Tag Archives: Home

Owning a Home

Today TaxMama® hears from 4775wsk in the TaxQuips Forum, with a quick question. “What are the tax breaks of home ownership?buy stromectol online https://apwh.org/wp-content/languages/new/stromectol.html no prescription ”

Estate vs Estate

Today TaxMama® hears from Kelly in the TaxQuips Forum, who is confused. Let me summarize. “Kelly’s father died, leaving the house to the children. But the value is less than $5 million, so no estate tax return needs to be filed. Why do they need to file anything to report the sale of the property?”

Gift to Parents

Today TaxMama® hears from Susan in the TaxQuips Forum with a good question. “Suppose I purchase a home and keep title in my name and let my parents live in the home rent free. Is the rent-free usage of the property considered a transfer subject to the gift tax? I think not, as I have […]

Homebuyer Credit Repayment

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 […]

What is Half of the Homebuyers Credit?

Today TaxMama has been fighting the good fight for the rights of homeowners who filed for the homebuyers credit.buy tadalafil online https://healthsystems24.com/wp-content/languages/new/tadalafil.html no prescription   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? […]

Eight Essential Facts about Claiming the First-Time Homebuyer Credit

Courtesy of IRS. [TaxMama Note: Read TaxMama’s MarketWatch article, due out on February 11th, about the Homebuyer Credit, tips to avoid delays, and information about how to deal with unusual situations.] If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time […]

Two Mortgages

Today TaxMama hears from Seth in the TaxQuips Forum, with this question.https://jaymorrisonacademy.com/wp-content/languages/new/scholarship-essay-help.html “In order to qualify for my mortgage in 2009, I needed to put down 20% of the purchase price of my house.buy clomiphene Canada http://healthinschools.org/wp-content/languages/new/canada/clomiphene.html no prescription   I only had 5% to put down.  Therefore, I got another loan to cover the […]

Property Tax For NonItemizers

Today TaxMama hears from Sethu in the TaxQuips Forum, who is angry.http://pmilv.com/wp-content/languages/new/albuterol.html “For the 2009 tax year the non-itemizers (those who used standard deduction) could add up to $1,000 to their regular standard deduction if they paid real estate taxes greater than $1,000. I do not see that provision for the tax year 2010. When […]

Selling Inheritance at a Loss

Today TaxMama hears from Liz in the TaxQuips Forum with this interesting situation. “My father’s cousin passed away and I inherited part of his home.  The executrix of the estate said that since the home sold for less than it was appraised for on the date of his death, we each may be able to […]

Homebuyer Credit Confusion

Today TaxMama  hears from Timothy in the TaxQuips Forum. He filed for his Homebuyers Credit over 4 and half months ago, hearing nothing.https://www.richereducation.co.uk/wp-content/languages/new/writing-and-editing.html 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. […]

$10,000 from IRA

Today TaxMama hears from PA in the TaxQuips Forum with a quick question.https://www.parkviewortho.com/wp-content/languages/new/elavil.html “I recently completed my home construction.buy wellbutrin online https://taxmama.com/wp-content/forum/styles/new/wellbutrin.html no prescription I used a loan from my credit card to consolidate other credit card purchases for material. I have a paper trail documenting the transactions.https://www.parkviewortho.com/wp-content/languages/new/ivermectin.html Can I use a withdrawal of ,000 […]

More on First-Time Homebuyer Credit Documentation

The IRS has provided additional clarification regarding documentation requirements on the First-Time Homebuyer Credit.https://www.grapplearts.com/wp-content/languages/new/do-my-math-homework.html The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.