Tax refund if you bought a house last year!!!

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TwirleyB
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2011/03/16 08:54:32 (permalink)
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Tax refund if you bought a house last year!!!

UPDATE  as per the IRS
 
 
There is a tax credit for long time home buyers.  Not 1st time buyers, thats different.
If you bought a house between 12/09 and 5/10 (some cases till Sept 2010) you may be elegible for this credit.  Its refundable even if you didn't owe tax or even had much of a reason to file, like mom.
 
post edited by TwirleyB - 2011/03/16 09:57:21
#1
palapaboy
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 09:14:00 (permalink)
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Could you be referring to the Expanded Recovery Act Tax Credits?
 
http://www.irs.gov/newsroom/article/0,,id=231327,00.html

"I know one thing - indecision may, or may not, be my problem." Jimmy Buffett

#2
TwirleyB
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 09:52:22 (permalink)
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This tax credit is not related to energy. 
After 2 hours on the phone with the IRS...Its for people who had a home and bought another home between 12/09 and May 2010.  You do NOT have to have sold your previous home as long as you use the new home as your main residence for at least 3 years.  You have to have lived in your previous home for 5 out of the 8 preceeding years.  There are a few other stipulations which most of us meet.
 
All verified by the IRS. 
#3
palapaboy
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 10:35:59 (permalink)

"I know one thing - indecision may, or may not, be my problem." Jimmy Buffett

#4
TwirleyB
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 10:49:31 (permalink)
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Yep, that would be it!  cha ching  6500.00 extra in our pocket!
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Headsong
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 10:53:57 (permalink)
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My heart stops.

A. Twirls sharing tax advice. [:D]
B. Tax advice on LG [8D]
C. So many who need help still doing it themselves. Those of us in the business can no longer keep up. The rest of you have no chance!
It's a wild and crazy and fast-changing world out there.

Too early for rum today, tho'!

Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011. https://www.facebook.com/groups/BenRoberts/ http://zorrounchained.blogspot.com/2011_09_01_archive.html

Mexico was our substitute for Heaven, but now truly yearning for Heaven.
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minnjim
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RE: Tax questions...anyone knowledgeable?? 2011/03/16 10:58:43 (permalink)
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If I'm not mistaken, it didn't even have to be a house. An RV or a boat with sleeping facilties would also qualify.
 
#7
palapaboy
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RE: Tax questions...anyone knowledgeable?? 2011/03/17 19:40:07 (permalink)
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Here is some more information from a Yahoo story today:

Longtime homeowners who closed on a new home by September 30, 2010, are also eligible for a 10% tax credit, up to $6,500. They must have lived in the same principal residence for at least five consecutive years out of the past eight; the income-eligibility guidelines are the same as for first-time buyers. To claim either break, you must file Form 5405, "First-Time Homebuyer Credit and Repayment of the Credit," and attach a copy of your settlement statement or certificate of occupancy for a newly constructed home.

Longtime homeowners must also attach proof of five consecutive years of ownership, such as mortgage interest statements, property tax records or homeowners insurance. Because of the requirements for documentation, you can't file your tax return electronically if you claim the home buyer's credit. You'll need to mail your paper forms.


"I know one thing - indecision may, or may not, be my problem." Jimmy Buffett

#8
Kwing
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RE: Tax questions...anyone knowledgeable?? 2011/03/18 11:17:30 (permalink)
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Cha Ching is right!!!  Good for you guys![:)]
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TwirleyB
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RE: Tax questions...anyone knowledgeable?? 2011/03/18 11:59:41 (permalink)
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My heart stops.

A. Twirls sharing tax advice.
   hee hee You got that!
 
Actually I looked at it as sharing info that some might want to know.  I was not aware of this and yes, if I had hired professional help, as I used to, they should have known this.  When I called H & R Block the 1st person I talked to, who has worked there for eons, was not aware of the repeat homebuyers credit.  Yes, its a very fast changing area of knowledge.
#10
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