The Federal Tax Credits Blog

Posts Tagged ‘homebuyer’

Question: Do I have to file for my $8000 first time homebuyer tax credit now, or can I wait till I file my taxes in 2010?

I bought my house in February 2009. Can I wait till I file my income taxes after the 1st of the year, or do I have to file an ammended tax return for 2008.

Answer: I would file an amended one because the IRS could end this credit at any time.

HGTV’s FrontDoor.com Identifies Top 10 Real Estate Predictions for 2010

KNOXVILLE, Tenn.—-With some subtle signs of recovery in the housing market, the real estate industry is due to bounce back – but more challenges could lie ahead for buyers and sellers alike.

J.K. Lasser’s 1001 Deductions and Tax Breaks 2010: Your Complete Guide to Everything Deductible $4.99 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2010 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

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

Question: Does it make economic sense to borrow 40,000 from China so that we can give a 8,000 new homeowner tax credit?

Not to mention the half-billion dollars already created in fraudulent claims.

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/

Answer: I’m just glad my 14 month old daughter might be eligible for the tax credit.

A harrowing year for housing

This turbulent year in real estate departs with the drama of profound distress alongside the good fortune of thousands now living in their first houses.

Remodel Replace Refund!: Your DIY Guide to the 2009-2010 Federal Tax Credit for Homeowners $1.42 Part home improvement book and part financial instrument, Remodel, Replace … Refund makes sense of the home remodeling provisions of the 2009-2010 Federal Tax Credit for Homeowners. Learn which types of improvements qualify and how to file the paperwork to get your share of this popular element of the Stimulus Plan. Then, see clear step-by-step photos that show how to do the work yourself–most …

Emeritus Newsbrief March 19 2009

Question: 10% Homebuyer Tax Credit?

So I just read that yesterday that the Senate passed a tax credit for homebuyers for 10% of the total cost, up to $15,000. My question is, does this need to be approved by the House too before final approval? I close on a home purchase on February 27th and am really hoping that this will be in place by then so that I can qualify.

Thanks!!

Answer: It has not been signed into law yet.

I have heard rumors that people who received the $7500 may not have to pay it back under the new bill but that is still rumor. The details are changing everyday on this bill and I would not be sure of anything until it is signed.

It is my understanding that the $15000 it is NOT retro active. The new bill will be active from the day the bill is signed and for a year thereafter. Also this is not the same as the $7500 tax credit already in place. The $7500 you have to pay back, the $15000 you do not.

HOWEVER this is what a lot of people don’t understand. Just because you buy a home for $150,000 doesn’t mean you will get a check for 15,000. You will only get back what your tax liability is for the year you claim it.

For example if you paid the government $5000 in taxes in 08 and you break even (they don’t owe you, you don’t owe them) then they will give you that $5000. You can do that for 08, 09 or 09,10. If your taxes end up the same for the following year, then total you will get $10,000 dollars. For people like myself who are single and don’t make a lot of money I would only get about $4000 total.

It is very deceiving so be careful where you get your information from.

Dozens Of Tax Breaks Set To Expire

Dozens of individual and corporate tax breaks are set to expire on New Year’s Eve. The tax breaks were left in limbo when members of the U.S. Senate headed home last week without renewing them.

37 – First-time homebuyer tax credit passes House and Senate.wmv