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Can you use the 8000 first time homebuyer tax credit for your 2008 taxes?
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∙ 15y ago
If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.
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∙ 15y ago
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How do you obtain homebuyer credit?
If you are talking about the first time homebuyer credit, you will be able to receive this credit if you purchased a home between 2008-2010. To claim your credit you must do some through your annual tax return.
First time homebuyer tax credit?
The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased. Go to the IRS gov website and use the search box for First-Time Homebuyer Credit Questions and Answers Basic Information
What is Evan's minimum required repayment of his 2008 first-time homebuyer credit on his 2011 tax return?
$500. Good luck with the rest of your certification!
How do you apply for first home buyer tax credit?
If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.
What is a first time home buyer tax credit?
If you were a first-time home buyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period. This information was provided by: http://www.efile.com/tax-deduction/mortgage-deduction/first-time-home-buyer-tax-credit.asp
Do i still qualify for first time home buyers taxes?
You are the only one that has all of the information that would be needed for you to determine if you meet the FTHBC rules.Go to the IRS gov web site and use the search box for First-Time Homebuyer CreditTaxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010.General InformationHomebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit: Applies only to homes used as a taxpayer's principal residence.Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.Questions and AnswersMore information is available in the question and answer section. You can clck on the below related link
How can i claim a Tax credit on buying a house trailer?
You will have to meet all of the rules for this purpose. For more details on the credit, visit the First-Time Homebuyer Credit page on IRS.gov. A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
Paid cash for your home 119271.71 where does this amount go on your taxes for 2007?
Purchasing a house is not tax-deductible.You can deduct mortgage interest (which you do not have) and property taxes. If you received a property tax credit from the seller, which appears on the settlement sheet from your closing, you must net that against any taxes you paid during 2007. If there was any credit for taxes due in 2008, net that portion of the credit against property taxes you pay in 2008 to figure your deductible portion.
Does a refinance in 2008 on a first house bought count as a first time home buy in 2008?
I am assuming you are looking for a first time home buyer credit. No this is a refinance not purchase. Closing Costs could possibly still be deducted on taxes but check with your tax advisor on that.
What is a first time home owners rebate check?
This is a refundable tax credit that was available for a home that was purchased by a qualified buyer that met all of the rules that have to be met for the FTHBTC refund amount.The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased:For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.For homes purchased in 2009 prior to November 7, the credit is for a maximum of $8,000 and, with some exceptions, does not have to be repaid, but it's only for new home owners who have not owned a home in the prior three years.Beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid. (1/27/10)Go to the IRS.gov web site and use the search box for First-Time Homebuyer Credit Questions and Answers: Basic InformationClick on the below Related Link
What actors and actresses appeared in My First Place - 2007?
The cast of My First Place - 2007 includes: Andrew Calin as Homebuyer Shelly Fusting as Realtor Jeffrey Holz as Narrator (2007-2008) Alexis Jagielski Dan Jagielski
If I built in 2008 any tax credits available to me?
IF you MEET all of the rules to be a first time home buyer yes this could be possible.You can find all of the rules by going to the IRS gov website and use the search box forFirst-Time Homebuyer CreditFor 2008 Home PurchasesThe Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.Applies to home purchases after April 8, 2008, and before Jan. 1, 2009.Q. Who cannot take the credit?A. If any of the following describe you, you cannot take the credit, even if you buy a main home:Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.You stop using your home as your main home.You sell your home before the end of the year.You are a nonresident alien.You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.Your home financing comes from tax-exempt mortgage revenue bonds.You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.
