The Federal Tax Credits Blog

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Luces Chimney and Stove Shop $1500 US Tax Credit Avalon

Question: Tax credit $8,000 extension for deployed military?

Explain a bit about it.

Answer: Quoting directly from the IRS: “Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.”

Innkeepers, Caribe, Inverness, Cordia, Vitro, WaMu, Berkline: Bankruptcy

Their offer was about $1.13 billion, according to the buyers’ statement. Chatham won yesterday’s auction for five other properties with a bid of more than $190 million, according to a person with knowledge of the auction. For other Bloomberg coverage, click here.

Military Tax Credit Extension

Question: First Home Buyers Tax Credit Military Extension?

I deployed in December of 2009. Will I still qualify for the Military Extension for First Home Buyers Tax Credit? I’ve read a ton of sites and it’s very unclear, I’ve read for 90 days between jan1 2009-may31 2010, I’ve read 90 of the days has to be in 2009. I’m just looking for a concrete answer as I close on my house in jan 2011 and I’m trying to see if I qualify.

Answer: “Are on qualified official extended duty (defined on this page) outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010.”

The 90 days do NOT have to be in 2009. They could be 90 days in 2010 or 2009 or any combination there of.

So, YES, you do qualify if you close in January 2011.

Phones open for Payback Line9

KUSA – It’s the next best thing to finding buried treasure. 9NEWS and the Colorado Treasurer’s Office are teaming up for Payback Line9. If you think you have unclaimed property that may be in the State’s Vault, call 303.866.6070. Be patient. They are very busy.

Military Tax Credit Extension

Alliance Data Sponsors, Sends Volunteers to Support United Way Super Saturday Tax Preparation Event

DALLAS, Texas Just last Saturday, United Way of Metropolitan Dallas hosted its first-ever Super Saturday tax preparation event at Concord Baptist Church, kicking off the Earn It Keep It Save It city-wide free tax preparation program, designed to put money back into the pockets of hard-working Dallas families. From now through April, Earn It Keep It Save It volunteers will offer free tax help…

ED Policy Briefing: Promise Neighborhoods – Presenters

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