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…
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 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?…
Taxpayer asks: Im going to settlement on a property on May 1st, 2009. I havent filed my taxes yet because I wasnt sure if I should… Should I file for an extension until after settlement to make sure I get the $7500-$8000 all together… or should I file now?? I dont know if they have…