The Federal Tax Credits Blog

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Question: Rebate on New Efficient Furnace?

I received a rebate from my energy company in the amount of $325 for the installation of an energy-efficient home furnace. Do I need to report this rebate on my taxes as income?

I paid ~2400 for the furnace and its installation. Will I be able to use 30% of that entire $2400 as a tax credit. Thanks for your advice!

Answer: 1. the rebate reduces what you paid.
2. Your 30% credit would be based on $2075. Max of $622.50 If you pay that much or more in tax, you would get the credit (unless you used it in 2009).

You also must have the manufacturer certification that the furnace is high end. Frankly, $2400 doesn’t sound high end.

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JK Lasser’s Guide for Tough Times: Tax and Financial Solutions to See You Through $0.44 While you may be concerned about the current state of the economy, there are things you can do to improve your situation, and J.K. Lasser’s Guide for Tough Times will show you exactly what they are. Filled with in-depth insights and expert advice, this practical guide details the essential strategies that will see you through the current market, and help you handle several key aspects of your pers…

To amend the Internal Revenue Code of 1986 to provide tax credits for making energy efficiency improvements to existing homes and for constructing new energy efficient homes. $10.03 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

Home builders have new tax credit: energy efficiency gets rewarded.(From The Tax Adviser): An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by Thomson Gale on October 1, 2006. The length of the article is 603 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Home …

Spotsylvania Energy Efficient Homes For Sale And Their Tax Credits

Question: Can homeowners who took the 2008 $7500 tax credit amend it on their 2009 taxes (or before) any way?

I purchased a home in April of last year and took the $7500 tax credit/loan from the government. I heard a few people saying something to the effect of “contact a tax professional, but there’s a way to not have to pay back the $7500 tax credit/loan for 2008 since the $8000 tax CREDIT does not need to be paid back.” Has anyone heard of this or know anything about this? Thanks.

Answer: If you purchased your home in 2008 you can only take the $7,500 tax credit/loan.

But if you purchased your home in 2009 and claimed the $7.500 on your 2008 tax return, you can go back and amend your 2008 tax return to claim the extra $500.

HR Block — Tax Advisor I — Over 5 years experience

Congress passes extension and expansion of homebuyer tax credit.(Briefing Book)(Law overview): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on December 1, 2009. The length of the article is 528 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Congress passes e…

eModifications: a technology solution to a business problem.(The eMortgage Evangelist)(Homeowner Affordability and Stability Plan)(Home Affordable … Program ): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2009. The length of the article is 753 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: eModifications: a t…

First-time buyer tax credit can be used upfront for purchase costs.(Briefing Book)(National Association of Home Builders of the United States)(Federal … article): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on July 1, 2009. The length of the article is 357 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: First-time buyer tax …

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Question: Questions about the IRS Stimulus Payment?

We claimed our 18-year-old student son (he had turned 18 in December of 2007) on our federal income taxes. We are not entitled to the child credit for him because of his age, so it is my understanding that we don’t get credit for him for the stimulus payment either. However, he made over the $3,000 minimum to get a payment himself and filed his own tax return. When checking with the IRS it informs us that he is not entitled to the stimulus payment because we claimed him on our tax return, and we are not entitled because we couldn’t claim him as a “child”. So, does no one get money for him? And is this right? And does anybody actually have a phone number for the IRS where you can actually get in contact with a live person?

Answer: Try this number to. 1(866) 234-2942, keep pushing 0 and sometime in the next hour or two, you should get A live person. Good Luck

Question: Mortgage, Refinance, Debt Consolidation, Construction, Home Improvement…?

I’m a loan officer for Access Mortgage and Financial, we do 500+ credit scores. Contact me toll free at 877-LOAN-103 and ask for Josh. We do first time buyers, home improvement, debt consolidation, re-finance and more. We handle all credit scores, good or bad. Don’t ever pay for a loan application, they are free and can be done over the phone. You can contact me by phone, email, IM. Please only serious inquiries. We are currently licensed in 14 states
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First-time buyer mortgage at 8.5% was a mistake, says Halifax

Mortgage brokers shocked at 8.5% loan – as Halifax speedily takes down ‘dummy product’ from website A mortgage charging interest of 8% above the base rate and purportedly intended for first time buyers has appeared on the Halifax website “by mistake”, the company said. The bank published the terms of the 95% loan-to-value loan on the intermediaries’ part of its website, including that it had an …

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