The Federal Tax Credits Blog

Posts Tagged ‘first’

Question: What info do I need to claim my first time home Buyers Tax Credit?

I just found out that I can’t E-File my return. So what info do I need to send along with my tax stuff? Do I need info on my home or how does all that work?

Answer: In addition to the Form 5405, you need a copy of the settlement sheet from your purchase. I’ve been told we can expect to wait 4-8 weeks for a refund with this tax credit. This really sucks.

Tax Time

WASHINGTON — This year’s tax season will look a lot like last year’s, with a few sweeteners added. Most of the tax changes that were put in place in 2009 to spur the economy remained in effect in 2010, even though the recession was officially declared over.

Question: Can we still get the first time home buyer tax credit?

We bought our house on April 2, 2008. Is there any way that we can still get the 7500 dollar first time home buyer tax credit? The only information that I can find says that it has to purchased on or after April 9, 2008. Any help is greatly appreciated.

Answer: Nope. You fell outside of the eligibility window. There are no waivers or exceptions.

Tax credits for home buyers come to a close

When the federal home buyer’s tax credit program finally sunsets on Thursday, more than 65,000 Floridians will have taken advantage of the incentive program, claiming more than $455 million, according to the U.S. Government Accountability Office.

Question: Prisoners file for home buyer tax credit, collect millions, is this the type of fraud Obama promised to end?

http://www.usatoday.com/money/economy/housing/2010-06-23-home-buyers-credit-inmates_N.htm

By Sandra Block, USA TODAY
Despite efforts by the IRS to combat scams, thousands of individuals — including nearly 1,300 prison inmates — have defrauded the government of millions of dollars in home buyer credits, Treasury’s inspector general reported Wednesday.

The home buyer credit provided a federal tax credit of up to $8,000 for first-time home buyers for tax year 2008, the subject of the report. The credit, created to revive the housing market, was later extended to repeat home buyers. The latest credit expired with sale contracts signed as of April 30.

Answer: Yes, this is one of the many things Obozo promised to end.

A helping hand from parents is a first step

FIRST-time buyers frozen out of the housing market are turning in growing numbers to their family for a lift on to the property ladder as experts warn of a fresh squeeze on le

EXTENDED! First Time Home Buyers Tax Credit

Higher foreclosure rate, sales paint mixed picture

Led again by Prince George’s County, the Maryland home mortgage foreclosure rate rose in May, even as the national rate dipped from April. Of the state’s 5,852 foreclosure filings last month, 1,738, or 29.7 percent, were in Prince George’s, according to data from RealtyTrac of Irvine, Calif.

8000 Tax Credit – First Time Buyers

Question: Would still qualify for First Time Home Buyer Credit if on title but not on the loan?

Let’s say my brother bought a house but we did not co sign because I owe too much debt and made too little last year so I am not on the loan, but I am on title. Would I still be able to qualify for the credit? He actually qualifies too but he doesn’t want to claim it because he wants to buy his own house later.

Thanks!

Answer: Since you are on the title, that counts as home ownership.

Where does your brother live? If it’s with you, he won’t qualify on buying another home.

Federal tax credit running out for Franklin County home shoppers

Time is running out for the first-time and repeat home buyer tax credits. The $8,000 first-time credit and $6,500 repeat home buyer credits are set to expire April 30, but those hoping to take advantage of the credit who sign a contract by April 30 are still eligible if the sale closes by June 30.