The Federal Tax Credits Blog

Posts Tagged ‘irs’

Question: Anyone know the details regarding the $8000 home Buyers Tax Credit ?

Here is my situation:

I bought my first ever home in July 2008
Refinanced in Feb 2009
I made 83K in 2008
Married with 2 children
Wife doesn’t work

Based on my income and purchase time do I qualify for this proposed tax credit?
How do I claim it?
Do I have to repay it back to the Gov’t?

Thanks in advance

Answer: The most recent ‘tax credit’ contained in the very recent stimulus bill has not been fully revealed, in terms of requirements and time frames involved. You certainly should qualify for the previously announced $7500 credit, which is actually an interest free loan to be repaid over fifteen years.

It’s rather doubtful that the new version will extend to 2008 versions. The bill is intended to stimulate the housing market. Giving you a credit for last year’s purchase doesn’t stimulate much of anything.

Tax Season for Hoboken Real Estate Buyers

Question: Unemployment and Earned Income Tax credit… Can I still qualify?

I have been on Unemployment for all of 2009. I have 2 children. I know I do not qualify for the eitc with that alone. I also worked a little on the side (odd and end jobs), but paid no taxes in. How do I file this to get the eitc. What is the minimum, ect. All info regarding any of this is very much appreciated.

Answer: !

01 29 09 IRS EITC TAX CREDIT

Question: do i get any kind of tax return back for being a full time student while collecting unemployment benefits?

i am currently tending college full time basis all year long in 2009 i have a 1098-T from the college. The amount billed for qualified tuition and expenses is $9,599.20. also the scholarships or grants portion on this form states $6,515.00. I am also on unemployment and have a 1099-G from them that is for $9,073.00. i didn’t have any federal withholding taken out for that . i have one dependent for which i do claim every year on my taxes. i am also filing head of household. any other details let me know i can add more info to help you let me know if i am able to receive any return back like hope tax credit or the learning tax credits & higher education tuition and fees deductions. please any information is greatly appreciated i do my taxes online on irs free file website my self i just want to know if i am doing this right when i get my return amount back thanks again!

Answer: You may be getting some back. It depends on whether or not you ever claimed the Hope Credit, if you haven’t claimed it. You may be able to get back up to 40% of your college expenses. I have to assume from your information that you probably had loans to cover the additional $3000 in tuition and expenses. You would be receiving 40% back up to $1000. It is called the American Opportunity Credit. As far as Earned Income Credit I don’t believe you are qualified for it because its not considered earned income, however because you file HOH and have a dependent you should not owe any tax and therefore should receive the whole $1000 back for qualified education expenses. You can go to any IRS free file site, the easiest that I have found and walks you through everything is www.hrblock.com.

Obama, Eagles, and Frogs

Question: When will we know if $8000 tax credit for first-time home buyers will be extended to 2010?

I’m a first-time home buyer and am interested in purchasing a home, preferably next year rather than this year, if the $8K tax credit is extended. Does anyone know the timing on when one of the bills is expected to be passed? I would rather know this summer to determine if I can wait or not.

Answer: not until way into fall. I would not expect any news until around Halloween.

A new bill has been introduced which would increase credit to $15,000 and extend it 12 months. But that bill is in committee and no one knows if it has much of a chance.

Google Profits From Tax Credit for $750 Million Energy Plan

Google Inc. (GOOG) plans to ramp up its $750 million investment in clean energy projects by taking advantage of tax rules to channel more funds into wind, solar and other renewable power sources.

Real Estate Financing – FHA Mortgage and First Time Home Buyers – RealEstateMarketingThisWeek.com

Lease a 2010 Honda Insight at John Holtz Honda