The Federal Tax Credits Blog

Posts Tagged ‘taxes’

Question: Will I receive the $8000 tax credit if I buy a house in another state?

I currently reside in CA, but wanted to buy a house in AZ, claiming residence there, but renting a room here until finishing college.

What criteria does the IRS use to determine residence? Do you have to move in right after closing, or can the house sit for a few months?

Would I have to claim the AZ address on my 2010 tax returns?

Answer: It is a federal credit that can be used in any state.

IRS changes its rules for people owing back taxes

The Internal Revenue Service announced Thursday that it’s going easier on people who haven’t paid their federal taxes. IRS Commissioner Doug Shulman said the service is making five changes to its lien system and…

Tax Tips & Advice : How to Deduct Home Mortgage Loan Interest

Question: do you still qualify for working tax credits if u dont live with your child?

if you have a relationship breakdown and you know longer live with your partner and child but they were mainly financially dependent on you, receiving working tax credits, child tax credits, child benefits and wages, what are both parents entitled to or no longer entitled too.
thank you for your time and help

Answer: The parent with care meaning the parent who the children usually live with will be entitled to the child benefit, child tax credits. Working tax credits will go to the parent who works but you will lose the family element and any childcare element you get within the working tax credits that are there to support the children. So if your the parent that worked but doesn’t have the child live with them you can still claim working tax credits as a single person so long as you don’t earn over £24,000 a year and are over 25. You’ll lose it altogether if you earn more then £24,000 or are younger then 25. You’ll lose the family element which is about £1000 a year. The rest you will keep but you’ll get the basic rate and the 30+ element if you work over 30 hours a week. The parent with care will receive any other child related benefits as well as maintenance from you for the child, which is about 20% of your monthly wage.

IG: IRS not stopping billions improper tax credits

More than $10 billion a year in tax credits for low-income families go to people who don’t qualify for them, and the Internal Revenue Service isn’t doing enough to stop them, a government investigator said Wednesday.

Getting to Know Your Taxes: Credits for Children

Question: What are the stipulations of the 2008 First Time Home buyer Tax Credit?

Is there a website where you can view the rules at all? i am wondering if you would need to spend the money only on home improvements, paying the mortgage, ins etc? Also, would you need to keep the reciepts for any and all purchases made with the tax credit?

Answer: Eligibility, repayment and all the rest of the rules are spelled out at the IRS’s web site on this page. It is a new credit that was part of the economic stimulus package earlier in the year.

As others will note, it is really an interest free loan of $7500 that has to be paid back at $500 per year with your income taxes. If you sell the home before it is fully paid back, you have to pay it back with proceeds of the sale (if any).

http://www.irs.gov/newsroom/article/0,,id=186831,00.html

good luck!

Mortgage payments have hit bottom, expert says

While King County home prices will continue to “drift down” this year, home payments have already hit bottom, a housing expert said Thursday.

Credit Cards & Personal Loans : Are Home Improvement Loans Tax Deductible?

Question: Is Solar Power worth the investment?

This website http://www.Solarbuzz.webs.com is saying it’s a great investment, but I am leary of these claims. They are saying in a nutshell its: Property tax exempt, rebates and 30% uncapped Federal Tax-credit and 100% of the value is added to your home? Comon’ that just seems not possible? This information website is based out of my home town of Sacramento California. I just wanted to see if there is anyone who has added Solar Photo Voltaics that can substantiate these claims.

Answer: If you can get all the tax credits then maybe. It will take a long long time for solar power to pay-off as an investment. Don’t forget to check for state incentives along with federal incentives. You would probably be better off not looking at it as an investment but as a way of being more eco-friendly with your house and life.

Clinton Township officials considering many solar panel proposals, including some of their own

The roof of the township’s Middle School might be ideal for a solar panel installation. CLINTON TWP. — Solar electric panels may be springing up soon around the township, the result of several unrelated projects that have been proposed. What…

2010 Federal Tax Credit for Solar Energy – TurboTax Video

Question: when does the child tax credit get deposited into someones bank account in on. Canada?

Answer: We get ours on the 20th. Check with the Revenue agency and/or your bank.

Conviction in child molestation case

A man was taken to a cell Wednesday after a western Newfoundland jury convicted him of offences against children, including sexual interference.

New Year’s Resolution – How not to start a fitness program