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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?
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.
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
advice noted and will follow. thanksDON'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.
here is the link for the installment agreementIn 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.
and here's the link to their example showing how you could save by getting a personal loan vs paying the penalty or interestAre 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.
2 things you don't fuck with-
the IRS and mother fucking Albanians with guns.