Featured Q&A

Q: How do I find out if I qualify for the home buyers tax credit?  | See Question Detail

I just bought another house. I owned my one I just sold since 1997. I paid cash for it when I bought it but I took out a mortgage on it in 2002. Will I qualify for the tax credit? And how do I get information on it?

Submitted by srburton34 on March 12, 2010 at 8:00PM

A: Homebuyers Credit  | See Full Answer

Hello! To determine if you are eligible, look back 3 years from the date of purchase of the new home. If you owned a home and lived in it for 5 consecutive years as your principal residence during that period, you may be eligible. You must close the purchase by April 30, 2010 or have a contract signed by April 30,2010 and close on the purchase before July 1, 2010. No credit is available if you have adjusted gross income of at least $145,000 ($245,000 MFJ). The credit phases-out beginning at $125,000 adjusted gross income ($225,000 MFJ). The maximum price of the new home is $800,000—there’s no phase-out. It is all or nothing. You must also live in the new home as your principal residence for 36 consecutive months or you will have to repay the credit. The credit is claimed by filing Form 5405 with your 2009 or 2010 tax return. If you have already filed your 2009 tax return, you can amend the 2009 retun to claim the credit. You must attach a copy of the HUD-1 closing statement to the return with the Form 5405, and the return claiming the credit must be mailed, it can't be e-filed. Thanks for trusting H&R Block. Bruce

5   0

Submitted by Arnold Skoglund, Senior Tax Advisor 5, Small Business/Sole Proprietors, Retirement, Investment Income, Military , H&R Block March 12, 2010 at 8:17PM

Questions Answered by an H&R Block Tax Professional

• Most Recent
• Most Popular

• 

  My ex-wife and I own the home she lives in. She pays 70% of the mortgage, I pay 30%. Can she take 70% of the home mortgage deduction or do we split | See Question Detail
  

  Our California divorce papers state she gets the 70% deduction.

  Asked by tjneal - Answered 4 hours ago

  0 0
• 

  I purchased a home in Dec 09...yet I still have my previous home that I inherited 2 years ago...I lived there for 5 years prior to the inheritance...c

  Asked by champ1968 - Answered 4 hours ago

  0 0
• 

  how much should i be expecting to pay when i get my taxes done at hr block? | See Question Detail
  

  i dont owe any properties, im a student, and i work full time. I have donated a couple times throughout the year. I was wondering how much roughly it would cost to get my taxes done? this is the first time im doing my taxes myself

  Asked by golie94 - Answered 4 hours ago

  0 0
• 

  Never got 1099 from temp jobs, agent said I didnt need to file them. Already filed but do I need to file again? | See Question Detail
  

  I had some temping jobs and never recieved 1099's from them. My agent said I do not need to file them and just had them filed. I don't know my exact income from them so what do I need to do if anything?

  Asked by kherold1 - Answered 4 hours ago

  0 0
• 

  my husband passed away as of July. How will this effect my taxes this year and we received a KPERS retirement benefit- lump sum-and also a monthly i

  Asked by karenschowalter - Answered 4 hours ago

  0 0
• 

  I am doing my state taxes and it's asking for the exemption total for the last year I did taxes. | See Question Detail
  

  I no longer have my information, but I did taxes with H&R block. What should I do?

  Asked by JackienGilbert08 - Answered 4 hours ago

  0 0
• 

  Does H&R Blocks At Home Deluxe 2009 do computations for an individual who is from 4029 (social security) exempt?

  Asked by TJWenger - Answered 4 hours ago

  0 0
• 

  how much would it cost do do your state taxes for kansas and missouri and how do you do it? | See Question Detail
  

  how much would it cost do do your state taxes for kansas and missouri and how do you do it?

  Asked by leas10 - Answered 4 hours ago

  0 0
• 

  if i worked in NY and lived in NJ for 5 years and only filed for NJ how do i go back and fix those missed years of possible credit?

  Asked by Fasanella17 - Answered 4 hours ago

  0 0
• 

  HOW I CAN MAKE MY INCOME TAX THE LAS YEARS WHAT I NEEDE

  Asked by jocordo1@yahoo.com - Answered 4 hours ago

  0 0

• 

  We have over 15,000.00 in gambling winnings, can we use casino win/loss statements to offset this?

  Asked by dlavolpa - Answered 25 days ago

  157 2
• 

  I didn't get to file my 2008 return, is it possible to file that my 2008 return now using your software and so an e-file? | See Question Detail
  

  I just finally got my employer from 2008 to send me my 2008 w-2, and I need to know if I can still file that return. If not where do I find the forms in order to file for my 2008 return?

  Asked by D_limited3030 - Answered 26 days ago

  107 4
• 

  how can i file as married if my wife doesnt have a social secrurity number? | See Question Detail
  

  im curently deployed in iraq and i need online help to file. i know i need a SS# or A tax i.d. number. but im limited on what i can do here and i have to file while im here i wont have time when i get back.

  Asked by jesse705 - Answered 6 days ago

  103 0
• 

  Our daughter, is a full time college student yet made a little over 10,000.00 last year due to working in the Walt Disney World College Program for a | See Question Detail
  

  Our daughter, is a full time college student yet made a little over 10,000.00 last year due to working in the Walt Disney World College Program in Florida. Living expenses were taken directly out of her paycheck by WDW. She is a Maryland resident and attends college in West VA. She had another job in MD after she returned which was a first year business and apparently no state taxes were taken out. Florida did not take state taxes either. What will we be able to claim to possibly offset any taxes that she may owe? Helpppppp!!! Thanks.

  Asked by tinkerbell8206 - Answered 15 days ago

  102 0
• 

  Follow up Needed on Answers for form 8936. Thanks for your help | See Question Detail
  

  Hello. I've asked this question in two different ways and I have gotten two different answers that contradict each other from your company here. Here is my question: I aquired (Recieved Title) for an NEV in December 2009. However the vehicle was not delivered until 2010. Do I take the tax credit in 2009 or 2010. First answer is from SHARON WELLS, Master Tax Advisor, Certified Public Accountant (CPA), H&R Block on February 18, 2010 at 9:32PM. "You can claim a credit in the year of purchase" Second answer from Michael Adamson, Tax Advisor 3, H&R Block on February 23, 2010 at 3:27PM "The source I use (Publication 17,) uses the word "acquired" and does not mention placed in service. I recommend including it on your 2009 tax return. The worst that can happen is that the IRS would disallow the credit; which is not even close to "hot water." Third answer saying I have to take it in 2010 from Arnold Skoglund, Senior Tax Advisor 5, Small Business/Sole Proprietors, Retirement, Investment Income, Military, H&R Block on February 23, 2010 at 7:55PM "Hello Mike! The instructions for Form 8936 say that you take the credit in the year you place the vehicle in service. That would be 2010. The instructions also say that the vehicle is not “acquired” before the date on which title to that vehicle passes under state law. I would guess that you did not receive the title until you received the vehicle in 2010. Thanks for trusting H&R Block. I need to know who is correct here. IRS regulation 30D states that to qualify for the credit the car has to be placed in service after 2008 (Done) and has to be aquired (transfer title) in 2009 (Done). The form 8936 says placed in service in your tax year. (Cash Basis, Done.) Actual Delivery (Not done). Please Help, I dnt no what 2 do based on your diff Answs.

  Asked by TearSearcher - Answered 21 days ago

  54 7
• 

  i received my federal tax direct deposit in my account on 2/10/10 but have not received my state tax how can i tell if something is wrong | See Question Detail
  

  i have not received my state tax but have received my federal do i need to do something?

  Asked by dcrose1 - Answered 20 days ago

  51 24
• 

  i made 4,409 filing single with a dependant what will be my return

  Asked by DeeLove - Answered 27 days ago

  38 0
• 

  how much $ can i put that i donated to goodwill without receipts?

  Asked by tlrwilkens - Answered 2 days ago

  36 4
• 

  Claimed only $3,000 for investment loss as a total in schedule D line 16 on 2008 return, even I had total $17,000 loss. How can I claim in 2009? | See Question Detail
  

  My husband and I had Investment loss in 2008, and received Form 1099-B total amout of about $17,000. We only claimed loss assets enough to make about $3,000 in Schedule D line 16 on 2008 tax return, not total amout $17,000. We didn't have any transaction in this investment in 2009. Should've we indicated $17,000 in Schedule D on 2008 return? Can we still carryover rest of the amout on 2009 and after return? If we can, shall we indicate $17,000-$3,000=$14,000 in 2009 Schedule D, or how/how much?

  Asked by bluewoods3 - Answered 24 days ago

  35 0
• 

  my tax was direct deposited today should my check be printed today also?

  Asked by JameeP2007 - Answered 19 days ago

  33 4

• Email to Friends
• Print This Page
•