Tax Returns-Yay

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looks like I'll get about $6400 back....

hello getting the crx on the road....
hello getting the datsun on the road...
hello to getting the patio done....
hello to getting the front porch rebuilt...
hello to knocking down some more debt....
 
D16Civic said:
Getting back about $1100. And we're putting in an offer on a house tomorrow morning to try and take advantage of the 6500 "move up" homebuyer credit. This is the first time in the past 5 years we've gotten money back.

For anyone using the homebuyer tax credits, you can still file now and file an amended return after your closing, or you can wait and claim it on your 2010 returns.
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How can you claim a house bought in 2010 on your 2009 return?
 
YouKnowWhoIBee said:
How can you claim a house bought in 2010 on your 2009 return?
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It's Obamanomics man. The first time homebuyer credit (up to 8000), and the second time buyer credit (up to 6500) can be claimed on a past years return. The credits are set to expire, and you must have a signed contract by April 30th and a closing by June 30th. It's a refundable credit, and can be filed as an amendment to 2009 or on your 2010 return.

I think the theory, whether right or wrong, is that sending someone 8 grand in the mail after they purchase a home is going to drive them to put that money back into the local economy, whether it's for home improvements or big screen TV's.

Edit:

From IRS.gov:

Homebuyer Credit Expanded and Extended

The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
 
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the $8000 tax credit is to stabilize/prop up the housing market
 
I think the #'s would say it's working a little, but there's also been a 6 month moratorium on foreclosures that's coming to an end. Some of the properties we looked at needed 10-15000 minimum just to be livable.
 
Yeah, and a large portion of all FHA qualified loans are being written with rehab costs to make them livable.

The idea behind writing in up to 35k in rehab costs is to not only bring the housing back up a touch, stabilize neighborhoods, but also injects money into the construction, supply trades.
 
Slammed89Integra said:
Yeah, and a large portion of all FHA qualified loans are being written with rehab costs to make them livable.

The idea behind writing in up to 35k in rehab costs is to not only bring the housing back up a touch, stabilize neighborhoods, but also injects money into the construction, supply trades.
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Injecting yes but where the fuck is it coming from...taxpayers? No, that wouldn't make sense would it?
 
Yea, the home buyer's tax credit is what I was referring to :)

I am signing a contract on 03/22 and wasn't sure if that credit was able to be obtained this year. Reason being... My Dad fronted me 3k towards mt 3.5% FHA down payment. So I am sure he will be pumped to receive it back this year instead of next year. I planed on paying him a portion each month and finishing it off at tax time next year, but now it will come all at once sooner.

Plus this helps tremendously with getting new carpet... since I hate the color of the current carpet. I will have to logon to HomeModders and post up some pics when I finally settle and move in.
 
I thought I was going to get back less then a grand. Had my parents tax guy look over my stuff and now I'm getting over 3. Very, very happy.
 
Boooooo on tax return

I normally do my taxes myself but last year I was a dummy and claimed exempt for like 5 or 6 months so I ended up owing federal 2994 and state 994. Making over 60K isn't all it's cracked up to be when it comes tax time. I'm gonna talk to the person that does my person's tax and see if they might be able to get it down any less if not I'm thinking about skipping out on uncle sam this year and just claim zero all this year and file next year
 
ThatGuy4life said:
I normally do my taxes myself but last year I was a dummy and claimed exempt for like 5 or 6 months so I ended up owing federal 2994 and state 994. Making over 60K isn't all it's cracked up to be when it comes tax time. I'm gonna talk to the person that does my person's tax and see if they might be able to get it down any less if not I'm thinking about skipping out on uncle sam this year and just claim zero all this year and file next year
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DON'T not file. That's the worst thing you can do. You're better off filing and working out a payment plan than not filing at all. Sending them 100 bucks a month would save you a bundle in late fees, penalties, and interest.

The IRS never forgets.
 
D16Civic said:
DON'T not file. That's the worst thing you can do. You're better off filing and working out a payment plan than not filing at all. Sending them 100 bucks a month would save you a bundle in late fees, penalties, and interest.

The IRS never forgets.
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advice noted and will follow. thanks
 
I got mine on the 5th of feb. It was only 1237.00 kinda sucks. Putting on a new turbo motor mounts oil catch can and a good tune!
 
its not gonna save you on interest or penalties for not paying on time
it will however save you the penalty for not timely filing

and a heads up
don't pay an accountant to paper file the payment agreement, just use the online application and save yourself some money, also make sure its direct debit from your bank account
In addition, effective January 1, 2007, the new installment agreement user fee is $105 and $52 for agreements where payments are deducted directly from your bank account.
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here is the link for the installment agreement
Online Payment Agreement Application
and the agreements are pretty much guaranteed as long as you make it something reasonable.

on another note, it could save you money to get a small personal loan, or perhaps even pay by credit card
to pay by credit card you need to use a 3rd party company which will charge you the credit card fee upfront
but if you get yourself a 0% card for 12 months you'll save a bit of money


Are you aware that interest and penalties do not stop with an installment agreement/payment plan? You can save money by paying the full amount you owe, as quickly as possible; to minimize the interest and penalties you will be charged. Penalties and interest will continue to be charged on the unpaid portion of the debt throughout the duration of the installment agreement/payment plan.
Remember, the interest rate on a loan or credit card may be lower than the combination of penalties and interest imposed by the Internal Revenue Code. It is best that you pay as much as possible before entering into an agreement. See the example showing how borrowing money to pay your taxes could cost you less than an installment agreement.
A Notice of Federal Tax Lien would also be avoided, thereby maintaining your credit standing. Additionally, the installment agreement fee would not apply.
Paying your taxes in full, or partially paying your tax liabilities through liquidating or borrowing against real estate or personal property (bank accounts, stocks, bonds, 401(k) plans, or life insurance), would cost less than an installment agreement.
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and here's the link to their example showing how you could save by getting a personal loan vs paying the penalty or interest
How Borrowing Money to Pay Your Taxes Could Cost You Less Than An Installment Agreement

keep in mind your credit score when considering your options also
 
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