The Federal Tax Credits Blog

Posts Tagged ‘home’

Question: I am getting a FHA loan and they are requiring tax returns?

I am one of the millions of people who tweaked the numbers a “little” two years ago. (Okay no bashing. I stopped and mentally prepared for an audit) Will this disqualify for the loan? I have been on my job for over 7 yrs and have decent credit. What are they looking for?

Answer: As a mortgage loan person who does FHA loans- I am looking for 2 years verifiable income. When tax returns are received we order a verification of them through a company called veritax. This proves that what you have given us, is what you filed. I’m not sure I know what you mean by tweaking the #’s 2 years ago? If you mean you didn’t claim all your income- well that means it will be harder to qualify since usually if we ask for 2 years returns it is because you are self employed, or commission based. Generally we average the last 2 years income to come up with your base. We are looking for debt to income ratio of 35%- can go higher if your lender underwrites manually.
Good luck

Bottom eyed for high-end in late 2010

Prices for more expensive homes likely will continue to fall until next summer, Anaheim Hills agent says.

First Time Home Buyer Tax Credit, FHA Loans, Low Mortgage Interest Rate Program

Question: I bought a house on 3/5/08 is there anyway I can still claim the Federal Housing Tax Credit?

Here is the website that talks about what i’m talking about.

http://www.federalhousingtaxcredit.com/index.html

Answer: No because you purchased your home after the start date of the credit. Even if you could, you would have to think about the fact that you need to pay back the entire amount of the credit in 15 years and if you sold your home before that time, it would all be due.

Nonprofits Nonplussed

At the Bayside Community Center in Linda Vista, things are humming along as they have since the center was founded in 1932 as a settlement house for families of Italian and Portuguese fishermen.

Tax credit apartments HUD compliance problems

Question: how will the stimulus bill effect doing energy upgrades in 2009?

Energy star windows & insulation.
Would you get a tax credit if there were nothing in the stimulus bill about it?

Answer: I honestly doubt it. The effect that the stimulus would have is to further prolong our distress. My only hope is to become wiser, and learn from this catastrophe.

Buffalo Games’ New Offering is Big in East Aurora

For the past few months, the latest offering from Buffalo Games couldn’t be found on the shelves of the big box stores, or even in high-end toyshops in New York City. But the game, named Truth Be Told, was available on the shelves – and in the shopping bags – of Vidler’s 5&10 in East Aurora.

Energy Tax Credit Available NOW!!!

Question: 8000 Tax Credit for a new home purchase??-Getting married and wife has owned a house in the past 3 years.?

I am purchasing a new home and my name will be the only one on the title, escrow papers etc. I am getting married in September and my future wife has owned a home in the past 3 years. Will I quailfy for the 8000 tax credit even though we will be married next year when I file my taxes? Or since she owned a home in the past, does that disqualify me? When you file taxes married-seperate, do you have to input your wifes name on anything and her ss#? Or do they just take your word at it that you are married? If we filed married-joint I would see we might not qualify. Also, can you ammend your taxes for 2007 at a later date and claim that credit?

Answer: Being married has nothing to do with it. We went through this last year. I have horrible credit but hubby bought the new house. We qualify for the credit, end of story. Its seriously not that complicated. For the record we file jointly.

Tips for a painless purchase

Low interest rates, federal tax credit for first-time buyers and current homeowners, and a glut of homes for sale have created a very attractive buyer’s market. It’s an ideal time to buy a home.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

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TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

The Mortgage Encyclopedia: The Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls, Second Edition $4.53 The bestselling one-stop guide to mortgages—updated for the post–housing crisis market! The Mortgage Encyclopedia demystifies all the various mortgage terms, features, and options by offering clear, precise explanations. Fully updated to address the new realities introduced by the housing crisis of 2007, The Mortgage Encyclopedia provides not just a complete description, but also in-depth disc…

Considering a Home Purchase?

Question: If I purchased my home in 2009 from my grandmother, but she is a real estate broker, can i get tax credit?

I purchased my home in 2009 from my grandmother. She was the owner but is also a liscensed real estate agent who owns her own firm. Do i qualify for the 2009 tax credit?

Answer: No purchasing from relatives disqualifies you regardless of her position

Cities, counties take back corporate tax breaks

Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks: A deal’s a deal.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

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TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Quicken 2010 The Official Guide (Quicken Press) $9.99 The Only Official Guide to the #1 Personal Finance Software Manage your finances and assets with ease! Quicken 2010: The Official Guide is packed with insider tips and expert techniques for tracking your income, expenses, savings, transactions, investments, and so much more. Fully endorsed by Intuit, makers of Quicken, this official guide saves you time and money by showing you how to maximize all…