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 […]
Tag Archives: Business/Finance
The Internal Revenue Service is holding a special event to help you called Solution Saturday. This program offers personalized tax help to millions of taxpayers arond the country.buy amoxicillin online https://www.mobleymd.com/wp-content/languages/new/amoxicillin.html no prescription This is a pilot program, being tested in 5 cities. So taxpayers are encouraged to schedule appointments as soon as possible by […]
Today TaxMama hears from Dottie in Massachusetts with this question. “Does the maximum personal residence exclusion apply to someone who inherited a home, had it for 370 days, sold it for a long-term capital gain and received a K-1?buy viagra generic https://viagra4pleasurerx.com over the counter He and his dad had lived in the home for […]
WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today released the advisory group’s 2009 recommendations on a wide range of tax administration issues. Based on its findings and discussions, IRPAC made more than 50 recommendations on a broad array of issues and concerns Internal Revenue Service-wide, key among them: Creating a new form and […]
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 […]
WASHINGTON — The Internal Revenue Service today issued a new form to aid the processing of mortgage applications under the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable Program. The new form will make it simpler for people, especially homeowners trying to modify or refinance their mortgages, to order copies of […]
Today TaxMama hears from Sam in New Jersey with this question. “My company did an IPO this year and I will quadruple my income based on my sale of stocks. These were options I exercised years ago, before the IPO. The exercise price was 1/20th of the sales price. How do I minimize my taxes […]
Today TaxMama hears from Anne in Minnesota with this question. “With a $10,000 CD maturing, am I better off paying down the $40,000 mortgage on my condo; or to reinvest in some other vehicle? I am almost 70 years old and do not have much more than an additional few thousand dollars saved for whenever […]
Today TaxMama hears from Gary in Oregon who wants to know. “I have asked 2-3 tax professionals the same question with different answers. So mama help me! I have 2 IRA’s. In one IRA I bought a stock 4 years ago that is now worthless. I do believe that some day this could become a […]
Today TaxMama hears from Mike in New York City who wants to know. “Is online investing safe for buying CDs, Money Market accounts, or an IRA based CD?”
Today TaxMama hears from Lori in Florida with a depressing question. “Can you please tell me where I would find more info on the tax implications from doing a short sale of primary residence? I have quite a few Florida clients that are doing this vs foreclosure. I know that it is cancelled debt, but […]