Today TaxMama hears from Maxine in Florida, who has two quick questions. “Can someone living on Supplemental Security Income receive an Earned Income Credit if she has one dependent? Can someone who is retired received the existing homebuyer tax credit $6,500?”
Category Archives: Homeowners
Today TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house […]
Today TaxMama hears from James in Florida with this question. “I’m a licensed Realtor ® in Florida. If I purchased a home warranty plan for a buyer as a gift at closing, could I deduct the cost from my taxes at years end?”
Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”
Today TaxMama hears from Carole in Washington State who tells us. “My brother, a 1st time real estate buyer, is considering the purchase of a property with a garage/shop on it (not a house). Would this purchase qualify for the $8,000.00 1st time buyer tax credit?”
Today TaxMama hears from Anne in New Jersey with this problem.https://www.quaintonhall.org.uk/wp-content/languages/new/customwritings-com.html “My tenant was evicted on 6/30/09. She left owing ,000 in back rent – and she vandalized the townhouse.purchase vardenafil online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/vardenafil.html no prescription So far, I have spent ,000 in repairs (contractor fees and supplies) to bring the townhouse into rentable condition.https://www.quaintonhall.org.uk/wp-content/languages/new/college-paper-writing-service.html Can […]
Today TaxMama hears from Misty in Missouri who wants validation. “I received a settlement in my divorce for half the equity in our home. It was $15,000. I think in reading this is not going to be taxable. Is that correct? I’m keeping my fingers crossed that it isn’t!”
Key provisions in the bill: Worker, Homeownership, and Business Assistance 1) The credit is renewed to home purchases under contract as of April 30th, as long as the purchase closes within 60 days. (That means you don’t have to rush to close escrow by the end of this month. Whew!) 2) Other homeowners qualify for […]
Today TaxMama hears from Sean in North Carolina. “As I understand it you must be an owner and be liable to claim the home mortgage interest and property tax as deductions on schedule A. Now I hear you can be an equitable owner whose name is not on the mortgage and also whose name is […]
Today TaxMama hears from Nancy in Florida with this problem. “I am a first time home buyer. My husband co-signed for someone 4 years ago. That house was never his primary residence. We can prove it with lease papers from our apartment. My house mortgage is only on my name. My husband is in the […]
If you have filed for the First Time Homebuyers Credit and your refund has been delayed, it’s because IRS will, sooner or later contact you for proof of the purchase of your home. [Source: IRS National Phone Forum Presentation Oct 2009] Required Documentation for Audits • Copy of closing contract (HUD-1 Settlement Statement) • Most […]
The Internal Revenue Service (IRS) may have allowed thousands of taxpayers to claim millions of dollars in First-Time Homebuyer Credits (the Credit) to which they were not entitled, according to a new report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). TIGTA found that some taxpayers claimed the Credit for homes […]