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Energy credits allowed for AMT for 2010 and 2011

Posted December 17th, 2010 by admin

The Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), passed by Congress on December 16, extends the reduction of alternative minimum tax (AMT) liability for nonrefundable personal credits, including the credit for nonbusiness energy property and the credit for residential energy efficient property, through 2011.

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Filed under:Individual income tax, Tax matters

California stops accepting applications for first-time homebuyer credits but new homes credit still available

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.

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