The Federal Tax Credits Blog

Posts Tagged ‘house tax credit 2010’

Question: Should I buy a house before the $8k tax credit is up in June 1010 or wait?

All the mortgage calculators online say I can afford as house that is around $180k. I have $10k that I can put on a down payment for a house. So if I am looking at a house that is $150k, $10k is about 6.7% down. Would it be advantageous of me to buy at house with a lesser down payment and recieve the $8k tax credit OR wait until I have about $20k saved up for a downpayment at the end of 2010 and buy a house then (but I will not recieve the $8k tax credit).

I am knew to buying a house so there is alot I do not know, I know a higher down payment will reduce my interest rate which could save thousands over a long period of time..any input helps thanks.

Answer: You need more then 10k to buy, there are all sorts of closing costs that you have to pay out of pocket. Set aside at least 5k for those.

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

The Secret To Home Buying in 2010 “Exclusive First-Time Homebuyers Workshop – April 3, 2010″

Question: Clarification on 8K house tax credit?

We understood the instructions to say that we need to include the 5405 w/ the 1040 rather than the 1040x since we aren’t changing anything from our original return. Is that right?

Answer: If you are claiming the credit on your original 2008 return you attach Form 5405 to that Form 1040 tax return. If you are amending your 2008 return to claim the credit, you attach Form 5405 to Form 1040-X

Bad year for biofuel ends on a dour note

FILE – In this April 22, 2009 file photo, Lyle Rudensey holds a cup of refined homemade biodiesel that he made from used cooking oil in his garage in Seattle. A one-year extension of the biodiesel tax credit was included in a bill that was approved by the U.S. House last week, but with its crowded calendar, the Senate is not expected to pass the measure before it expires, said Michael Frohlich …

R&D Tax Credit and Small Businesses – 8