GETTING screwed by uncle sam

[sayhuh?]

http://www.federalhousingtaxcredit.com/

[sayhuh?]

No the house credit ends before Nov. You must enter a binding contract before April 30 and be in the house before June 30. to get the 6500 you must live in the home 5 out of the last 8 years. I think this is right. I am a bit tired at the moment. To get the house credit you can only get 10% of the house price up to 6500 or 8000 respectively. if you move before 3 years you must repay it as well.

What is the definition of a move-up or repeat home buyer?

The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

[Dr. Johnson]

I am thinking that the last 2 posts just reaffirm my previous 2 posts.

[sayhuh?]

I am thinking that the last 2 posts just reaffirm my previous 2 posts.

Yep. We said the same thing...just differently. Makes you feel any better I still have 6 more hours left at work =(

[qu1cks1lver56]

unemployed full time student here

guess i dont have to file, according to an accounting professor i talked to, the tax people at the h&r block place, and other people.

[Dr. Johnson]

If you paid in any taxes to federal or state you would most likely get it back. If you get more scholarships and grants than your tuition, books and fees cost you must also claim that as income. One more thing to think about is any tax that you may owe will be your parents responsibility.

[melonhead]

I purchased a new home May of last year and got that 8k back. I filed an ammendmant and got it back 2 months later and it's already gone. lol I was also one of the lucky 10,000 Californians who purchased a brand new home between April and July and will be getting another 10k spread out over the next 3 years. That will help out a lot.

Jack, if you spent that much upgrading your home, you should look into solar as well. You can get incentives back if you have PG&E for electricity. I'm thinking about doing it this year but have to see how things play out.

http://www.gosolarcalifornia.org/csi/apply.html

[Gingeriffik]

I think this is hilarious! Know your tax responsibilities. Its not the governments fault you don't know how much you make, and its not your employers fault for you not having a proper w4 filled out.

[n8ball2013]

I think this is hilarious! Know your tax responsibilities. Its not the governments fault you don't know how much you make, and its not your employers fault for you not having a proper w4 filled out.

in my case my w4 is filled out properly but I'm not sure about making 30000 in overtime will help.

[Gingeriffik]

That is another thing, overtime is taxed at someting like 48%. Thas why you don't see much in your take home when you work a but load of overtime. If you regularly work alot of overtime, talk to your companies controller or accountant, they will be able to help you to lessen the impact at tax time.