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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 Credit
Taxpayers 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.
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What else can I help you with?
What are the tax implications for first-time home buyers when filing taxes for the first time?
First-time home buyers may be eligible for tax benefits such as deductions for mortgage interest and property taxes. These deductions can reduce taxable income, potentially lowering the amount of taxes owed. Additionally, first-time home buyers may qualify for tax credits, such as the First-Time Homebuyer Credit, which can directly reduce the amount of tax owed. It is important for first-time home buyers to consult with a tax professional to fully understand the tax implications of purchasing a home.
You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
Do I have to claim dependents on my taxes?
You are not required to claim dependents on your taxes, but doing so may help you qualify for certain tax benefits.
Do I qualify for a stimulus check?
To qualify for a stimulus check, you must meet certain criteria set by the government, such as having a certain income level and filing taxes. It's best to check the latest guidelines from the IRS to see if you qualify.
Do I qualify for the stimulus payment?
To qualify for the stimulus payment, you must meet certain eligibility criteria set by the government, such as having a certain income level and filing taxes. It's best to check the official guidelines to see if you qualify.
What are the tax implications for first-time home buyers when filing taxes for the first time?
First-time home buyers may be eligible for tax benefits such as deductions for mortgage interest and property taxes. These deductions can reduce taxable income, potentially lowering the amount of taxes owed. Additionally, first-time home buyers may qualify for tax credits, such as the First-Time Homebuyer Credit, which can directly reduce the amount of tax owed. It is important for first-time home buyers to consult with a tax professional to fully understand the tax implications of purchasing a home.
You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
If you filled your taxes after April 15th will still get a stimulus check?
Pretty sure the only requirement to get the stimulus check is you have to file taxes for last year 2007.
I own a home in maricopa county and I am a widow. Do I qualify for widow exemption on my taxes as it is my primary residence Thank you?
Yes, you qualify for the widow exemption on your taxes.
Can your daughter apply for wic she is under 18 and still lives with her parents you make good money but you are still just making ends met?
To my knowledge, she can but you cannot be claiming her on your taxes as a dependent for her to qualify.
Which among the following taxes does not increase the price of commodity for buyers?
Income tax
Do you get a child tax credit on a child that is 17 and still in high school and living at home?
No, when I filed my taxes for my 17 yr old I didn't qualify for Child Tax Credit.
What does deductible deductions mean?
Subtract amount from taxes owed. (If you qualify for the deduction)
If you live in SC and work in NC do you qualify for instate SC college tuition?
You qualify for instate tuition in whichever state you pay your taxes in.
Do I have to claim dependents on my taxes?
You are not required to claim dependents on your taxes, but doing so may help you qualify for certain tax benefits.
What is Legally escape taxes by not earning enough to qualify to pay them?
you speaka da english?
If you qualify for the first time homeowner credit and owe the department of revenue money will they take that refund?
Yes up to the amount of past due taxes, interest and penalties that are due.
