0
I would talk to a realtor about this.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is there a tax credit for first time home buyers?
Yes. There is a first-time home buyer credit of up to $8000 until 4/30/2010.
Buyer qualify for 8000 tax credit on a contract for deed?
Yes, according to posts at this website: http://www.cincinnatilivingonline.com/2009/02/2009-first-time-homebuyer-tax-credit-2.html
Can you qualify for the 8000 first time home buyer tax credit if buying a duplex as a principle residence?
I would love to know the answer to this question! I find conflicting data everywhere.
I claimed the first time home buyer tax credit what should i expect on this year's taxes?
Its an 8000 dollar tax credit. that's the max you can get. its 10 percent of what you paid. So if your house was 50,000 you get 5,000 in tax credit. So take the amount you paid x .1
Does the 8000 tax credit count towards For Sale by Owner houses?
Yes it does, the tax credit counts towards the purchase of any home as long as you are a first time home buyer. follow this link for more info www.home-for-sale-fl.com/About_The_Price.html
If salary is 8000 can a person get credit card?
No
How are you able to help with buying a home for the first time with bad credit.?
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
A machine is currently recorded in the books of a business with a cost of 10000 and accumulated depreciation of 3000 the machine is sold for 8000 account for disposal?
Accounting Entry: [Debit]Cash 8000 [Debit]Accumulated Depreciation 3000 [Credit] Machine 10000 [Credit]Profit on Sale 1000
Will the 8000 be refunded or will just reduce your adjusted gross income?
The tax credit amount does not have any affect on your AGI nor on your taxable income amount. Your federal income tax liability if any will be reduced by up to the 8000 of your FTHBTC. If your federal income liability is less than the 8000 amount then you will receive a refund of the amount that is left. The 8000 FTHBTC is a refundable credit and if you do not have any federal income tax liability you will receive the 8000 amount as a refund.
Do you have to claim the 8000 first time home buyers tax credit as income on your next tax filing?
No.
How long do you have to live in a house before you can sell it after getting the an 8000 dollar tax relief for a first time buyer?
Answer is 36 months. Just checked my 1040.
How does the 15000 home buyer credit work?
The Actual credit is $8000 (the $15,000 version was never passed).Here are some of the key IRS Rulings and other answers applicable to the the 200+ questions I received on this credit:- The Credit can be claimed in this year's tax return by filing an amendment using Form 5405. Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.- The new $8000 credit can be used towards the down payment of a house bought in the credit qualifying period. You need to work with your lender to take advantage of this provision.- Unfortunately you still have to pay back the existing $7,500 credit (for homes bought between April 8, 2008, and before December 31, 2008). Unlike the $8,000 credit passed recently, the existing credit was not made retroactive. You generally must repay the credit over a 15-year period in 15 equal installments, starting in 2010- To be eligible for the home buyer credit, your modified adjusted gross income (MAGI) must be less than $95,000 or $170,000 (if married filing jointly) for the relevant tax year. The phase-out of the credit begins when your MAGI exceeds $75,000 or $150,000 (married filing jointly), meaning the amount of credit received decreases after these limits.- You cannot claim the credit if acquired your home by gift or inheritance OR if you acquired your home from a related person- If you and your spouse claim the credit on a joint return, each spouse is treated as having been allowed half of the credit for purposes of repaying the credit. So the total amount claimable is still $8000.- [Recent Update] If you are married joint filers, both partners must meet the first-time home buyer criteria. This is to prevent double dipping, but is biased against married couples since single filers also get the $8000 credit. So if you are planning to get married this year to someone who has owned a home - you may want to buy a home first and get married in 2010.- If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any reasonable method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. Note: A reasonable method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit (I would go with 50/50 as a reasonable method if one person is not eligible for the credit)- The purchase date is how you decide which credit you are eligible for. Only homes purchase from Jan 1 2009 to Dec 1 2009 are eligible for the fully refundable $8000 credit. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
