Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
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…
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…
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…
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 Internal Revenue Service (IRS) is warning taxpayers that they are serious about investigating and…
When President Obama was running for office, he pledged not to raise taxes on the middle class. Is he about to go back on his word? Pundits are screaming that tax cuts for the middle class are “imminent.” I don’t know that I’d go that far. What all of the hullaballoo is focusing on is…
You’re so vain, I’ll bet you think this blog is about you, don’t you? That’s because Americans spent $10.3 billion on 12.1 million cosmetic procedures last year. And Congress thinks it’s time to cash in. The Senate is currently considering imposing a 10% excise tax on cosmetic procedures that are not medically necessary. These would…