The Federal Tax Credits Blog

Posts Tagged ‘house’

Question: New home buyer tax credit questions?

My fiance has bought a house before, I have not. We are thinking about buying a new house. My fiance is the provider, he earns all the income. I only work 8 hrs/wk. If we buy a new house & were to be able to get it in both of our names, would we get the tax credit since I’ve never bought a house before? When do you get the credit – when you file your taxes? Do you have to have closed on your house by Dec 31st in order to get it? What is the credit – $8,000?

Answer: No, you will not qualify. All buyers have to qualify, not just one.

The credit is 10%, with an 8k cap. Closing has to be by Nov. 30.

Money expert

Fergus Muirhead answers questions from readers

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th…

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J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $12.71 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

Accounting for M&A, Equity, and Credit Analysts $29.53 As each new accounting question or scandal hits Wall Street, investment professionals too often find themselves asking, “What happened?” Accounting for M&A, Equity, and Credit Analysts answers the most common accounting questions, all in an easy-to-follow format designed to provide investment professionals with real-world, hands-on knowledge of key accounting treatments, models, and practices….

Answers to two questions about the First Time Home Buyer Tax Credit.

Norwich couple builds in a brighter shade of green

‘Passive’ home requires minimal heating, even in Vermont. … – By TOM ZELLER Jr. The New York Times

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 …

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Encyclopedia of the U.S. Government and the Environment [2 volumes]: History, Policy, and Politics $124.91 At a time when changing the nation’s environmental policy is a top presidential priority, with a new global climate change treaty deep in negotiations, and with the country itself weighing the need for action against concerns over too much government regulation, this exhaustive new reference work could not be more welcomed.Encyclopedia of the U.S. Government and the Environment: History, Policy, a…

SOLAR POOL HEATING — AN OVERVIEW

Question: What does the 1st time home buyer tax credit / stimulus mean for us?

Your Question
how does the 1st time home Buyers Tax Credit work in our case.?
House closed November,2008 has my name then my son’s name on deed. He bought one from my daughter earlier in the year. this was his 1st. I had not owned 1 for years. I’m on disability and don’t file taxes, of course my son does.

Answer: Be sure to go directly to the IRS site, and talk to an accountant:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Here’s a good summary:

http://www.hawaiihome.biz/2009/05/first-time-homebuyer-tax-credit-faqs/

http://www.hawaiihome.biz/2009/05/first-time-home-buyers-tax-credit-2009/

Email me if you have questions.

No Break In Home Market’s Woes Despite Tax Credit

More than 3 million Americans have taken advantage of a generous tax credit for home buyers. But it may have had only a limited positive effect on sales. Some experts even say the tax break didn’t help things at all and might have done some harm. read more

Home sales spike as buyers cash in on tax credit.(Business)(Purchases countywide are up more than 67 percent from a year ago, and pending deals also … article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on May 18, 2010. The length of the article is 703 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Home sales spike as buyers …

Home sales last year were better than in 2008: many believe the federal first-time home buyers’ tax credit was the key.(Residential Real Estate … An article from: Mississippi Business Journal $9.95 This digital document is an article from Mississippi Business Journal, published by Dolan Media Company on January 25, 2010. The length of the article is 1176 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Home sales last year wer…

Buyers scramble for tax credit.(Real Estate and Housing)(Lane County home sales are brisk on the last day of a federal incentive program): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on May 1, 2010. The length of the article is 863 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Buyers scramble for tax cred…

First Time Home Buyer Tax Credit – Austin’s Top Real Estate Agent

Question: First-Time Home Buyer Tax Credit?

Background info: http://www.federalhousingtaxcredit.com/faq.php

Can I claim a house I bought this year (2009) on my 2008 taxes or do I have to wait until next year???
Thanks, Helen. I am aware of the repayment. I just wasn’t sure if i’d be allowed to claim for this year since it’s purchased in 2009.

Answer: You can claim the credit on your 2008 return. Remember, you have to pay it back, it is more like a loan then a credit.

Helen, EA in PA

LG Optimus One Preview & Sale FAQ

Due to insistent demand, we had to squeeze in this little Optimus One preview and personally asked reps from LG Philippines regarding the mechanics of the sale tomorrow. Here’s what we got so far. The sale was intended by LG as a way for the consumers to get a taste of an Android-powered handset at [...] Related posts: Sale Vote: LG Optimus One vs. Nokia C6 So okay, it’s obvious that Nokia’s …

Income, Credit & Home Loans: Buying a House : Private Mortgage House Insurance (PMI) Tips

Question: Why does buying a house from a relative make you ineligible for the 7500 tax credit?

I purchased my home from my grandmother in October of 2008, payed 75,000 for it. It appraised for 79,000 and I had to put 5000 down in order to get financing. What’s the difference??

Answer: The IRS does not consider such sales as ‘at arm’s length’. The tax credit was put into place to spur homebuying. The IRS feels that such sales would have taken place anyway, and may well have taken place in order to only obtain the tax credit, perhaps fraudulently.

World Cup: What will be the legacy?

The World Cup final will be played on Sunday. What will be the legacy of the tournament?

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Income, Credit & Home Loans: Buying a House : Down Payment Assistance For Buying a House