tax credit: Tax Deductions from House Improvements
- 06/20/12 03:31 AM
Summer is a great time to make improvements on your home. Are you thinking about making your home energy efficient? You could qualify for tax deductions. An added bonus: your renovations may be tax deductible. These tax deductible renovations include:
-installation of certain energy systems, such as solar water or electricity, geothermal, and wind systems.
-installation of weatherproofing, such as insulation, double-paned windows, and so on.
Other home improvements that may also be tax deductible are those for handicapped family members. Installing ramps, railings, special bathtubs and pools may also be deductible. To find out which improvements qualify for deductions … (0 comments)
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tax credit: It's Time to Review Your Payroll Withholding
- 10/06/10 04:31 AM
Here is the latest from my fellow personal finance blogger Eva Rosenberg:
Recently, I visited my friends at the IRS for ourStakeholder Liaison meeting. This group of representatives from a variety of tax associations is privileged to exchange ideas with the IRS. The IRS updates us on current changes, laws, and procedures—and solicits suggestions for simplifying or improving procedures. The IRS also alerts us to problems it is seeing in the system.
Some people were shortchanged last year, others got in trouble. Whether your income has changed or not since last year, it's time to take a closer look.
One word of warning, … (1 comments)
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tax credit: Hiring? Do Your New Hires Qualify You for a Tax Credit?
- 08/09/10 07:18 AM
Tax Mama gives advice for companies ready to hire new employees. By hiring the unemployed or special employees, you can qualify for a tax credit.
Hired anyone lately? Oh, my! It's a daunting prospect.
Have you read the National Taxpayer Advocate Report to Congress that was released in July? In it, National Taxpayer Advocate Nina E. Olson describes hiring hardships faced by the average small-business owner:
"Consider an individual without a college degree who becomes a successful plumber or electrician with a growing customer base. If he hires employees, he will face a host of employment, immigration verification, and state and … (0 comments)
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tax credit: Write Off your Child's Summer Camp
- 07/19/10 05:32 AM
Remember when you looked forward eagerly to summer? When you were finally released in June, you flew out those schoolhouse doors and didn't look back! You didn't realize how much your parents dreaded those months, with you at loose ends while they had to work.
Now you're a parent. You have a job. While you wish you could spend all day with your child, someone has to make a living. What's your best alternative?
Summer camp!
Not only is it a great way to keep your child occupied, distracted, educated or entertained-but you just might be able to get a … (0 comments)
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tax credit: Home Buyer Tax Credit Cash
- 07/19/10 04:45 AM
TaxMama Eva Rosenberg offers 7 Things You Need to Know When Filing for the Home Buyer Tax Credit in her post on the Equifax Personal Finance Blog.
The $8,000 first-time home buyer tax credit was included in the American Recovery and Reinvestment Act of 2009. It was widely seen as a terrific opportunity for Americans who might never otherwise have the money for a down payment to get into their own homes.
Unfortunately, the first-time home buyer tax credit program quickly became a bureaucratic nightmare. The IRS was unprepared for the volume of paperwork flooding into their service centers.
Some … (0 comments)
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tax credit: Land Contract Tax Consequences Don't Allow You To Qualify For $8000 First-Time Home Buyer Tax Credit
- 04/21/10 03:21 AM
A land contract is known in some parts of the country as “purchases installment contracts for deed” or “contracts for deed.” Land contract tax consequences don't allow you to qualify for the first time home buyer tax credit.
Even if you received title on your home this year, if you entered into the land contract years ago, the IRS views you as the owner since you entered into the land contract.
Read the full story on land contracts at ThinkGlink.com
… (0 comments)
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tax credit: There's Still Time! Do you Qualify for the Home Buyer Tax Credits?
- 03/17/10 07:01 AM
Q: I have rented an apartment for the last 5 years. I started renting after I got divorced. My ex wife and children live in the old home. The home and loan are completely in my name and my divorce paperwork indicates my wife is responsible for the payment. I have not lived there for 5 years.
I would like to buy a home and stop renting. The way I read all the rules I don't think I qualify as a first time homebuyer since the loan on the old house is in my name (although it has not been my … (2 comments)
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tax credit: Time Ticking on First Time Home Buyer Tax Credit
- 02/10/10 08:39 AM
If you're looking to take advantage of the $8,000 first time home buyer tax credit, time is ticking. The new home must be closed by June 30, 2010. There are also income requirements, and the new house must be your new permanent residence.
To read more about time restrictions on the tax credit, visit: ThinkGlink.com
… (0 comments)
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tax credit: Poor Credit Score Can Derail Opportunity To Buy Home And Get $8000 First Time Home Buyer Credit
- 02/09/10 08:19 AM
The $8,000 first time home buyer tax credit helps provide a bit of financial assistance to those struggling to buy a home. Anyone who has never owned a home, or hasn't within the past 36 months, is eligible for the credit. There are also income restrictions: if your single gross adjusted income exceeds $125,000 the credit is reduced.
The basic guidelines for purchasing a home also matter. A poor credit history limits your ability to qualify for a loan to even purchase the home to begin with. The Federal Housing Authority (FHA) will grant a loan to anyone with a credit … (1 comments)
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tax credit: Do You Qualify For A Home Buyer Tax Credit? HomeBuyerTaxCredit.com Can Help
- 01/18/10 05:14 AM
The site does an excellent job of explaining the ins and outs of the tax credit tax law.Every day, someone writes me to ask if they qualify for one of the home buyer tax credits.
I try to answer to as many people as I can, either directly, or through my weekly newspaper column and articles at ThinkGlink.com. But I can't always get to everyone, and there's a new tool out there that might help a lot of people get answers to their questions.
Better Homes and Gardens Real Estate launched a new website last week: HomeBuyerTaxCredit.com.
The website is well-designed. … (0 comments)
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tax credit: 8000 Tax Credit First Time Home Buyer Requirements: Buying From A Relative
- 12/02/09 08:43 AM
Q: I am in the process of purchasing my first home and have a question about buying from a "relative." The house belonged to my Father's aunt who has passed away. I will be purchasing it from her estate and the executor of her estate is my Grandmother. Will I still qualify for the first-time buyer tax credit?
A: You can probably purchase the home from your great aunt’s estate and still qualify for the $8,000 first-time home buyer tax credit.
The IRS rules state you cannot purchase a home from a close relative, and the regulations specifically mention a parent, … (2 comments)
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tax credit: Home Buyer Tax Credit Cut-Off Dates: Do I Qualify?
- 11/17/09 03:33 AM
Q: I have heard about the new tax credit for first-time buyers and was wondering if I would be eligible under the new law that was just passed.
I purchased my home on March 17, 2008. That was about 20 days before the tax credit was announced.
This was my first house that I purchased and with the new law passed I’m curious to know if I now qualify for some sort of tax credit. Thanks.
A: The federal government offered a $7,500 tax credit for first-time buyers who purchased a home after April 8, 2008 through December 31, 2008. This … (0 comments)
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tax credit: $8000 First Time Home Buyer Tax Credit and Closing On New Construction
- 11/16/09 02:59 AM
Q: I have lived in my home more than 32 years. I signed a contract to build a new home on my lot for $400,000. It will be ready next September. I’ll move out into a rental during construction. Do I qualify for the new $6,500 home buyer tax credit? Please let me know. I expect to close on the construction loan by December 5, 2009.
A: If you’re tearing down your existing home and building a new home on your own lot, you will not qualify for the first-time home buyer tax credit.
If you’ve purchased a lot and are … (0 comments)
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tax credit: Home Buyer Tax Credit Extended and Expanded: Questions and Answers
- 11/10/09 03:23 AM
UPDATE: (11/9/09) The new $6,500 tax credit for trade up buyers is effective as of the day the bill was signed, November 6, 2009, according to Sen. Isakson's office.
Since Senate negotiators announced they had reached an agreement on extending and slightly expanding the $8,000 first-time home buyer tax credit, my inbox has been filling up with questions about the credit and who will qualify for it. I’m also getting lots of comments from people irritated that they purchased this past year and would have qualified but now get nothing.
Last week, the Senate voted 98 to 0 to extend and … (0 comments)
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tax credit: $8,000 First Time Home Buyer Tax Credit: Buying A Partially Inherited Home
- 11/05/09 01:24 AM
The first time home buyer has restrictions on income. The first time home buyer tax credit requires you to live in the home for 3 years. Also, you can't have owned a home for the last 36 months. In addition, the first time home buyer tax credit has restrictions on who can sell you the home. If you are buying a home from a close relative, you won't qualify for the tax credit. But what if you inherit the home?
Q: My sisters and I recently inherited our mother's house. The sister that is executor of the will also wants to … (1 comments)
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tax credit: $8,000/$6,500 Tax Credits Are A Done Deal. What’s Next?
- 11/03/09 01:59 AM
With the Thanksgiving Recess just three weeks away, Senators burned the midnight oil last night to clear the way for the $8,000/$6,500 tax credit extension and expansion. Voting 85 to 2, the Senate cut off debate on a package of amendments and legislation. President Obama is expected to sign the tax credits into law later this week.
The $8,000 first-time home buyer tax credit has certainly done the job, boosting home sales by 9.4 percent to an annualized 5.57 million home sales pace, according to the National Association of Realtors.
But those numbers are a bit misleading.
Sales are about where … (2 comments)
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tax credit: Have You Sent Yours In?
- 09/18/09 04:23 AM
When the going gets tough, the National Association of Realtors contacts its million-plus members and encourages them to get going.
The Realtors put up a video encouraging its member real estate agents and brokers to contact their Congressional representatives demanding an extension of the $8,000 first time home buyer tax credit.
The accompanying form letter (ready to be filled in online and sent) states that the current $8,000 first-time home buyer tax credit “has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry…”.
The Realtors say that if Congress doesn’t act “NOW” … (2 comments)
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tax credit: Free Money: How Many Homeowners Took The $8,000 Tax Credit?
- 09/11/09 07:59 AM
Free money falling - better act fast to scoop it up.
In a speech last week, Vice President Joe Biden announced that some 320,000 first time home buyers took up the government on its offer of an $8,000 tax credit. If the national median home price in second quarter of 2009 is $174,100, that’s around $40 to $50 billion in home sales driven by the tax credit.
The true dollar volume of sales to first-time home buyers is probably somewhat lower than that, since first-time home buyers typically buy less expensive homes.
But the point works even if the dollar volume … (0 comments)
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tax credit: $15,000 Home Buyer Tax Credit Rejected For Cash For Clunkers Bill
- 08/18/09 07:54 AM
It’s Cash for Clunkers - but for home buyers.
That’s how Sen. Johnny Isakson (R-Ga.) described his $15,000 home buyer tax credit proposal.
The proposed legislation would have given a $15,000 tax credit to any home buyer who bought a home, regardless of income. Sen. Isakson’s proposal would have also extended the date of the proposal for a full year from the date of enactment, making home buyers eligible for the tax credit well into 2010.
The proposed $15,000 home buyer tax credit was supported by the National Association of Realtors (NAR), the National Association of Home Builders (NAHB) and … (5 comments)
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tax credit: Exceptions To The $8,000 First Time Home Buyer Tax Credit -- Know The Rules
- 08/17/09 04:20 AM
The $8000 first time home buyer tax credit is quite a bit of money. But you must meet all the guidelines and restrictions.
According to the IRS, you cannot take the $8000 first time home buyer tax credit, even if you buy a principal residence, if:
1. Your income exceeds the phase-out range. This means joint filers with modified adjusted gross income of $170,000 and above and other taxpayers with modified adjusted gross income of $95,000 and above.
2. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
3. You stop … (4 comments)
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Summer is a great time to make improvements on your home. Are you thinking about making your home energy efficient? You could qualify for tax deductions. An added bonus: your renovations may be tax deductible. These tax deductible renovations include:
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