The Federal Tax Credits Blog

Posts Tagged ‘realestate’

Question: Did you buy property in Washington DC in 2006 or 2007? Looking for info on First Time Home Buyer Tax Credit?

theres a 5000 tax credit for people who purchase property in DC- has anyone received this bc I have some questions:

-is it tax free?
-is it included in your federal refund or mailed separately?

any info would be appreciated, thanks

Answer: Yes, there’s a $5,000 credit for First-Time Homebuyers who bought a house in DC. You get the credit during the tax year you bought the home, so if you purchased in 2007, now’s the time to claim your credit! If you purchased in 2006, you might want to look back at what you filed last year (and ask your tax preparer how they missed that!).

Otherwise, file Form 8859 with your Federal 1040. This is a tax credit, so you get the money as part of your refund, or if you owe normally, your liability is decreased dollar-for-dollar. Mail this form with your return. I’m not sure what you mean about it being tax free…federal refunds you receive are never taxed – only state refunds are.

It’s pretty straightforward…

Wall St Week Ahead: New year, old worries for U.S. stocks

By Edward Krudy

FOR SALE: 2 Bedroom Condo – Norwalk, CT

Question: Which congressional bill has the first time home buyer tax credit included, and will it be extended?

I’ve heard online that it was all but extended according to senators in offie and the Obama administration, and that the bill would be voted on in a week, any news on this? Anyone know what bill this is or where I could track its progress? Thanks.
The bill was passed today, as I watched it on CSPAN. First Time Home Buyer Tax Credit officially extended.

Answer: I know this probably wasn’t intended as a trick question, but it requires a tricky answer.

What you have described, that the federal first-time home buyer tax credit deadline is “all but extended” is essentially correct…emphasis on the “all but.” There is general agreement in the Senate to approve the extension, giving buyers an additional five months to take advantage of the tax break and expanding it to certain classes of buyers who were previously excluded.

However, the reason you have not been able to find a bill yet is that the plan is not yet included in a bill. It is currently a proposed amendment to the Unemployment Compensation Extension Act (H.R. 3548). The Senate voted on Monday, November 2 to invoke cloture on the proposed amendment, which is a fancy way of saying they voted to stop debating the proposal and take a vote on it. The vote to adopt the amendment will almost certainly take place this week. Once the bill is amended and passed by the Senate, the House of Representatives will have to concur, then the bill will be passed on to the President for his signature.

So while the tax credit has not yet been extended, it continues to move in that direction and it appears likely that the extension will ultimately be enacted.

First baby of 2010 born to Waukegan couple

Thanks to the modern age of instant messaging, relatives of Waukeganresidents Jose and Maria Macias were able to keep track of progress as the couple prepared to welcome their first child on New Year’s Eve. Family members sent Maria messages “telling her to justhold on if you want it to be the first baby of the year.”

$8000 Tax Credit is Extended

Everybody wants to shift to a place where they can get good facilities. There are many popular apartment locating cities around the country. But there a few that stand out above the others. Houston is the fourth largest city in America and largest city within the state of Texas with population of 2.2 million. If you’re looking for an affordable apartment, but don’t want to sacrifice comfort and convenience, there is enormous selection of apartments in Houston Texas for you to choose from. Whether you are looking for an apartment with a lot of square feet, amenities, move-in specials, or just a “Good Deal”, you will find it in this area.

Why to Live in Houston?

There are many enjoyable things to do in Houston. There are great restaurants, shops, visiting parks and venues to watch stand-up comedy, music, live theater and independent films. And there are over 60 colleges, including the Thurgood Marshall School of Law, Rice University and the University of Houston.

If you are searching for family friendly neighborhoods, look at the West University area or even Sugarland in southwest Houston. For the arts and trendier restaurants, the Montrose and Midtown area might be the place for you. There you will find the best nightlife for the live music scene as well as the hottest new restaurants.

An apartment is not just a place to put yourself and all your things. Your apartment can be a sanctuary to escape back to, a lively place where your family enjoys being together, a place where you can invite your friends or a place to plan your weekend adventures.

There are many expert apartment locators around the world dedicated to help in finding perfect apartment home as per our requirements. They have a thorough knowledge of the Houston area and can give the pro’s and con’s of living in the different communities around Houston. There are luxurious modern apartments in Houston Texas and a lifestyle full of convenience. It is no wonder many Houston executives, professionals and city employees also choose to live here.

2009: The year that wasn’t a disaster

The outlook was grim, but our worst fears were not realized: The economy did not collapse during the year that wasn’t Armageddon.

Zindler Realty Homebuyer Tax Credit Channel 13, Houston, Texas

Question: Will the irs take money owed to them out of the first time homebuyer tax credit?

A lawyer is going to amend my 2008 taxes to include the first time homebuyer credit but what will happen if I owe them money? Also does anyone know what you have to attach to the form 5403 i believe? Do they look over your whole tax return or what are they looking for?

Answer: the form is 5405
and IRS has found a mountain of fraud in the FTHB credit
if you owe back taxes, more than likely it will be satisfied first and any left over applied to you FTHB credit
filing in 2008 was $7500 and in essence a loan that had to be repaid, filing in 2009 is a true credit of $8000, or depending on your income

Mortgage broker should be discreet

Q. It seems to us that our mortgage broker violated our privacy.

Brian McRae Gives an overview of the homebuyer tax credit