The Federal Tax Credits Blog

Posts Tagged ‘home’

Question: What is the best way to blend incomes and living expenses in a second marriage without hurting one another?

Each has separate financial accounts from day 1 of marriage.
One party has everything major in their name- ie. house, utilities,etc. the other does not.
Each party pays their own bills they make. ie credit cards, medical insurance, car insurance, etc..
Each party has a child each to finish supporting (college-age and high school)
Living expenses incurred to pay – house payment, all utilities, car payments, taxes, home insurance, home repairs, home appliance replacements, groceries, etc…. -
So, Who should pay – Split 50/50 or delegate which is to pay which ?

Thanks for the input!
Best thing to do is to figure out how to combine the bills where each shares equal amounts monthly to pay. Therefore, no one person is accountable for all.

Answer: Having everything split in half and separate accounts will most likely lead you to no where in the long run.

You need to have only joint household budget and bank account – where each person contribute into your joint goals. But still have separate accounts for personal expenses.

There is a good article in Money magazine a couple of month ago regarding this topic, http://money.cnn.com/2008/06/02/pf/spouse_money.moneymag/index.htm Hope it is helpful to you.

Best wishes.

UNDERNEWS – June 12, 2011

Charlie Skelton, Guardian UK – Bilderberg has had some bad ideas in its time (a European super state, anyone?) but Lord Mandelson’s nature walk has to be the worst. What were they hoping for? Had they not seen the 200 activists camped opposite the hotel gates?

Jeffrey Dittmer — I am the Michigan Earned Income Tax Credit

Question: 2008 real estate tax credit?

I bought a home in 2008 and received a “refund” check for $7325 as I was a first time buyer. Does this money need to be paid back? Or not, as is the case with the 2009 first time homeowners credit.

Answer: Yes, the one for 2008 purchases must be paid back over 15 years starting in 2011 with your 2010 tax return.

Don’t Hold Your Breath

This is not your father’s recovery. It might not even be a recovery at all. Debunking the myths of the new American economy

First-Time Home Buyer Tax Credit

Question: A list of all homeowners and home buyers tax credits?

I am buying a home in California. It is scheduled to close this month. I know I am eligible for the $8000 tax credit. I also know that there are homeowners tax credits out there such as a credit of up to $1500 (30%) for making the home more energy efficient such as installing new windows.

Are there any Other Tax Credits that I should be aware of? I am looking at doing a lot of work on the house and

Answer: If you plan on purchasing energy efficient windows this year then you may be able to take advantage of a great new tax credit. This credit will be applied against any new window purchasing during the upcoming tax year that qualifies as energy efficient. You could receive a tax credit for up to 30% of your window purchase that caps out at a $1,500.00 credit. The windows must be used from January 1st, 2009 through December 31, 2010 The windows must meet federal guidelines to be considered energy efficient.

New doors, or skylights may qualify as well.

There are a lot of new credits out there but these are about the only relating directly to home improvements and home purchases. Remember that new credit of $8,000.00 must be repaid over the next 15 years. It is essentially an interest free loan.

Lawmakers support renewables, energy efficiency

Nevadans who buy energy-efficient houses will get big tax breaks under a proposal that won unanimous approval Friday in a key Senate committee.

Energy Tax Credit.flv

Question: Tax question in regards to foster care / adoption?

I keep getting mixed answers so I’m confused. We have custody of a child that is in foster care. We will have had custody for over a year by the end of ‘08. We are in the process of adoption. My question is- can we claim the child for the ‘08 tax period? The adoption is expected to go through in early ‘09. Are there any tax credits for adoption? Thank you in advance.

Answer: A foster child placed by the State or a State authorized placement agency is treated as your natural child for tax purposes. Since the child will have lived in your home for more than 6 months at the end of 2008, you can claim the child under the Qualifying Child rule as long as the CHILD did not provide more than half of their OWN support and meets the age requirements, i.e. under age 19 or under 24 if a full time student.

The stipend you receive from the state is not taxable income to you and is not treated as self-support provided by the child. It has no affect on your tax return at all.

Contrary to what another poster seems to think, the child is NOT the “dependent” of the State. Legal custody has never been a requirement under the Tax Code.

Group files petition on affordable housing plan

A Clovis citizens group is seeking to put another ordinance to Clovis voters. The High Plains Patriots on Tuesday filed a petition regarding the commission’s passage of an affordable housing plan last week. City Clerk LeighAnn Melancon said the…

Gay Adoption Story Part 3 “Meeting Our Kids”

Question: Do you support/oppose a re-authorization of the Patriot Act?? (currently included in Dems “jobs” bill)?

Several key Democrats say there is no deal on an $80 billion jobs bill — even as Majority Leader Harry Reid has been pushing for quick action in the Senate ahead of a snowstorm that has largely shut down Capitol Hill………………A draft of the roughly $80 billion bill, obtained by POLITICO, has a wide range of tax credits and job creation ideas, but it also includes provisions unrelated to jobs, including a reauthorization of the Patriot Act, infusion of new money to the Highway Trust Fund and extension of the so-called doc fix.

http://www.politico.com/news/stories/0210/32744.html

Answer: Personally no.

I believe it to be unconstitutional and a threat to my personal privacy.

Senate eyes big oil tax breaks

share: digg facebook twitter WASHINGTON — Both political parties sought to capitalize on populist anger at surging gasoline prices Tuesday, as Senate Democrats unveiled a plan to slash a suite of tax deductions for the nation’s five biggest oil companies and Republicans pushed legislation to speed up offshore drilling. The Senate launched debate on the Democrats’ proposal to raise $21 billion …

Rep. Pascrell speaks on the UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009 – November 5, 2009