Featured Q&A

Q: How do I find out if I qualify for the home buyers tax credit?  | See Question Detail

I just bought another house. I owned my one I just sold since 1997. I paid cash for it when I bought it but I took out a mortgage on it in 2002. Will I qualify for the tax credit? And how do I get information on it?

Submitted by srburton34 on March 12, 2010 at 8:00PM

A: Homebuyers Credit  | See Full Answer

Hello! To determine if you are eligible, look back 3 years from the date of purchase of the new home. If you owned a home and lived in it for 5 consecutive years as your principal residence during that period, you may be eligible. You must close the purchase by April 30, 2010 or have a contract signed by April 30,2010 and close on the purchase before July 1, 2010. No credit is available if you have adjusted gross income of at least $145,000 ($245,000 MFJ). The credit phases-out beginning at $125,000 adjusted gross income ($225,000 MFJ). The maximum price of the new home is $800,000—there’s no phase-out. It is all or nothing. You must also live in the new home as your principal residence for 36 consecutive months or you will have to repay the credit. The credit is claimed by filing Form 5405 with your 2009 or 2010 tax return. If you have already filed your 2009 tax return, you can amend the 2009 retun to claim the credit. You must attach a copy of the HUD-1 closing statement to the return with the Form 5405, and the return claiming the credit must be mailed, it can't be e-filed. Thanks for trusting H&R Block. Bruce

1   0

Submitted by Arnold Skoglund, Senior Tax Advisor 5, Small Business/Sole Proprietors, Retirement, Investment Income, Military , H&R Block March 12, 2010 at 8:17PM

Questions Answered by an H&R Block Tax Professional

• Most Recent
• Most Popular

• 

  Can you use the basis edition to file federal taxes online if you qualify for the EITC credit

  Asked by Dawn Barwell - Answered 2 minutes ago

  0 0
• 

  i own my own business and have no idea were to start | See Question Detail
  

  this is my first year of business and all i have is a box of receipts and documents and sales receipts? i am completly lost

  Asked by mokotattoo - Answered 29 minutes ago

  1 0
• 

  where do i mail form8379 injured spouse claim for california

  Asked by ashleywayne - Answered 31 minutes ago

  0 0
• 

  Why when I received 2 child. EIC allow. for 08 and can claim 3 in 09 am I getting less $ when HR@ home tells me all 3 qualify for EIC this yr? | See Question Detail
  

  I received $3,437 last year for EIC for child dependents and this year 3 children are allowed to be claimed with credit given for the third... why is my EIC estimated "less" than last year when more kids are allowed?The youngest child being 5 yrs old is the third being claimed. Its not like its a baby. was on my tax return last year. The HR @ home is projecting 1,012?.for this year.... Is there any known glitch in system software? It is recognizing all 3 children and says they qualify. But amt is way lower than last year. Whats going on? There are no disallowances or issues of that type. Trying to file this year using software but some of the numbers dont seem right. I did my taxes with tax cut last year....no much has changed. Thank you for your time.

  Asked by DMidgett - Answered 31 minutes ago

  1 0
• 

  How much federal tax will I have to pay when cashing in EE series bonds

  Asked by ironwoman - Answered 33 minutes ago

  1 0
• 

  I am currently out of the country. Can I have you file for extension and file the return after April 15. My return is complex, online is not an option | See Question Detail
  

  My tax return seems complicated for me to do it online since I am not allowed to import a 1099 that as a huge number of stock transactions. Also, I want to be able to file for my house credit that I want to discuss. So I prefer to do it in-person.

  Asked by vidshan - Answered 34 minutes ago

  0 0
• 

  My divorce decree gives my noncustodial ex husband 2 of our 3 children for exemptions and I onlyreceive 1. Can i claim all 3 this year for 2009?

  Asked by deannelj63 - Answered 40 minutes ago

  0 0
• 

  i just moved back to tennessee last august...do they take out more social security tax now then federal | See Question Detail
  

  i just moved back to tennessee last august...do they take out more sosical security tax then federal now

  Asked by lasgirl - Answered 49 minutes ago

  0 0
• 

  since I claim my daughter as a dependent because she goes to college and is living at home, can I get the credit for her student loans in her name?

  Asked by Tracy53S - Answered 2 hours ago

  0 0
• 

  As a single woman with no kids that rents and doesn't own, is it better to claim 1, 0 or "exempt" on my W4?

  Asked by danimac79 - Answered 2 hours ago

  0 0

• 

  We have over 15,000.00 in gambling winnings, can we use casino win/loss statements to offset this?

  Asked by dlavolpa - Answered 22 days ago

  150 1
• 

  I didn't get to file my 2008 return, is it possible to file that my 2008 return now using your software and so an e-file? | See Question Detail
  

  I just finally got my employer from 2008 to send me my 2008 w-2, and I need to know if I can still file that return. If not where do I find the forms in order to file for my 2008 return?

  Asked by D_limited3030 - Answered 23 days ago

  106 4
• 

  how can i file as married if my wife doesnt have a social secrurity number? | See Question Detail
  

  im curently deployed in iraq and i need online help to file. i know i need a SS# or A tax i.d. number. but im limited on what i can do here and i have to file while im here i wont have time when i get back.

  Asked by jesse705 - Answered 3 days ago

  103 0
• 

  Our daughter, is a full time college student yet made a little over 10,000.00 last year due to working in the Walt Disney World College Program for a | See Question Detail
  

  Our daughter, is a full time college student yet made a little over 10,000.00 last year due to working in the Walt Disney World College Program in Florida. Living expenses were taken directly out of her paycheck by WDW. She is a Maryland resident and attends college in West VA. She had another job in MD after she returned which was a first year business and apparently no state taxes were taken out. Florida did not take state taxes either. What will we be able to claim to possibly offset any taxes that she may owe? Helpppppp!!! Thanks.

  Asked by tinkerbell8206 - Answered 12 days ago

  102 0
• 

  Follow up Needed on Answers for form 8936. Thanks for your help | See Question Detail
  

  Hello. I've asked this question in two different ways and I have gotten two different answers that contradict each other from your company here. Here is my question: I aquired (Recieved Title) for an NEV in December 2009. However the vehicle was not delivered until 2010. Do I take the tax credit in 2009 or 2010. First answer is from SHARON WELLS, Master Tax Advisor, Certified Public Accountant (CPA), H&R Block on February 18, 2010 at 9:32PM. "You can claim a credit in the year of purchase" Second answer from Michael Adamson, Tax Advisor 3, H&R Block on February 23, 2010 at 3:27PM "The source I use (Publication 17,) uses the word "acquired" and does not mention placed in service. I recommend including it on your 2009 tax return. The worst that can happen is that the IRS would disallow the credit; which is not even close to "hot water." Third answer saying I have to take it in 2010 from Arnold Skoglund, Senior Tax Advisor 5, Small Business/Sole Proprietors, Retirement, Investment Income, Military, H&R Block on February 23, 2010 at 7:55PM "Hello Mike! The instructions for Form 8936 say that you take the credit in the year you place the vehicle in service. That would be 2010. The instructions also say that the vehicle is not “acquired” before the date on which title to that vehicle passes under state law. I would guess that you did not receive the title until you received the vehicle in 2010. Thanks for trusting H&R Block. I need to know who is correct here. IRS regulation 30D states that to qualify for the credit the car has to be placed in service after 2008 (Done) and has to be aquired (transfer title) in 2009 (Done). The form 8936 says placed in service in your tax year. (Cash Basis, Done.) Actual Delivery (Not done). Please Help, I dnt no what 2 do based on your diff Answs.

  Asked by TearSearcher - Answered 18 days ago

  54 2
• 

  i received my federal tax direct deposit in my account on 2/10/10 but have not received my state tax how can i tell if something is wrong | See Question Detail
  

  i have not received my state tax but have received my federal do i need to do something?

  Asked by dcrose1 - Answered 17 days ago

  51 24
• 

  I recieved a tax statement regarding my foreclosure. Will this help my refund in any way?

  Asked by MarysMacs - Answered 29 days ago

  49 4
• 

  i made 4,409 filing single with a dependant what will be my return

  Asked by DeeLove - Answered 24 days ago

  38 0
• 

  Claimed only $3,000 for investment loss as a total in schedule D line 16 on 2008 return, even I had total $17,000 loss. How can I claim in 2009? | See Question Detail
  

  My husband and I had Investment loss in 2008, and received Form 1099-B total amout of about $17,000. We only claimed loss assets enough to make about $3,000 in Schedule D line 16 on 2008 tax return, not total amout $17,000. We didn't have any transaction in this investment in 2009. Should've we indicated $17,000 in Schedule D on 2008 return? Can we still carryover rest of the amout on 2009 and after return? If we can, shall we indicate $17,000-$3,000=$14,000 in 2009 Schedule D, or how/how much?

  Asked by bluewoods3 - Answered 21 days ago

  35 0
• 

  my tax was direct deposited today should my check be printed today also?

  Asked by JameeP2007 - Answered 16 days ago

  33 4

• Email to Friends
• Print This Page
•