The Federal Tax Credits Blog

Posts Tagged ‘dan’

Question: Questions about the housing rescue bill?

I am a first time home buyer and I’ve heard that I can receive a credit of $7500 for buying a house.

Every time I call a mortgage lender they act like either I’m from Mars and I don’t know what I’m talking about or they say they don’t have any updated information to tell me.

Who can I call or where can I find out additional information about this. I want to make sure I make the appropriate downpayments and follow the rules to make sure I’m elgible.

Who can tell me more about this? What resources are there out there? It seems like Congress passed a law and no one knows about it. Is anyone with a pulse eligible that is a first time home buyer?

Answer: First time home buyers, is a “Loan” that you get from the government that you have to pay back each year when you file for your income taxes.

Lenders do not like this credit at all because it ends up as a “phantom” down payment. What i mean is you have to pay it back and increases the risk to the lender.

More information found in my link below.

Las Vegas home sales fall 11 percent in June

July 09–The tailwind from the homebuyer tax credit has ended and some housing analysts are concerned the market may be headed for further decline.

Home Buyer Tax Credit Update, Use $ for Down Payment

Question: Will I be able to claim child tax credit for 2006 yr?

I am pregant and due in November. Will I be able to claim this child on my 2006 taxes. We have two other children who have been eligible for this credit.

Just wondering if it matters that the child will only have been **technically** in my residence for under two months.

Answer: You can claim a child as long as he or she is born before Jan 1, 2007. You can claim a child whether he or she lived or died in that year. You need to obtain a social securtiy card for the child before you can claim him or her. Good luck on the new baby, hope everything works out fine!

Political Notebook: Budget and tax incentives before lawmakers’ break

Before lawmakers leave St. Paul for their Passover/Easter break, they plan to tackle a budget bill and tax-incentives proposal.

Realtors got helpful boost from 1st-time homebuyer tax credit

Feb. 3–CHEYENNE — A first-time homebuyer tax credit lifted sluggish sales in 2009 and could continue to boost sales in 2010.

Mark Souder Award Pt. 2

Question: I need help with first time home buyer tax credit. Quick Question. Can you help me?!?

We just purchased our home and need to amend our 2008 taxes.

I went to the IRS website and printed the 1040x and the 5405 (first time homebuyer credit).

On the 1040x-line 15 is what I need amended correct?
And what would I put in the three boxes next to it? A.B. and C? Sorry, I so dont understand tax talk

So if I just mail these in, say tomorrow. I would receive a refund of 8000 back, like within a couple months or however long it takes?

Thanks Everyone!

Answer: Allow 12-16 weeks.

Start at line 10. On line 15, for the full credit, $0, $8000, $8000.

While the form doesn’t ask for the closing papers, attach them. So many fraudulent 1040x returns are showing up that the IRS had to stress audit issues. If selected, the IRS will spend a week mailing you a letter to fax in the closing statement. By attaching the papers to your return, you would save a week.

Desperate homeowners turn to short sales to unload houses

Brett Hait found himself in a bind last year after moving to Atlanta for a new job.

Fuller Sotheby’s Agent Dan Polimino talks about this weeks market update for November 9th in Denver

Question: Extending $7,500 tax credit for first-time home buyers?

Does anyone know if there are plans to extend or expand the $7,500 tax credit for first-time home buyers in President Obama’s current stimulus plan being considered by Congress? I’m a prospective first-time home buyer with a steady job and excellent credit but there is no way I would be able to come up with a 20% down payment before my chance to benefit from the original tax credit expires on July1, 2009.

Answer: 1 Check with a loan officer. Depending on a lot of variables, but a huge number of first time home buyers would be better off getting an FHA mortgage and it only requires 3.5% down. You could get the low interest rates that are available now and the low prices that are available now and also qualify for this tax credit.

Under current law you do have to pay that $7500 tax credit back at $500 per year. It is essentially a 15 year interest free loan.

Home prices rise again in October

Home prices rose for the fifth month in a row in October, but the recovery is shaky with only 11 of the 20 metro areas tracked showing gains.

Let’s BUG Congress – Extend & Expand the Tax Credit Please!