!!!!

Answer: A VA loan is going to be the best loan program out there. No money down and no monthly mortgage insurance! Your score is not that bad but most lenders have gone to a 620 mid score requirement. The trick here is whether or not your husband can qualify with just his income.
If he needs your income to qualify you will need to have a mortgage banker/broker review your credit to see if there is an option of doing a rapid re-score to bump your scores up by 10 or so points. There are things that can be done to increase credit scores in days not months.

Consult the investing crystal ball

Forbes editors and writers weigh in on investing in the coming year

1st Time Home Buyer Tax Credit Extended For Military