The Federal Tax Credits Blog

Posts Tagged ‘estate’

Question: If my parents get a home equity loan for me to buy a condo in cash, can I simply pay their monthly payments?

I would like to purchase a non-warrantable condo (due to a minor litigation in the building) that has been foreclosed on. I would have to pay cash as the litigation will not close before the November 30th first time home-buyers credit expires and I would like to get it at a reduced price. I plan on securing a traditional mortgage once the lawsuit has been cleared, but until then I only have approximately 60,000 of the 150,000 necessary for a proper offer (The parents’ loan would supply the rest).

I realize it cannot be considered a gift as it is much larger than 12,000 and I will be paying the monthly payments/paying off the loan once I get a mortgage. I am worried of the tax repercussions for myself/my parents as the loan will only be open for 2-6 months.

Answer: to be safe, write up an agreement on this loan, terms, dates, time etc and be sure to state some amount of interest
This probably will not ever happen but it is safe to state this interest because if it is not, it will be imputed by IRS at some time in the future
one never knows how long a law suit may last and your purchase seems to be contingent on this event

First Time Homebuyer Tax Credit

Question: does getting your drive way paved count for the home renovation tax credit?

I want to get my drive way paved and want to know if that counts for a tax credit refund of up to $1300 in Ontario?

Answer: Im not sure, but remember there is 1000 deductible, so you can only claim 300

Guelph Area Event Calendar

Here is a list of things to see and do in the region.

Phasing out government stimulus – Deloitte Canada

Question: i offered on a short sale home, i offered the asking price. How long will it be before i get an answer?

It was a short sale offer went in on Monday. What is it i can do to push them to rushing decision. Im trying to get tax credit.

Answer: It will be 6 months or so.

You can’t push the bank, they could not care less about your urgency.

If you are trying to make the credit you need to go with conventional sales, don’t waste your time looking at short sales.

How Does a Short Sale Work and Can it Prevent Foreclosure?

How does a short sale work is an important question for homeowners facing foreclosure. This special option can help borrowers reduce the stress and financial impact associated with having real estate repossessed by their lender. However, obtaining short sale approval is not an easy task and requires patience and perseverance.

Short Sale: The Basics

Question: First time home Buyers Tax Credit?? HELP To EXPLAIN!?

OK. first off. If i file my taxes this month, will i get the tax credit this year(with my tax refund) or next year?? Or does it depend on something. SECOND can i use the money for something else?? Or do i HAVE to buy a home. Cause ive heard several people say you dont have to use it on a home.! Last thing, do i have to pay it back.? I dont own a home. THANK YOU

Answer: If you buy your first house this year, you will get the credit when you file your 2009 taxes next year. It’s $8,000 and it does not have to repaid. The 2008 credit was $7,500 and that was required to be repaid. You can’t get if you don’t buy your first house. That’s it.

Struggling Arizona homeowners can apply for federal aid next week

Money to help borrowers reduce mortgage.

Health care business credit explained.: 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 July 1, 2010. The length of the article is 520 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: Health care business credit…

$8000 Housing Tax Credit Explained!

Question: Can I still amend my 2008 tax return to get the new home buyer’s credit?

I recently purchased a house this year and also got married. I don’t want to file my 2009 taxes jointly in order to get the entire home buyer’s credit. Am I too late to file an amendment for my 2008 taxes (where i filed single) and get the full credit? I am in the military and stationed overseas, and at the moment also currently deployed, if that offers any other kind of extensions)

Answer: yes, you can claim home buyer’s credit on 2008 amended tax return. you can still file it.

On the amended tax return Form 1040X, enter the credit on line 15 of Form 1040-X and enter “Form 5405″ in the white space at the end of line 15, and attach the Form 5405. Attach a copy of the HUD-1 or RESPA settlement sheet as proof.

Lack of credit extension would dash hopes of home buyers

Up to 180,000 home buyers will lose their tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit by June 30 when the closing deadline expires.

DeMint Speaks Against Misguided Housing Tax Credit