Posts tagged as:

homebuyer’s credit

Homebuyer’s Credit In Chart Form (Cause Who Doesn’t Love Charts?)

22 February 2010

I’ll admit it – as if you hadn’t already guessed – I’m a bit of a geek. And not just a tax geek. I like math. And charts.
So I was pretty psyched when @fixR-com sent me a note on twitter about their homebuyer’s credit pictograph. It’s a really good representation of the credit and they [...]

6 comments Read the full article →

Homebuyer’s Extension To Cost…

30 October 2009

Get ready for it… $10.8 billion.
This is an estimate for the extension portion only – the initial credit cost just over $8 billion.
Call it welfare, a bailout, an “incentive plan” – I call it bad policy.

5 comments Read the full article →

Cheater, Cheater, Pumpkin Eater: Home Buyer Credit Fraud Rampant

22 October 2009

Soooo… You know that I wasn’t a fan of the first time home buyer credit. It was touted as a “stimulus” for middle class taxpayers to make home buying more affordable. The idea was that folks would rush to buy homes, thus buoying the housing industry, getting banks going again and more [...]

15 comments Read the full article →

Fix the Tax Code Friday: Extending Tax Programs

18 September 2009

It’s Fix the Tax Code Friday!
Buoyed by the popularity of the Cash for Clunkers program – and the perceived success of the First Time Homebuyer’s Credit – Congress is considering whether to extend both programs in 2010.
Various bills suggest extending the homebuyer’s credit from six months to a year – and even increasing the amount [...]

10 comments Read the full article →

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 [...]

4 comments Read the full article →

Ask the taxgirl: Sellers and Homebuyer’s Credit

5 August 2009

Taxpayer asks:
Do you have any advice for how SELLERS should best take advantage of the credit? Should we advertise about the credit with our real estate listings?
Taxgirl says:
That’s a great question!
I think the credit is a real selling point (though I’m not a fan of the concept). It definitely makes sense to advertise it. [...]

4 comments Read the full article →

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 qualify for [...]

3 comments Read the full article →

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 the IRS explaining [...]

5 comments Read the full article →

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 of [...]

3 comments Read the full article →

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 the [...]

7 comments Read the full article →

← Previous Entries