FAMILY & FRIENDS CONNECTION, INC.
954-319-7066
  • HOME
  • PRESIDENT'S MESSAGE
    • The Donneth Show Mother's Day Drive Thru Dinner
  • A DAILY POINT OF LIGHT
  • FFC 2020 Thanksgiving Outreach
  • CHRISTMAS FOOD DISTRIBUTION & 2020 YEAR IN REVIEW
  • ABOUT US
    • FFC DAY DESIGNATION
  • DONATE
    • WHY WE GIVE
    • WAYS TO DONATE TO FFC
  • CONTACT US
    • FFC OFFICERS
  • EVENTS CALENDAR
  • SERVICES
  • MEDIA CENTER
  • YOUTH CORNER
  • 2019 SCHOLARSHIP AWARDS
  • 2018 SCHOLARSHIPS AWARDS
  • 2016 SCHOLARSHIP AWARDS
    • 2015 SCHOLARSHIP AWARDS
    • 2014 SCHOLARSHIP AWARDS
    • 2013 SCHOLARSHIP AWARDS
    • FFC 2012 SCHOLARSHIP AWARDS REPORT
  • COMMUNITY PARTNERS
  • SISTER ORGANIZATIONS
  • COMMUNITY BULLETINS
  • HEALTH CORNER
  • FFC NEWSLETTER ARCHIVE
  • THANK YOU
  • TESTIMONIALS
  • BROWARD VOLUNTEER RECOGNITION
  • COMMUNITY VOLUNTEER APPRECIATION 2012
    • VOLUNTEER WEEK APPRECIATION
    • VOLUNTEER APPRECIATION NIGHT 2011
  • COMMUNITY WORSHIP SERVICE
  • INSPIRATION CORNER
  • LIFE EMPOWERMENT CONFERENCE 2012
    • FFC LIFE CONFERENCE 2011
    • LIFE EMPOWERMENT CONFERENCE THANKS
  • BACK TO SCHOOL OUTREACH & GIVING
  • COMMUNITY OUTREACH HOME IMPROVEMENT WORK DAY
  • DOMESTIC VIOLENCE AWARENESS
  • HOW DV AFFECTS IMMIGRANTS
  • LIFE LINE OUTREACH
  • WORKFORCE EMPOWERMENT
  • LEADERSHIP TRAINING
  • RELATIONSHIP RESCUE
  • THE HERO IN YOU
  • MENTORS NEEDED
  • SPONSORS
  • JOIN US
  • YOUR POWER PILL
  • FFC BLOG
  • RADIO OUTREACH
  • RADIO ARCHIVE
  • RADIO PARTNERS
  • TUTORING APPLICATION & WAIVER
  • TUTORIAL REGISTRATION FORM
  • TALENTS CORNER
  • HUMOR CENTER
  • MILITARY TRIBUTE
  • WHY BECOME AN FFC VOLUNTEER
  • VOLUNTEER RECOGNITION
  • VOLUNTEER OF THE MONTH
  • VOLUNTEERS ARE SPECIAL
  • VOLUNTEERS GALLERY
  • ADVERTISE HERE
  • BIRTHDAYS & ANNIVERSARIES
  • FREE ECARDS
  • GUEST PAGE
  • DISCLAIMER
  • TERMS OF USE
  • PRIVACY POLICY

Time to Claim Your 1st Time Homebuyer Tax Credit?

3/4/2011

0 Comments

 
Time to Claim Your 1st Time Homebuyer Tax Credit?

If you bought your first home between Jan 1 and Apr 30, 2010 you can claim the First-Time Homebuyer Credit for 10% of the cost of the house, up to a 
maximum of $8,000.

NOTE: Credits are better than Deductions.  Credits reduce your taxes dollar-for-dollar,  regardless of what tax bracket you are in.

Singles with income up to $125,000 get full credit -- partial credit if you made up to $145,000.

Married couples with income up to $225,000 get full credit – partial credit if they made up to $245,000.

What if You are Not a FIRST-time Homebuyer, but got a New Home?

Former or current homeowners who closed on a new home by Sep 30, 2010, 
and who lived in a principal residence for at least five of the past eight years 
before buying a new home, are eligible for a 10% tax credit, worth up to $6,500. 

Income-eligibility guidelines for the tax credit are the same as for first-time buyers.

Military members deployed on extended active duty outside the U.S. have until 
May 1, 2011, to enter into a contract, and until July 1, 2011 close the purchase.

HOW Do You Claim the Credit?

To claim your credit, you must file IRS Form 5405, “First-Time Homebuyer Credit 
and Repayment of the Credit,” and attach a copy of (a) your settlement statement, 
(b) a certificate of occupancy for a newly constructed home, or (c) proof of five 
consecutive years of ownership, such as mortgage-interest statements, property-
tax records or homeowners insurance.

Because of those documentation requirements, you cannot e-file your tax return. Print out Form 5405 and attach it to your Form 1040.  Attach the papers 
referenced above to your 2010 tax return, and mail it to the IRS by April 18, 2011.

    NOTES: 
      A. Download Form 5405 from the “Resource 
          Center” at www.HomeBusinessTaxSavings.com 
      B. Always mail tax returns as “Certified Mail” with
           “Return Receipt Requested.” 


BAD NEWS if You Took the ORIGINAL Credit back in 2008

Taxpayers who took advantage of the original  home buyer’s credit in 2008 didn’t get as good a good deal. That version of the homebuyers credit, to the surprise of many taxpayers who claimed the it, the $7,500 “credit” in reality was an interest-free
LOAN – a loan that must be repaid in installments. 

The first repayment is due with your 2010 tax return. If you claimed the full $7,500 credit in 2008, you now owe Uncle Sam $500/year for the next 15 years.  If you sell the house before paying off that loan, you’ll be required to repay the full balance at the time of sale.  Is the NEW Credit Really a CREDIT?  

For those who purchased their homes in 2009 or 2010, the credit really IS a credit.  It is not a disguised loan like 2008, and it does NOT have to be repaid.

Creating Tax-Smart Home-Business Owners,
Ron Ronald R. Mueller, MBA, Ph.D. – author of
“Home Business Tax Savings, Made Easy!”
available at 
www.HomeBusinessTaxSavings.com
 

0 Comments



Leave a Reply.

    Picture

    Archives

    October 2012
    July 2012
    June 2012
    May 2012
    January 2012
    August 2011
    June 2011
    May 2011
    March 2011
    February 2011
    January 2011
    December 2010

    Categories

    All
    2011
    5 Cost Saving Tips For Home Insurance
    A Message From John Mason
    Are You Coupon Savvy?
    Beware Of Rats & Rat Droppings
    Do-It-Yourself Checklist
    Do You Think This Is Karma???
    Driving Tips For Better Fuel Economy
    Emergency & Disaster Supply Kit
    Ffc Online Fundraiser
    Fight Foreclosure: Make ‘Em Produce The Note!
    God Has A Plan For Your Finances
    HAVE YOU PLANNED YOUR SUMMER VACATION YET?
    Here Are A Few More Ways To Become More Coupon Savvy
    Home-Based Business Owners Now Qualify For More Tax Deductions
    Home Business Tax Savings
    How To Increase Your Money Gods Way
    Insurance Is Not A Lack Of Faith
    Insurance You Do Not Have To Die To Use
    Laziness:
    Learn How To Save On Your Taxes
    Money Saving Tips At The Checkout Counter
    Music To Quiet The Mind
    New Rules Of Finance:
    No More Sleepless Nights
    Quality Of Life Insurance
    Radio Frequency Identification
    Recession Proof Your Job
    Some Employer Benefits You Might Be Missing Out On
    Some Extraordinary Tax Deductions
    Stupid Or Crazy?!:
    Summer Tax Tips
    Teacher Applicant
    Teachers- Finding Employment After Recession Let Down
    The 10 Golden Rules Of Saving On Everything
    The Tax Basic Essentials
    Time To Claim Your 1st Time Homebuyer Tax Credit?
    Tips For Saving Money On Groceries At The Supermarket
    \"Today I Will...\"
    Top 12 Money & Tax Tips For 2012
    Useful Tax Information
    Vehicle Tax Deductions Get Bigger On July 1
    Who Is Getting Hired Now?
    You Mean I Am Not Lazy
    Your 2010 Tax Filing Deadline Has Been Extended
    Your Own Emergency Survival Kit

    RSS Feed

    Family & Friends Connection, Inc (FFC)

    Promote Your Page Too
SUPPORT OUR SCHOLARSHIP CROWD FUNDING PAGE
Family & Friends Connection, Inc. is a not for profit organization, registered in the state of Florida
Address: 6237 SW 21st Street, Miramar, Florida 33023::Tel: 954-319-7066: E-mail::famfc2@gmail. com
Listen To The Donneth Show Live on WAVS 1170AM, www.wavs1170.com For Community Solutions, 
Wednesdays, 8PM-9PM EST. Or Online at www.wavs1170.com

'We Connect Families In Need, To Friends With Resources.'
​Work, Play and Live as One

© Family & Friends Connection, Inc. December 2010-2021 

Website Designed & Managed by DebsWebDesign