The Federal Tax Credits Blog

Posts Tagged ‘home purchase’

Gorgeous VACANT Pflugerville Owner Financed Home!!

Question: Was the half a billion in fraud the basis for why Obama decided to extend the 1st time home buyer credit?

Together, fake or faulty claims for the $8,000 refundable tax credit may have cost the government up to half a billion dollars so far, investigators told the Ways and Means subcommittee.

http://www.politicsdaily.com/2009/10/22/four-year-old-got-first-time-homebuyer-tax-credit-panel-told/

Russell George, an inspector general with the Treasury Department, told the subcommittee about the most brazen instances of bogus claims that he had come across since the IRS created a filtering system last May to weed out suspicious applications.

George said he had found nearly 20,000 returns for people who may not have actually purchased homes; thousands for people who already owned homes; 3,200 taxpayers who could not prove they were in the country legally; and an unspecified number of IRS employees wrongly applying for the credit.

Answer: According to Obam Fraud= Good.

Roger Schlesinger’s Four Points

Question: Question about $8000 tax credit for first time home buyers?

I’m a first time home buyer thinking about using a 203k loan to purchase and renovate my first home. (I live in New Orleans by the way) I have a little money saved up, but not as much as i’d like to. I heard the $8000 tax credit was extended to april 2010. My question is, is this something I should really be pressing to take advantage of? in other words, should I be hurrying up to find and go through the process of buying a house even though I would rather save up more of my own money first? I figured that, even with the $8000 credit, I was planning on spending roughly $8000 of my own money for the downpayment, closing costs, etc. So, after the tax credit, it would balance itself out to zero money spent. do you think this is a good idea for me to actively pursue buying a house before I feel that I’m ready to just because of the $8,000 credit?

Answer: If you are being driven only by the tax credit and wouldn’t feel comfortable buying a house now otherwise, perhaps you should go with your gut feeling and wait.
Owning a house and renovating is an expensive and stressful experience.
You are talking yourself out of it and probably rightly so!
Sounds like you have a lot of common sense.
Just wait until you are ready – housing prices are going to rise over the next several years, but it will be slow.

Sweeteners added to recession-battling tax breaks

Still need to do your taxes? Here is an overview of some of the changes made this year

Tax Credit Extended

Question: does the 2009 tax credit count toward duplexes?

Do duplexes count toward the first-time home buyer’s tax credit? If I purchase one, I would be living there for at least five years. Thanks.

Answer: Since you will only live in one-half of the duplex, only 1/2 of the purchase price counts. If the duplex costs $100,000, your credit would be a maximum of $5000.

Home prices fall in big U.S. cities

NEW YORK — Home prices are dropping in the nation’s largest cities and are expected to keep falling next year, as fewer people purchase homes and millions of foreclosures come on to the market. The Standard & Poor’s/Case-Shiller 20-city home pr …

Question: How can I qualify for first time home buyer tax credit, if i owned a home already?

In 2005 I purchased a home with my then spouse, we had since divorced. The property was sold in early 2008 before the divorce was completed. I had purchased a house in October of 2008 on my own. My question is, am I eligable for the 2008 first-time-Home Owners Tax Credit, that was offered for homes purchased in 2008, since this would be my first home ownership without a co-owner?

Answer: No, owning your home with your spouse makes you ineligible as first time owner.

What You Need to Know About Home-Improvement Tax Credits

The main thing: Act fast. Some of the credits are expiring at the end of the year.

Home purchase Tax Credit Deadline