The Federal Tax Credits Blog

Posts Tagged ‘housing’

Question: Can I still receive a first time home buyer tax credit if I already got my refund?

I did my 2008 taxes through HR Block this year and I have already received my refund. HOWEVER, even though I gave all of my mortgage details to the HR Block “professional” he over-looked the fact that I bought my first home in September of 2008. Please give some insight on this matter if you can.

Thanks
Also, when I called HR Block office who did my return they informed me they were not sure if they could still give me this credit since I already received a tax return.

Answer: You can go to any tax services and have them file an amended tax return for you. Most places charge a flat fee. However, you only qualify for the $7500 interest-free loan, which has to be repay over a 15-year period starting on your 2010 tax return.

19. History of the Mortgage Market: A Personal Narrative

Question: timeline for previous deployed soldier to recieve the $8,000 tax credit?

My husband and I are veterans. (me for a year now and he just got out a week ago, but is in the reserves for 2 years). He left for deployment last August and returned early in June. What is the time-line for us to receive the $8,000 tax credit. I had read awhile ago that he had a years from the month he returned. Recently a broker told me we have until April 2011 to sign-off on a home and till the end of June to close. Does anyone know the specific rule on this? Where I can find it? I have done research myself but have found conflicting info and am trying to get a final answer on this to resolve my question.
I shoud say- what is the timeline of the extension of the $8,000 tax credit for deployed soldiers

Answer: Here is the IRS page which discusses the tax credit for first time home buyers including military. It says you must purchase it by April 30 and close by June 30. I hope Obama gets credit for this one which is among many bills he signed and no one talks about.

http://www.irs.gov/formspubs/article/0,,id=203083,00.html

Warehouse would employ 500

Construction on the 1.4 million square-foot facility would begin almost ‘immediately’ after city approval, official says. A huge warehouse with the promise of 500 jobs could be under construction “almost immediately” at the business park on former Bethlehem Steel land pending city approval, which could happen next week.

$8000 Tax Credit Time Line

Question: Did Obama’s aunt SIGN UP for her tax CREDIT as an UNDOCUMENTED IMMIGRANT?

Part of the economic stimulus bill that was just passed by the House (except for House Republicans and 11 Democrats who voted against it), includes “tax credits” of $500 per person and $1,000 per couple. (Note: if the recipients pay no taxes, it’s not a credit, it’s a handout.) Apparently the wording specifically disqualifies “nonresident aliens” – Washington-speak for illegals – people with no Social Security numbers could still get the cashola:

Undocumented immigrants [liberal reporter-speak for illegals] who are not eligible for a Social Security number can file tax returns with an alternative number. A House-passed version of the economic recovery bill and one making its way through the Senate would allow anyone with such a number, called an individual taxpayer identification number, to qualify for the tax credits.
Is she coming out of hiding in the White House’s rose garden to collect her 500 dollars for not working?

Answer: I am sure she is. And just like the mother in law mooching off the American people living in the White house. Why do we have to pay for that. Throw her out.

Black economic gains reversed in the Great Recession

Baltimore– Growing up black in the segregated 1960s, Deborah Goldring slept two to a bed, got evicted from apartment after apartment, and watched her stepfather climb utility poles to turn their disconnected lights back on. Yet Goldring pulled herself out of poverty and earned a middle-class life – until the Great Recession. First, Goldring’s husband fell ill, and they drained savings to pay …

Save Our Homes Budget Cuts Action

Question: What exactly is the $8,000 tax credit that is in the stimulus bill for 1st time home buyers?

According to what I just read on Yahoo “First-time homebuyers could get a tax credit of up to $8,000 if they buy homes between Jan. 1 and Dec. 1.” What does this mean for first time home buyers? Also, how do I know if this has been approved? I was unsure by how they article was worded.

Thanks:)

Answer: Actually, this is the Senate and House’s compromise in the Economic Stimulus package. If ratified by Obama on Feb 16, it will provide first-time homebuyers who purchased a home between Jan 1 and Dec 31 2009, a credit of $8000 against their ‘09 federal tax liability. It would not have to be repaid. Currently, there is a $7500 tax credit (interest-free loan) available to first-time homebuyers who purchased during April 1 2008 through June 30, 2009. That is required to be paid back over time, although it does not depend on your federal tax liability – it is a guaranteed check for the full amount. Obama signing the new legislation would eclipse the old $7500 tax credit.

International Forecaster July 2011 (#3) – Gold, Silver, Economy + More

Government debt will be in the vicinity of $1.5 trillion this year. Ever since May 16th short-term debt has been frozen at about $14.3 trillion. Up until May 16th the year-to-debt fiscal debt was $783.135 billion.

Stimulus Plan Benefits to Home Owners

Question: What are some advices or tips for first time homebuyer approved for low income family CAL-HFA or FHA loans?

I live in California. I heard there are ways to get the government to reduce your property taxes, get the seller to pay for your closing costs, get a down payment loan with no interests, and many more (feel free to fill me in). My family qualifies for CAL-HFA or FHA loans because we are a low income family, we plan to borrow a couple thousands from different relatives but aside from family help, what can we do to utilize the government’s help or programs to the fullest? Any tips or advices or new discoveries that I don’t know of are welcomed. My dad has excellent credit by the way. Thank you and I greatly appreciate it.

Answer: Check with your city/county RE: first-time homeowner programs, as real estate and developers often work closely with such entities. (The only catch is that you may have to sell it to another first-time homeowner, and there sometimes is a cap on what one can sell it for, so the other person can afford it.) Start with your financial institutions that you/other family members have relationships with. Having excellent credit is important . . . see what you can do to clear/improve your credit. Seek a reputable loan broker, as they often have special loans — not all banks offer government-type loans. All financial entities have “raised the bar”, due to the number of negative issues that I’m sure you’ve seen from the media. Look at new house/condo developments. With the real estate downturn, builders often have special incentives (and referred financial entities) . . . you can negotiate on closing costs, transfer taxes. Start small — buy the best you can afford — maybe stretch a little bit to get what you want; yet, something one can reasonably afford . . . make cosmetic improvements over time. Your first home probably won’t be the last, so build equity for selling and buying your dream home down the road. Think about resale value . . . buy the “worst” house in the “best” neighborhood.

Falling prices keep area home sales rising

Last month, 900 existing homes were sold in the Volusia-Flagler area — the second-highest monthly amount in five years. Buyers of single-family homes were drawn by the area’s low prices, which in May fell to a median price of $112,300, down from $118,300 a year ago.

Home sales and the end of the homebuyer tax credit