First Time Homebuyers

Homebuyer Credit Repayment

May 15, 2012
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Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that [...]

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Saving Your Homebuyer Credit

June 16, 2010

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Today TaxMama hears from Kerry Tomlinson at KATU News in Portland, Oregon. Kerry tell us. “We heard from some viewers this morning about their experiences with the homebuyer tax credit. One woman says she was disqualified because she was deducting mortgage interest on an RV as a second home. She has fought it, providing documentation to [...]

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4 Unit Apartment

May 4, 2010

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Today TaxMama hears from Tom in the TaxQuips Forum who wants to know.  “Does anyone know if there are any tax breaks if the owner lives in one of the units of a 4-unit apartment building? The owner moved into the unit after 5 years of owning the building.” Share this:

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Ask TaxMama Issue 550 – May Day and Homebuyer Credit Deadline

April 30, 2010

Dear Family, Well, it’s the end of April. The world somehow survived a volcano and an earthquake that left travelers stranded all over the world. It’s interesting the different ways that tavel companies dealt with it. Yesterday, within seconds of each other, I received two emails. The first was from an executive at British Airways, [...]

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Ask TaxMama Issue 549 – Greening and Swapping

April 23, 2010

Dear Family, It’s nice to get a few days off, isn’t it? In honor of Earth Day, Arbor Day and all that, we went camping in the desert to see the spring blooms before they burn out. Coincidentally, it turns out that National Park System is offering free admissions this week – through tomorrow. So [...]

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H&R Block Radio Show – Tax Tips for Individuals

March 29, 2010

Listen here  -  Tax Tips for Individuals                         Read the script of the show below: PROGRAM 1: Tax Tips for Individuals Originally aired:   Thursday, March 25    10:00 a.m. – 11:00 a.m. EDT Introduction – Tax Mama Welcome and Introductions o        Thanks for joining §                    Introduce hosts: §                    Chris Wilson, Master Tax Advisor o        Wilson has been [...]

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Do I have to File a Tax Return?

January 29, 2010

    Courtesy of IRS [TaxMama note: ALWAYS file tax return, whether you need to or not. Once you file, you start the clock ticking on the 3 year statute of limitations for audit. If you never file, IRS or the state can come back and ask for a tax return for  that year, forever.] You [...]

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IRA for Home

January 27, 2010

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Today TaxMama hears from Matthew in California who begs leave…  “I withdrew money from my IRA for a first time home purchase.  The amount was over $10,000, the lifetime maximum. Can any of the portion over the $10k mark be attached to my wife’s name?  In effect, could we get a $20K early withdrawal penalty exemption [...]

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