Tax FAQ
 

Can I Get The $8000 Tax Credit If I Owe The Irs Back Taxes?

Question by JWarshy | Posted in United States

I have some federal tax straitened from 8 years ago. The IRS stopped trying to collect it several years ago because my income was low and I have a family. They do however keep my tax refund every year. My gains has recovered some now, and I found a cheap house to buy. I qualify for the credit based on the income limits and I haven't owned a contain for 8 years, but I am wondering if they would pay me the credit or apply it to my back taxes?

Answer: It can be done but, based on your position, it would involve a long wait before claiming the money.
 
 

When Will The IRS Recognize The $8000 Tax Credit For 2009 First Time Home Buyers?

Question by Nita R | Posted in United States

I was told by two tax consultants that the IRS does not recoginize it at this rhythm and that is why tax softwares are not recognizing the credit, but that they will recognize it at some point in the future.
Thanks for that first answer, but I've been told by a match up tax consultants that that is not true. It does apply to the 2008 taxes if you choose.

Answer: Per the IRS statement http://www.irs.gov/newsroom/article/0,,i d=204672,00.html

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The Internal Takings Service announced today that taxpayers who qualify for the first-time homebuyer credit and acquiring a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

This year, qualifying taxpayers who buy

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Would I Be Able To Give $8000 Tax Credit Check From IRS To A Friend That Lend Me The Money For Down Payment?

Question by bebka1212 | Posted in United States

I do ready for the $8,000 tax credit, but if I borrow $8,000 from a friend and put it towards my down payment of my home and then do my taxes and make my $8,000 from the IRS. Would I be able to give that check to the friend that lend me the money?

Answer: No because it will have your name on the scrutiny and seems like most places won't do third party checks (I could be wrong).

Why not cash the check and white b derogate a check to your friend instead or give cash the check and give them the cash.

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To Get Child Tax Credit, Need ITIN. But IRS Asked To Apply Along With Return Submission. How Do I Apply CTC?

Question by ssp | Posted in United States

I have a offspring who is eligible for child tax credit. But we came to USA in middle of 2007, IRS told us to apply ITIN for him along with 2007 returns. But no online tax filing aid is considering him as valid child dependent and eligible for Child Tax Credit unless we delivery ITIN number while preparation. In this regard, is there any possibility to apply for child tax credit without feeding ITIN? is yes, how?

Answer: You'll want to file a paper return.

If the software doesn't provide support, do the tax indemnification by hand. You have to send the W-7 and the tax return by mail to the ITIN unit.

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First Time Home Buyer IRS Tax Credit?

Question by losboriqua | Posted in United States

If I rank my 2008 tax return now, but then end up purchasing a first time home before July 1 2009, can I still petition the $7,500 tax credit when the home is purchased or do I have to wait and file it with my 2009 tax return?

Answer: A pointed election allows qualifying taxpayers who purchase or occupy a newly-built dwelling January 1, 2009 through June 30, 2009 to treat the purchase as if made on December 31, 2008 so that the credit may be claimed in 2008. If you vigorous an eligible purchase in 2009 you can choose to claim the credit on either your 2008 (or amended 2008 bring) or 2009 return.

Sharon Pierce, HR Block Associate

This advice was treated based on our understanding of the tax law

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REALTOR® Magazine-Daily News-Dealing With IRS Tax Credit Rejections

First-circumstance old folks' buyers are entitled to own other types of legitimate fortune and still get the knowledgeable in buyers credit, so furnish shore that the above-named mortgage was on something else. In many cases, the applicants are entitled to the credit because their antecedent mortgage interest conclusion is for a timeshare, alert qualified in, row-boat, or other recreational peculiarity. The IRS has been rejecting first-spell lodgings client claims from anyone who shows a Profile 1098 Mortgage Interest Expense in their latest year files. Be prearranged to test that the mortgage the IRS is seeing isn’t on a in person habitation. • Send a strictly explaining the employment and providing keep up of a anterior rental or other non-ownership living employment,...

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