Time is Running Out for the Home Energy Property Credit

by Lee Reams in Tax Credits

Planning to make an "energy-saving" improvement to your home? 2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left. Whether you simply want to cut your utility bills or winterize your home, do it soon! Read More

Final Year for the American Opportunity Education Credit?

by Lee Reams in Tax Credits

Without Congressional intervention, 2010 is the final year for the American Opportunity credit, which is a modified version of the Hope Education credit for tax years 2009 and 2010.  The American Opportunity credit is available to a broader range of taxpayers with expanded income limitations and a more liberal list of qualified expenses than was the Hope credit. Many of those eligible will qualify for the maximum annual tax credit of $2,500 per student. Read More

April 30th is the Deadline for the Homebuyer Tax Credit

by Lee Reams in Tax Credits

If you (or your spouse) are at least 18 years of age and plan on taking advantage of the liberalized homebuyer tax credit, time has almost run out. Unless extended by Congress, this refundable tax credit will no longer be available for homes purchased after April 30, 2010 unless you have entered into a binding contract to purchase the home by June 30, 2010.  So, if you are actively looking, you need to either close escrow or enter into the binding contract to purchase by Friday, April 30th. Read More

Homebuyer Tax Credit is Almost Up!

by Lee Reams in Tax Credits

For those of you who plan to take advantage of the homebuyer tax credit, don't wait too long. It was put into place to help the real estate market recover, however, it was not intended to be around permanently.

If you (or your spouse) are at least 18 years of age and plan on taking advantage of the liberalized homebuyer tax credit, time is running out. Unless extended by Congress, this refundable tax credit will no longer be available for homes purchased after April 30, 2010 or after June 30, 2010 when a binding contract to purchase was entered into prior to May 1. Read More

Documentation Requirements Clarified for First-Time Homebuyer Credit

by Lee Reams in Tax Credits

This article provides some helpful tips if you are taking advantage of the First-Time Homebuyer Credit. It will give you an idea of what to expect, including the items that have to be submitted in order for you to qualify. Claiming the First-Time or Long-Time Resident Homebuyer Tax Credit on either your 2009 or 2010 return includes some complex documentation requirements. The IRS recognizes that the settlement documents can vary from location to location, so they have provided some clarification related to the documentation requirements.  Read More