The Federal Tax Credits Blog

Posts Tagged ‘house tax’

Question: Regarding changes to the $7,500 tax credit, in the 2009 stimulus bill?

This is really confusing and a bit agrivating. My wife and I bought our first house last April so we claimed the $7,500 tax ‘credit’ on our 2008 returns we filed today. We then come to find out, this is not a credit at all but a 0% interest loan! So we are now indebted to the government $7,500.

Icing on the cake is that in the new stimulus signed this month, this tax credit provision will be updated to $8,000 and will NOT have to be repaid for home buyers that qualify for the credit.

Will the revision doing away with the repayment apply to my credit, or am I pretty much screwed?

Answer: You’re NOT getting “screwed.” You got an interest free 15 year signature loan with a 2 year deferment on the first payment. The imputed interest on that is between $7,000 and $8,500. I’ll happily take that off your hands and cover the payments with a $50 kicker for you if you wish!

You are not eligible for the new credit as it applies only to purchases in 2009.

WEEKEND ECONOMIST: Altered states

Economic analysis of the individual Australian states shows the Western Australian economy is surging again, while Queensland is still recovering from floods, and growth conditions in Victoria, NSW and Tasmania are less positive. 25 Jun 2011 11:08 AM

$8000 2009 Tax Credit Expiration COMING SOON!!!

Question: How to I get the housing tax credit for 2009 tax’s?

I understand the “bones” about the Federal Housing Tax Credit but I still have a question. I understand the deadline has been extended to April 30, 2010 ( http://www.federalhousingtaxcredit.com/glance.php ) and I was wondering when do you have to close by to have this on your 2009 tax’s? Is it Dec 31, 2009? Or sooner?

Answer: Dear WN: You must close before you send in your 2009 tax return which will be completed before Apr 15 2010.

You must have a contract before Apr 30 2010 and close before June 30 2010 in order to get the “NEW” extended credit.

See www.irs.gov

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Illegal car vendor a ‘defiant cowboy’

Tim Byers has sold used cars illegally, dodged taxes, fought fines and even stiffed a few customers. Regulators are still trying to lasso the elusive desperado.

Northern Virginia First Time Home Buyer 2009 Deadline

Question: Any rumors of the 8000 housing tax credit being extended or a new program being created?

Won’t be ready to buy a house until next year, but can’t stand to lose out on the $8000 tax credit.

Answer: They were thinking about changing to any one can get not just first time home buyers, and instead of 8000 it would 15000 and if it passes it would go into effect late fall so it might get extended we will see. That would be nice!

Community Calendar

Submissions for Community Calendar are required 14 days preceding the date of publication. Send to: Nile’s Managing Editor, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026. Information may be faxed to (847) 486-7495 or e-mailed to mbottari@pioneerlocal.com.

James L. Hughes – GBC BioPark Update – May 11, 2010

Question: Will I pay taxes or will I get $ back? Here is my situation.?

I work as a phone sex operator out of my house & they don’t send Me any tax forms in the mail showing how much I made. I am basically a contractor. So I made about $4300 this year with no taxes taken out. I bought my first home, a condo, in February which I paid $3798.00 in interest in 2008. Anywho, I spent $4500 in upgrades on my new condo. I paid $600.69 in school loan interest. Will I have to pay or will I get money back? (and yes I know I know, I missed the 7500 tax credit deadline, bummer)

PEOPLE WITH EXPERIENCE, ANSWER ONLY!

Answer: If that’s your only income for the year you won’t owe any income taxes but you will owe around $606 in self-employment taxes.

U.S. Nov. consumer credit up $1.35 bln

WASHINGTON (MarketWatch) -U.S. consumers increased their debt for the second straight month in November, the Federal Reserve reported Friday. Total seasonally adjusted consumer debt increased $1.35 billion, or a 0.7% annualized rate, in November to $2.402 trillion. This is the first two month gain in consumer credit since June and July 2008. Economists had expected a increase. October consumer …

Buying a Home in California

Question: Can we take “double credit” for OUR deductions on April 15?

Since barry’s ivory tower bean counters DOUBLE COUNTED the Medicare savings, and Treasury Secretary Tim Geithner got a pass on his Turbo Tax fiasco, and the House wants to “deem” 0bamacare to have passed WITHOUT A VOTE, it seems like we should at LEAST be able to double count our deductions this year….

Answer: You can try but the IRS will slap your fingers for it.

Panel Seeks Social Security Cuts and Tax Increases

WASHINGTON — The chairmen of President Obama’s bipartisan commission on reducing the national debt outlined a politically provocative and economically ambitious package of spending cuts and tax increases on Wednesday, igniting a debate that is likely to grip the country for years.

Ark of the Covenant? Climate Change Vote Passed by House! CARBON TAX! ALERT-SEE MORE INFO!