I am considering getting a line of credit off of our equity, but before I do, I want
to find out if there is a tax credit for it.
Posts Tagged ‘tax credit’
Is a home equity line of credit tax deductible like a mortgage?
Thursday, August 26th, 2010question about homebuyer's tax credit?
Monday, March 15th, 2010here is the scenario…. couple [A] buys a house for 0,000 but they couldnt afford that much so another couple-B [ family ] contributed toward the purchase,but will not live there….each couple contributed 5,000.. the title to the home lists each couple as owning 50% of the home..couple-A took out a home equity loan on their previous house + savings to come up with their 5,000… there previous house sold about 2 months later and the home equity loan was paid off at that time for the previous house that they occupied for several years…..now tax time is here and there is a question as to whether couple A qualifies for the homebuyers tax credit…there tax preparer says they do because they occupy the new house and the old house that they lived in for several years sold shortly after buying the new house,,so that there is no question about there actually occupying the new house…………..the question is this…..does couple A qualify fully for the homebuyers tax credit [ not 1st time credit of 00,,just the regular credit of 00 ] ?? or do they only qualify for 1/2 of that credit since they only own 1/2 of the new house??..or do they NOT qualify because of only owning 1/2 of the house??..the other question is this…..IF couple A does qualify fully for the 00 tax credit,,should couple A give 1/2 of that to couple B ??…couple B thinks they should get 1/2 of couple A’s 00 tax refund [ if it goes through],,,couple A isnt sure what the right thing to do is…..obviously couple B doesnt qualify for a tax credit on there own taxes because they will continue to live at their own house,,they will not be occupying the new house at all…….couple A likely will buy out couple B’s 1/2 of the new house in a few years for 1/2 of the appraised value at that time….couple B doesnt claim any legal right to the money,,they just think they should be given 1/2 of the 00 because they purchased 1/2 of the new house that couple A could not otherwise have afforded…any opinions???
If I assume a mortgage will I still qualify for the 1st time home buyers credit?
Sunday, February 7th, 2010My Landlord made me what seems to be the deal of a lifetime. They are willing to let me assume the mortgage on their house without having to pay them for the equity gained through their payments, which I am estimating is 5-10yrs of payments. I have been doing my research and I am aware I would have to assume the loan at their current interest rate, but two questions come to mind…If I assume the loan would I qualify for the first time home owners tax credit? and How soon can I refinance the assumed loan to a lower interest rate if at all?
Equity in Home Throught the Fha Loan?
Monday, November 2nd, 2009if i buy a house for ,000 throught the fha loan and the house is worth 5,000 will there be Equity in the House
How do we refinance our HELOC without refinancing our 1st mortage?
Thursday, October 22nd, 2009We owe on our 1st mortgage is ,000 at 6.25%, and our HELOC is 5,000 at 8.19%. Fixed. The estimated value of the house is between 0,000. to 0,000. I would like to combine and lower my interest rate, but if that is not possible, how can I lower my HELOC. I would at least like to lower my 0.00 interest on the HELOC. What are my options if any? Thanks!
Can a divorcee decree be proof that someone is no longer liable for a home loan?
Tuesday, October 20th, 2009My husband and I are divorcing he does not want the house instead he wants to sell the house to get his name off the loan. I do not want to sell the house. its only 1yr old with little equity. I used my VA loan to purchase the house, we just refinanced 3mths ago, and I received the tax credit which forces me to remain in the house for 3yrs. VA also requires it be another veteran buyer for the sell of the house. It would be a hardship to uproot our 13mths old son and find a place to live. I offered him to quitclaim it and give me 24mths to refinance. Is this something a judge may agree on? Are there any other options for me to keep the house.
Can a divorce decree prove someone is no longer liable for a home loan?
Tuesday, October 20th, 2009My husband and I are divorcing he does not want the house instead he wants to sell the house to get his name off the loan. I do not want to sell the house. its only 1yr old with little equity. I used my VA loan to purchase the house, we just refinanced 3mths ago, and I received the tax credit which forces me to remain in the house for 3yrs. VA also requires it be another veteran buyer for the sell of the house. It would be a hardship to uproot our 13mths old son and find a place to live. I offered him to quitclaim it and give me 24mths to refinance. Is this something a judge may agree on? Are there any other options for me to keep the house.
How much negative equity can you roll into a new car lease?
Tuesday, August 25th, 2009I have a car that I’m financing and it’s falling apart. I have about 00 to 00 in negative equity with my trade and I’m thinking about a lease option with Honda.
Does anyone know how much negative equity can be rolled into a lease with Honda and what the credit requirements are for Honda leases?
Related ‘tax credit’ sites :
| Federal Tax Credits for Energy Efficiency : ENERGY STAR Below you will find an overview of the federal tax credits for energy efficiency. Please note, not all ENERGY STAR qualified products qualify for a tax credit. ... www.energystar.gov/index.cfm? | |
| Federal Housing Tax Credit: Home Learn more about the Federal Housing Tax Credits for home buyers. www.federalhousingtaxcredit.com | |
| Federal Housing Tax Credit: Frequently Asked Questions About ... Answers to questions about the $8,000 federal tax credit for first-time home buyers. www.federalhousingtaxcredit.com/ | |
| Tax credit - Wikipedia, the free encyclopedia Tax systems may grant tax credits to businesses or individuals, and such grants vary by type of credit. ... Several income tax systems provide income subsidies to lower income ... en.wikipedia.org/wiki/ | |
| First-Time Homebuyer Credit 2009 Tax Return. Because of the documentation requirements for claiming the credit, ... Reduces a taxpayer's tax bill or increases his or her refund, dollar ... www.irs.gov/newsroom/article/ | |
| Energy Savers: Tax Credits for Energy Efficiency Tax Credits for Energy Efficiency. If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. ... www.energysavers.gov/ | |
| Tax credit: Definition from Answers.com Tax Credit A dollar-for-dollar reduction in the tax payment required from a person. Investopedia Says : Deductions and exemptions only reduce the www.answers.com/topic/ | |
| Internal Revenue Service (IRS) Official site. Includes tax statistics, IRS information, and links to Federal tax forms. ... Homebuyer credit deadline for closing on a home has been extended. ... www.irs.gov | |
| Taxes Tax Credits -- WalletPop Filed under: Tax, Travel, Economizer, Tax - Credit. Now that European summer travel season is in full swing, ... The tax credit is allocated on a first-come, first served basis, ... www.walletpop.com/blog/ | |
| Department of Energy - Tax Breaks A tax credit is generally more valuable than an equivalent tax deduction because ... Below is a summary of many of the tax credits available to consumers. ... www.energy.gov/taxbreaks.htm | |