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Here's how some homeowners use the calendar (and the tax code) to boost their annual mortgage interest tax deductions.
For certain members of the government and military, the clock is ticking on the 2010 federal home buyer tax program. You must be under mutual contract for a home on or before April 30, 2011 to meet program deadlines, and claim up to $8,000 in credits.
It's officially Tax Season, and this year you get a 3-day grace period. Taxes aren't due until April 18. Estimate what you'll owe using this helpful calculator.
Want to increase the size of your 2010 tax deductions? Consider making your upcoming January 2011 mortgage payment while the calendar still reads 2010.
Despite what you're hearing, the federal home buyer tax credit has not been extended beyond its June 30, 2010 deadline to September 2010. At least not yet.
Whether you've filed your tax returns already or are among the millions that wait until April 15, watch this short video. It shows you a few tax deductions you may have missed, and how to claim them back from the IRS.
The $8,000 First-Time Home Buyer Tax Credit expires November 30, 2009. In order to claim the tax credit, the IRS requires that you've closed on or before that date. December 1, 2009 is too late. But that doesn't mean that first-time home buyers should target November 30, 2009 as a closing date. In fact, there may not be a worse day in 2009 on which to try to close on a home. The optimal time is during the week of November 16, 2009 and the earlier in the week, the better.
If you're planning to claim use the credit and haven't started looking for a home, your clock is officially ticking. You must be closed on your new home on or before December 1.Because purchase closings come 60-days standard, therefore, your $8,000 is in jeopardy unless you go under contract prior to October 2, 2009. That's 73 days from now.Use it or lose it, as they say.
Some real estate agents and mortgage lenders position and market the $8,000 First-Time Homebuyer Tax credit as a universal program but it's important to know that not every first-time home buyer is eligible. The IRS definition of "first-time homebuyer" may be different from what you expect.
As part of the American Recovery and Reinvestment Act of 2009, Congress authorized a first-time homebuyer tax credit of up to $8,000. The $8,000 credit replaces the $7,500 tax rebate program that was included in last year's stimulus.
The Housing and Economic Recovery Act of 2008 passed into law this week with a lot of positives for the American people. Some of the law's highlights include: Up to $7,500 in purchase "credits" for first-time homebuyers Conforming loan limit increases to $625,000 in high-cost areas Expansion of the FHA...
