Real tax questions from real readers, answered. Got a question of your own? This is where Taxgirl answers them.
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…
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…
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 new…
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…
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…
Taxpayer asks: Recently my father-in-law passed away. My Mother-in-law is planning on selling her home and giving each child $10,000 and then putting the rest in CDs and she is planning on doing this before the end of the year. How will this affect the income tax that we have to pay? My husband says…
Taxpayer asks: While putting together a new group of guest posters for my site, a tax question hit me! Is the time I spend guest posting on other blogs for promotional purposes tax deductible? i.e. I don’t get paid for the post – my only compensation is the link back. But I could be getting…
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…
Taxpayer asks: I’m a recent college grad working 2 full-time jobs and doing some freelance work on the side. I have recently been asked to provide a w-9 for a $300.00 invoice I sent to a client, who happens to be my old boss. I was wondering, how much money should I withhold to pay…
Taxpayer asks: My husband and I have a 4 yr old daughter diagnosed with autism (higher functioning). We are considering enrolling her in a private preschool that has a program specifically designed to help children with autism, something the public school system cannot offer. The yearly tuition is $22,000. Can any of this be tax…