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Tag: tax

1 Million First-Time Home Buyers To Owe IRS
By September 15, 2010 0 Comments Read More →

1 Million First-Time Home Buyers To Owe IRS

More than a million first-time home buyers are likely to get unfriendly letters from the IRS, brief little notices from Uncle Sam which say we want our money back. A report by the Treasury Department’s Inspector General for Tax Administration shows that nearly 1.8 million taxpayers filed claims under the government’s First-time Homebuyer Tax Credit […]

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Labor Day, Mortgages & Real Estate

Labor Day, Mortgages & Real Estate

Today we celebrate Labor Day but we don’t celebrate labor. We’re quickly dividing the country into rich and poor and shrinking the middle class. It’s a formula for national disaster. It used to be that a basic American value was a fair day’s wages for a fair day’s work. Over time this standard has been […]

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Should We Tax Our Vets?

Should We Tax Our Vets?

The IRS has created an excellent Web page — Tax Information for Members of the U.S. Armed Forces — which explains tax issues for those now on active duty. There are a huge number of rules, most of which greatly benefit those now fighting overseas. But when you look at the forms, deductions, exceptions, alternatives, […]

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First-Time Home Buyer Credit Still On For Vets

First-Time Home Buyer Credit Still On For Vets

While the tax credit for first-time home buyers and sellers largely ended in April, the credit actually continues for active-duty military personnel until April 30, 2011, something that could be important for VA loan borrowers and veteran sellers. The $8,000 tax credit (along with its $6,500 companion credit for existing homeowners) spurred an uptick in […]

Posted in: Mortgages
April 15th: The Right Way To Figure Taxes

April 15th: The Right Way To Figure Taxes

With April 15 now upon us a question lingers: Isn’t there a better way to deal with this annual effort to find receipts, stubs and numbers that balance? My interest in taxes is both economic and genetic. My late father was a CPA for more than 60 years and at age 90 or thereabouts was […]

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A Basic Guide To Real Estate Taxes

A Basic Guide To Real Estate Taxes

Let’s be honest: April 15th is a day of reckoning, the moment when we find out what we really owe for taxes. In households nationwide wallets are drained and many who were rich on the 14th are greatly impoverished by the 16th. But for those with real estate the load is made lighter by tax […]

Posted in: Library
Making The First-Time Buyer Tax Credit Better — Or Worse?

Making The First-Time Buyer Tax Credit Better — Or Worse?

There is now a new effort on Capitol Hill to increase the first-time buyer credit from $8,000 to $15,000. Under S1230, first-time buyers would be able to get a credit equal to as much as 10 percent of the purchase price, up to $15,000. Not only that, but the time the home would have to […]

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FHA — Yes (Sort Of) To No Money Down

FHA — Yes (Sort Of) To No Money Down

HUD has come out with new regulations which will allow borrowers to get FHA financing with no money down — but only in very limited circumstances. On May 11th HUD said first-time buyers could use their $8,000 tax credit to fund their FHA downpayment. In effect, borrowers would get a short-term bridge loan that would […]

Posted in: Mortgages
2009 Real Estate, Mortgages & Taxes

2009 Real Estate, Mortgages & Taxes

Let’s be honest: April 15th is a day of reckoning, the moment when we find out what we really owe for taxes. In households nationwide wallets are drained and many who were rich on the 14th are greatly impoverished by the 16th. But for those with real estate the load is made lighter by tax […]

Posted in: News
Uncle Sam’s $8,000 For First Time Home Buyers

Uncle Sam’s $8,000 For First Time Home Buyers

The government is hoping if you don’t now own a home that you’ll make the logical choice and buy one this year. If you do, there’s an $8,000 credit from Uncle Sam available to help you out. Last year the government announced that if you were a first time buyer and bought a home that […]

Posted in: Buyers