Homeowners

Homes and Attributes

October 26, 2011

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Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e ”Discharge of qualified principal residence indebtedness”? If the Cancellation of Debt for a foreclosure is a principal residence, attributes do not [...]

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Homebuyer Credit Nightmare

October 4, 2011

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  Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is [...]

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Land and Lot

September 14, 2011

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Today TaxMama hears from Mark in the TaxQuips Forum, who got denied – again. Let me summarize – Mark bought land in March of 2009. Bought a manufactured home in April of 2010 – and had the property graded, receiving the occupancy permit by June of 2010 – before the deadline for the First Time [...]

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Ten Tax Tips for Individuals Selling Their Home

August 8, 2011

Courtesy of the IRS The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten [...]

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What is Half of the Homebuyers Credit?

June 16, 2011

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Today TaxMama has been fighting the good fight for the rights of homeowners who filed for the homebuyers credit.  The latest issue? When a married person files a separate tax return, how much is half the homebuyer’s credit? Is it based on half the purchase price of the house? Or half of $8,000? (or $6,500, [...]

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Residential Energy Credits

February 8, 2011

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Today TaxMama hears from Seth in the TaxQuips Forum, who wants to get credit for his work. “I got an $8,000 tax credit on my 2009 taxes for being a first time home buyer.  I spent quite a bit of money insulating my house at the end of 2010.  My Dad told me that the [...]

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Two Mortgages

January 27, 2011

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Today TaxMama hears from Seth in the TaxQuips Forum, with this question. “In order to qualify for my mortgage in 2009, I needed to put down 20% of the purchase price of my house.  I only had 5% to put down.  Therefore, I got another loan to cover the remaining 15% that I needed to [...]

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Short Sale, Now What?

November 10, 2010

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Today TaxMama hears from Toki in the TaxQuips Forum, with a problem, “I bought my house in 2005 and it is now upside down. I decided to try and have my loan redone and got shafted out of $4,000, having a third party to do it for me. I stopped making my payments and I [...]

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Homebuyer Credit Confusion

October 5, 2010

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Today TaxMama  hears from Timothy in the TaxQuips Forum. He filed for his Homebuyers Credit over 4 and half months ago, hearing nothing. When he called in, he learned they may have a problem because his 2007 tax return showed a deduction for mortgage interest. But it wasn’t his home – it was his ex-wife’s. [...]

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Unemployed and Moved

June 30, 2010

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Today TaxMama hears from Ron who is about to be laid off. He tells us, “I was notified on February 26, 2010 that I was being laid off as of August 2010.  I sold my home on May 25th, knowing I wouldn’t be able to afford the mortgage after my layoff.  I only lived in the [...]

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