The Federal Tax Credits Blog

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Hearthstone Equinox Wood Stove

Budget fires consume Wilmington, many other cities

From fire trucks to potholes, needs outrunning resources in American cities.

Led shirts, Headphones

Question: Existing homebuyers tax credit?

We sold a home we lived in for the past 5+ years. The closing on that home was the first week of October. We are now in the process of buying a home….we put the offer in back in September but it is in short sale and we are still waiting to get an accepted offer from the bank. Will we qualify for the existing home-Buyers Tax Credit that Pres. Obama signed into law on November 6th? I can’t find any information about dates for buying and selling that apply to this credit. Also, is the credit in the form of a rebate check or is it an actual credit on our taxes?
Thanks for any usable information!

Answer: Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

Also, since you lived in your previous home for at least five of the past eight years, you meet that qualification.

Provided the date on your contract to purchase is on or after November 6, 2009, and you meet the income and all other qualifications, you should qualify for the $6,500 tax credit.

It is a credit against any tax you owe. Let’s say after doing your taxes, you owe the IRS $1,000. After your homebuyers tax credit, you would get a refund of $5,500.

Or, let’s say you did your taxes and you are expecting of refund of $1,000. After your homebuyers tax credit, you would get a refund of $7,500.

Travel bug, hospital ache

People next door and those not so near have some common concerns. The Telegraph tracks their before-and-after budget thoughts What are your expectations for yourself from the budget?

President Obama Signs Tax Cuts and Unemployment Insurance Legislation

Question: If i buy a new energy efficient boiler and i get a 1500.00 tax credit, does that mean i get BACK 1500.00?

I’m not really sure about “TAX CREDIT” specifically this new energy star tax credit that is available now. Does that mean I get it back on top of my refund next year? as cash?

Answer: No what it means is you get a credit that is deducted from your taxable income which will lower your tax liability.

Now if you don’t owe or they end up oweing you money then yes the $1,500.00 would be additional to that amount.

2011 tax changes smaller than anticipated, but still can affect you

This year’s major changes are summarized here. Some may impact your 2010 tax return, while others apply for next year’s return.

The American Opportunity Tax Credit Student/Parent Forum

Ford shifts Focus to electric

share: digg facebook twitter Like the Leaf, the Focus will be a five-door hatchback driven by an electric motor that gets its power from an onboard advanced lithium-ion battery pack. Another difference between the Leaf and Focus chargers is that the Leaf’s must be hard-wired into the electrical system in the owner’s garage or parking location, while the charger for the Focus will be portable …

OBAMA GIVING OUT FREE GOLF CARTS TO SAVE THE ENVIRONMENT / ECONOMY! ROFL!