First-Time Homebuyer Credit
Can I Avoid Filing a Tax Return?
Every New Year brings with it the thought of having to file a tax return. Some may find excitement in this as others dread it. Of course some may be able to avoid the whole process altogether. If your income … read more
Still Time Left!
At the moment the first time homebuyer credit (and the related long-term resident credit) has not been extended by Congress. These credits expired April 30, 2010. However, if you entered into a binding contract prior to May 1, 2010, you … read more
When Does a Student Need to File a Return?
If you are an unmarried dependent, you must file a tax return if your earned and/or unearned income exceeds certain limits. Earned income includes salaries, wages, tips, professional fees, and taxable scholarship and fellowship grants. Unearned income includes taxable interest, … read more
Combating Your Tax Return – Part II: A Brief Overview of Special Tax Provisions for Members of the U.S. Armed Forces
Part II of “Combating Your Tax Return” continues with several additional special tax rules for members of the U.S. Armed Forces: • In order to be entitled to make contributions to an individual retirement account, an individual must have earned income … read more
First-Time Homebuyer Credit – Residency Exceptions
Previously, Mike Anderson and Jill Helm had provided certain information regarding the first-time homebuyer credit. This blog will provide additional information regarding the residency requirements for individuals and married couples. For first-time homebuyers that are married, both spouses have to meet … read more
First Time Homebuyer Tax Credit Qualifications
As Michael explained in yesterday’s post, the IRS just extended and expanded the first time homebuyer credit. This may leave you wondering if your home qualifies for the credit. I would like to mention a few unique circumstances that may … read more
First-Time Homebuyer Tax Credit Extension
The newly passed Worker, Homeownership, and Business Assistance Act of 2009 extends the first time homebuyer tax credit and expands the credit to some existing homeowners. The first time homebuyer tax credit originally applied only to purchases made prior to … read more
IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud
Recently the IRS warned taxpayers to beware of this type of scheme by making sure the tax preparer is providing good information related to taking this credit and that all the requirements are met. The IRS announced its first successful … read more