tax credit: Home Selling Tax Benefits
- 04/17/10 04:11 AM
This year’s tax filing season is behind us, but if you sell your home this year (or any other, for that matter), you'll find your home will shelter your taxes as well as your family. Specifically, the Taxpayer Relief Act of 1997 provides a substantial exemption on your capital gains when you sell.
In general terms, when you sell your home, the IRS allows you to keep capital gains – tax-free - of up to $500,000 (married filing jointly) or $250,000 (single taxpayers). That's right, no taxes on your gains, if you qualify.
It's fairly simple to qualify, with … (8 comments)
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tax credit: Is it time to get off the fence?
- 01/27/10 11:27 PM
There's not much time left. If you are seriously considering the leap to home ownership, we remind you that the window is closing on federal tax credits.
First-time home buyers, and those who own a home and are buying another one, have until April 30 to set up a contract with a lender. The mortgage closing can come later, but the approval has to come by April 30.
Getting off the fence and under the wire to qualify for the deadline is no small matter.
First-time buyers can qualify for an $8,000 … (6 comments)
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tax credit: Now There’s No Excuse
- 01/01/10 01:01 AM
It’s the best news in real estate since last year’s First Time Home Buyers Tax Credit: an estimated $22 billion will pump into our economy as a result of the government not only extending the tax credit, but including current homeowners, too.
The existing $8,000 maximum credit stays in place for first-time buyers. A "first-time" buyer is one who has not owned a home during the three years prior to the purchase. However, repeat buyers who have lived in their home for five of the past eight years may also qualify for up to a $6,500 tax credit on their purchase.
Unlike before, … (11 comments)
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tax credit: Helping Your Children with the American Dream
- 11/27/09 10:55 PM
Most areas of the country have been experiencing some very attractive conditions for the first time buyer, and current tax laws make this a very attractive time for parents to help their children become homeowners. Prices and interest rates may never be lower than they are now, so strongly consider this potential investment in your children's future.
As parents, you can provide a significant down payment, free of taxation. Individuals may gift up to $13,000 per year, so two parents making gifts to their child and their spouse can give a total of $52,000 in one year without paying a gift tax!
Above … (16 comments)
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tax credit: $15,000 home buyer tax credit proposed
- 08/05/09 08:57 AM
A bill making its way through Congress would create a home buyer tax credit to $15,000 and make the credit available to all home buyers, not just those who have not owned a home in three years.
It would replace the current first-time buyer tax credit, which offers an $8,000 credit to first-timers and go into effect when the first-timer credit offer expires on December 1, 2009. The bill was introduced by Sen. Johnny Isakson (R-Ga.) and co-sponsored by Senate Banking Committee Chairman Christopher Dodd (D-Conn.).
Economists say raising the tax credit will be difficult because it reduces tax revenues.
Isakson's bill, which has … (12 comments)
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tax credit: Take the Plunge
- 07/31/09 11:02 AM
Are you looking for some good reasons to take the plunge into homeownership? Certainly, there are many, but here are a few to chew on before you call an agent and begin your search.
If you haven't owned a home in the last three years, then you qualify as a "first time buyer," and you are eligible for up to an $8,000 tax credit if you purchase a home before December 1, 2009. Combined with low interest rates, now is an excellent time to seek financing and make your move. If you get a fixed rate mortgage, your monthly payment will always … (4 comments)
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tax credit: Make Your Move NOW!
- 07/24/09 11:28 PM
ALERT: Buyers only have until December 1, 2009 to take advantage of the first-time buyers tax credit authorized in the American Recovery and Reinvestment Act of 2009. Consult now with your tax advisor and real estate representative to get moving!
Most first-time buyers (who haven't owned a home in three years) will qualify. If you're married, you and your spouse must both satisfy this description.
There are income limits for claiming the credit of up to 10% of the home's purchase price, which maxes out at $8,000. If your modified adjusted gross income (on IRS Form 1040, line 37) is less than $75,000 … (9 comments)
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tax credit: Singles qualify for full $8,000 tax credit
- 05/15/09 10:30 AM
It's good news for people who are single, divorced or widowed: They get the same income tax credit when buying a home as married couples do.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit for up to $8,000 when you purchase a home before December 1 of 2009. Whether the buyer is an individual or a married couple, they qualify for the same amount.
One exception: If the buyer is married and buying a home as an individual, that person only gets a $4,000 tax deduction.
Couples qualify for the tax credit if they have income of … (8 comments)
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tax credit: Solar Power Tax Breaks
- 03/26/09 07:09 AM
Homeowners, new one-time tax break makes sun power attractive
Congress has renewed and increased the tax credit for wind power, solar power, geothermal and other energy saving power plans.
Buyers of green homes will benefit, but homeowners who install solar power in their present homes will get a 30 percent one-time investment credit in 2009. If you install a typical $25,000 solar panel system on your roof, you will get $7,500 in income tax credits. That's up from a $2,000 credit under the old arrangement.
Home builders are finding that including solar power attracts more buyers. Big builders such as Centex and Pulte are … (2 comments)
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tax credit: First time home buyers can snag $7,500 tax credit
- 08/19/08 09:31 AM
If you are thinking about buying a home, the U.S. government is ready to stuff your piggy bank with $7,500, but don't delay. The program ends next summer.
The federal housing bill signed in July by President Bush gives first-time home buyers a $7,500 tax credit as a head start to home ownership.
According to the terms of the Housing and Economic Recovery Act, first-time home buyers will get a tax credit of 10 percent of the purchase price of a home up to $7,500. That means if you buy a new home any time from April 9, 2008 to … (1 comments)
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This year’s tax filing season is behind us, but if you sell your home this year (or any other, for that matter), you'll find your home will shelter your taxes as well as your family. Specifically, the Taxpayer Relief Act of 1997 provides a substantial exemption on your capital gains when you sell.
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