Posts tagged as:

first time homebuyer

First-time Homebuyer Credit Viewed As a Success

18 September 2009

If by success, you mean that a lot of people took advantage of it… The IRS has reported that 1.4 million taxpayers have claimed the first-time homebuyers credit. The credit is available to taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase of [...]

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Ask the taxgirl: Renting and Homebuyer’s Credit

5 August 2009

Taxpayer asks: I moved 3 years ago and am renting a house that I own. I’m not able to file single head of household because I don’t live in the only home I own. Would I qualify for the tax credit? Thanks Taxgirl says: As I understand your question, you are wondering if you would [...]

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Ask the taxgirl: Amount of Homebuyer’s Credit

4 August 2009

Taxpayer asks: Hi Taxgirl, [I emailed you last week when we received the refund to our amended return for 2008 because we claimed the new homebuyers $8000 credit. I was perplexed that it was for $7978 instead of for $8000. The following info explains why, and continues my question.] We just received a letter from [...]

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Ask the taxgirl: Subsequent Marriage and Homebuyer’s Credit

4 August 2009

Taxpayer asks: Single taxpayer elgible for and takes advantage of $8000 first time homebuyer credit. Prior to 3 yrs ownership, taxpayer gets married and wishes to put new spouse name on deed. Does that disqualify and require repayment of the $8000? Taxgirl says: Nope. Eligibility for the first-time homebuyer credit is determined on the date [...]

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Ask the taxgirl: Same Sex Couples and the Homebuyer’s Credit

4 August 2009

I’ve received a number of “ask the taxgirl” questions related to the first time homebuyer’s credit. I’m hoping to wade through a number of those questions this week in consideration of the IRS’ new emphasis on preventing related fraud. Enjoy! Taxpayer asks: Dear Tax Girl, I’ve reviewed the information published by the IRS related to [...]

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Ask the taxgirl: MFS and Homebuyer’s Credit

3 August 2009

Taxpayer asks: I read your blog everyday and find it enjoyable and knowledgeable. My question to you today is about the First Time Home Buyers Credit. Last year my client filed MFJ. This year, they purchased a house but their combined incomes are over $170,000 so they are phased out and cannot get the $8,000 [...]

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Ask the taxgirl: Co-signers and First Time Homebuyer’s Credit

3 August 2009

Taxpayer asks: I bought my first house in April. I asked my dad to co-sign on the mortgage for me because my credit was not strong enough for a good interest rate. Can I claim the first time homebuyer’s credit? Taxgirl says: Yes, you can, so long as you otherwise qualify. From the facts, I’m [...]

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Don’t Be Fooled: Homebuyer’s Credit Fraud is Still Fraud

3 August 2009

With a more or less self-governing tax system, there are always going to be opportunities for fraud. New deductions and expenses create an environment that can make cheating tempting – and the new first time homebuyer’s credit is no exception. However, the IRS is warning taxpayers that they are serious about investigating and pursuing fraud. [...]

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Ask the taxgirl: Homebuyer’s Credit and Rentals

19 July 2009

Taxpayer asks: Does a duplex qualify as a main residence for first time home buyer credit purposes? If the person is going to live in one unit and rent the other unit do you have to allocate the purchase price for calculating the amount of the credit? Taxgirl says: Assuming that you otherwise qualify for [...]

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Ask the taxgirl: Mortgage and Housing Tax Credit

8 July 2009

Taxpayer asks: I must say I enjoy reading your blog! A somewhat tax professional myself (I deal in state taxes), I am constantly asked Federal Tax questions and use your blog as an aid! So here’s my question: Would purchasing a home, via taking over the payments, qualify for the New Home Buyer tax credit? [...]

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