The Federal Tax Credits Blog

Posts Tagged ‘time’

Question: Do I qualify for the Repeat Home Buyers Tax Credit of $6500?

I’m in the military bought my first home in 06/2004 in GB FL (stationed there) lived on it as my primary home ’til 03/2007 then got stationed in VA, rented an apt in VA and have my house in FL rented (for less) ’til present time. Got stationed in FL again but different county in 07/2010 and bought a 2nd home (now my primary home), I closed June 29, 2010 and I was deployed for over 150 days in the gulf in 02/2009 and 07/2009. Am I exempted from the 5 years out of last 8 consecutive years residency in first home rule? Or Do I qualify for the repeat home Buyers Tax Credit???Please advise…thank you!

Answer: You bought too late, the credit expired.

Question: I bought a manufactured home last year but didn’t apply for first time home Buyers Tax Credit, is it too late?

My son and his wife purchased a double wide last year, when they filed their taxes they didn’t file for the tax credit for first time home buyers as they didn’t know it applied to mobile homes, is it too late for them to apply for this tax credit now?

Answer: If your son is in the US, not the UK where you posted, it’s not too late to apply for the credit.

Buyers market

By WESLEY BROWN Staff Writer Donna Willoughby looked left during a recent drive through her neighborhood. She looked right. More color filled her peripheral from for-sale signs in yards than budding spring foliage. That is worrisome for the Kinston…

Question: How can I qualify for the $6500 House Refund?

Me and my husband bought a house in 2007. We lived there for a very short time, and discovered major mold damage. We were forced to move, and we just closed on our new home on Dec. 4, 2009. How, if at all, can we qualify for the extended tax credit for previous home owners? I would hate to miss the opportunity simply because we purchased an uninhabitable home two years ago.

Any help or advise is appreciated. Thank you.

Answer: You do not qualify for either the $6500 or $8000 credit. There is nothing you can do to change the facts.

Stop worrying about inflation

It will go away but the danger of deflation remains. Inflation hawks versus doves at the Bank of England. Photo: Getty Images.

Tax Credit Extended, Loan Limits Extended, and Appraisals May Get Better

Question: Is Congress considering extending the first time home buyers credit thru 2011.?

Is there any chance that Congress is going to extend the first time home Buyers Tax Credit? What does the currently proposed extentions include? Thanks

Answer: yes, it is.

IRS sees increase in online filing

SPRINGFIELD – The IRS stopped mailing paper forms and instructional booklets this year as it pushed the trend toward more e-filing of tax returns and tax tips disseminated by apps for smart phones.

Extension of First Time Buyers Tax Credit

Question: Home Credit eligibility without wife on mortgage?

My wife and I are looking to buy our first house. Neither of us have owned before. Her credit is poor and the mortgage is going to have to be in my name and won’t include her. Are we still eligible for the $8000 tax credit? If so, will it matter how we file our taxes in order to get it (ie. separately or joint)?
It may sound questionable that i’m the only one on the mortgage but that is how it goes. In order to qualify for the loan and that interest rate, she will not be included on the mortgage agreement

Answer: It will not effect the credit. The credit is for the purchase of the property, it does not matter if 1 or 5 people buy it, as long as all are first time. Because she is your wife she has to not have owned for the last 3 years, on this title or not, but she has not, so you are good to go.

Peninsula Financial Advisor Larry Krause Explains How Financial Reform Affects the Average American

The new financial reform bill is the most sweeping economic legislation since the New Deal. Larry Krause, a Bay Area financial advice expert, explains how new rules governing lenders, banks, and credit ratings agencies can affect average consumers and investors.

Mortgage Mentoring : $8000 Tax Credit Still Available