Tax planning ideas for individuals, businesses, estates and trusts, Ideas for building an extraordinary business, News about Financial Insider Weekly television series episodes

Read More

California credits for new homes and first-time buyers will go fast

Posted May 28th, 2010 by admin

California has adopted tax credits for new home purchases and first-time homebuyers. The credits are available for qualified taxpayers who purchase a qualified residence on or after May 1, 2010 and before January 1, 2011. Since there are ceilings on the total credits available for all taxpayers, it will be wise to apply for them early.

Tags: , , , , ,

Filed under:Homebuyer's Credit, Individual income tax, Real Estate

Documentation Requirements For Homebuyers Credit will mean headaches for many

Posted January 29th, 2010 by admin

Starting with 2009 federal income tax returns, taxpayers will be required to attach certain documents in order to claim the New Homebuyer Credit. A new credit of up to $6,500 is available to taxpayers who have lived in a residence for more than five years, but they might have trouble finding documents to prove their residence during the five-year period.

Tags:

Filed under:Homebuyer's Credit, Real Estate