First Time Home Buyers Video from TurboTax

Tax Act

First Time Home Buyers Video from TurboTax

Great information from TurboTax about the First Time Home Buyers Tax Credit. This tax tips video tells of the expanded and extent tax credit that provides $8,000 to first time home buyers and $6,500 to long term home owners that are purchasing a new home before April 30th. Discover the fine points of the tax law including income limits, home qualifications, and ownership responsibilities after claiming the tax credit.

Ad: Get a Personalized Free T Shirt Today!… Read more at 2008 Taxes.

Tax Act

First Time Home Buyers Video from TurboTax

Great information from TurboTax about the First Time Home Buyers Tax Credit. This tax tips video tells of the expanded and extent tax credit that provides $8,000 to first time home buyers and $6,500 to long term home owners that are purchasing a new home before April 30th. Discover the fine points of the tax law including income limits, home qualifications, and ownership responsibilities after claiming the tax credit.

Ad: Get a Personalized Free T Shirt Today!

You Bought a House, Claim the First-Time Homebuyers Credit

Tax Act

You Bought a House, Claim the First-Time Homebuyers Credit

There are a number of documentation requirements when you go to file your return for 2009 and you want to claim the First-Time Homebuyers Credit. This great credit of $8,000 helps with fixing up the new house or paying off some moving expenses. But claiming the credit requires a number of documents and filing a paper return with the IRS.

The first statement you will need to attach to your 1040 paper tax return is a HUD-1 Settlement Statement. You will get a copy of this form when you close … Read more at 2008 Taxes.

Tax Act

You Bought a House, Claim the First-Time Homebuyers Credit

There are a number of documentation requirements when you go to file your return for 2009 and you want to claim the First-Time Homebuyers Credit. This great credit of $8,000 helps with fixing up the new house or paying off some moving expenses. But claiming the credit requires a number of documents and filing a paper return with the IRS.

The first statement you will need to attach to your 1040 paper tax return is a HUD-1 Settlement Statement. You will get a copy of this form when you close on your new house. Make a copy of the legal sized page for your credit. Make sure that signatures are included on the Settlement Statement. If your settlement statement does not have your signature, sign the bottom of the form before you mail it in.

If you purchased a mobile home instead of a traditional home, you did not receive a Settlement Statement. Attach a Retail Sales Contract with your tax return to get the credit. And some new homes also do not close with a Settlement Statement. In this instance a Certificate of Occupancy is needed.

The other group able to claim a home buying credit are long-term purchasers. When you have lived in a house for over 5 years and purchase a new home prior to April 30th, you can claim a $6,500 credit. To claim this credit, the IRS wants you to attach five years of 1098 Mortgage Interest Statements to prove your long-term ownership.

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Income Tax Credits You Might Qualify For

Income Tax Credits You Might Qualify For

A number of tax credits which reduce your tax bill dollar for dollar that you might not have known about or might not have qualified for before are now worth taking a look at.

Recovery Rebate Credit

If the rebate checks that were sent out last tax season didn’t find their way to you because you made too much on your 2007 1040 tax return, you have a second opportunity to receive the credit for the 2008 tax season. Therefore, if you income has decreased for any reason during 2008, make sure to … Read more at 2008 Taxes.

Income Tax Credits You Might Qualify For

A number of tax credits which reduce your tax bill dollar for dollar that you might not have known about or might not have qualified for before are now worth taking a look at.

Income Tax Sappy (Photo credit: Wikipedia)

Recovery Rebate Credit

If the rebate checks that were sent out last tax season didn’t find their way to you because you made too much on your 2007 1040 tax return, you have a second opportunity to receive the credit for the 2008 tax season. Therefore, if you income has decreased for any reason during 2008, make sure to double check your qualifications this year so you can now claim the $600 per taxpayer credit.

First-Time Homeowner Credit

This is an interest free loan to anyone that purchased a house for the first time between April 9th of 2008 and June 30th of 2009. Loans are equal to 10% of the value of the home or a maximum of $7,500. You’ll have to pay back the loan over the next 15 years but a no interest loan from the government cannot be beat.