The Federal Tax Credits Blog

Posts Tagged ‘defined’

Question: Do I qualify for the 1st time home buyer tax credit?

While going through a divorce I moved from my home 8/1/06 (I have a signed lease for my new residence) and it sold 03/31/07. Since this was not my primary residence after 8/1/06, it appears I would qualify for the $8k tax credit if I purchase a new home after 08/01/09 this year? In reading the definition of 1st time homebuyer in the stimulus bill, it states “The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.”

Answer: It sounds like your primary residence became a secondary residence after 8/1/06 therefore you did not own a primary residence after that point. After 8/1/09 you may qualify for the tax credit if you buy a primary residence after 8/1/09 and before 12/1/09. Here are some FAQ about the credit for more information:

http://www.federalhousingtaxcredit.com/2009/faq.php#2

Ohio Executes Man Who Killed Two at Warehouse

Prison officials say 38-year-old Roderick Davie died by lethal injection at 10:31 a.m. Tuesday.

Definition of Income in PPACA for Certain Medicaid Provisions and Premium Credits $0.99 Under the Patient Protection and Affordable Care Act (PPACA; P.L. 111-148, as amended), the definition of income for eligibility for certain Medicaid populations and premium credits in the exchanges is based on modified adjusted gross income (MAGI). The initial intent of using MAGI was to standardize the definition of income for Medicaid eligibility purposes to reduce some of the variability and c…

Qualifying child definition amended.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on November 1, 2009. The length of the article is 542 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Qualifying child defini…

CIP addresses qualified research definition.(IRS Coordinated Issue Paper): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 2000. The length of the article is 1240 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTit…

New Markets Tax Credit (NMTC) Basic Overview