working tax credit starts on the 6th of april and finishes on the 5th of april the following year new claims can be made at any time and will be backdated to the 6th of april. renewal of claims have to be made by the 31st of july every year. you will be entitled to working tax credit if you earn less than twenty grand a year.
Wednesday, March 17, 2010
Should Obama push for credit card interest to be tax deductable?
I heard it used to be, but someone changed the tax laws.
If credit card and line of credit interest was tax deductable like mortgage interest was, how much would that help out the middle class who is living day to day with a deficit?
Should Obama push for credit card interest to be tax deductable?
Credit card interest? Hell, they are already talking about ending the mortgage deduction. Ending the 401K tax deferment, adding a manditory additional (not in place of) 5% federal retirement plan. Hey, did promise change didn't they?
Reply:Not hardly. This will only encourage people to assume more debt on their cards. I believe people that need credit card debt the least would be the ones to take advantage of this.
This is far from the solution to our economic crisis and I don't see this being a positive contributor to the overall cause, either.
Reply:No, IMO, It used to be that way, but if they did it now I think that would still encourage people to live beyond their means.
Reply:Works for me.
Clearly removing the deductibility did nothing to encourage people to stop using their cards.
Reply:At one time it was deductible. A democratic congress took that away. I don't believe it will change under Obama's admin.
Reply:Are you kidding me? He wants all the taxes he can get is grubby hands on. do you really think he will introduce a new loophole?
Reply:no he shouldn't
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If credit card and line of credit interest was tax deductable like mortgage interest was, how much would that help out the middle class who is living day to day with a deficit?
Should Obama push for credit card interest to be tax deductable?
Credit card interest? Hell, they are already talking about ending the mortgage deduction. Ending the 401K tax deferment, adding a manditory additional (not in place of) 5% federal retirement plan. Hey, did promise change didn't they?
Reply:Not hardly. This will only encourage people to assume more debt on their cards. I believe people that need credit card debt the least would be the ones to take advantage of this.
This is far from the solution to our economic crisis and I don't see this being a positive contributor to the overall cause, either.
Reply:No, IMO, It used to be that way, but if they did it now I think that would still encourage people to live beyond their means.
Reply:Works for me.
Clearly removing the deductibility did nothing to encourage people to stop using their cards.
Reply:At one time it was deductible. A democratic congress took that away. I don't believe it will change under Obama's admin.
Reply:Are you kidding me? He wants all the taxes he can get is grubby hands on. do you really think he will introduce a new loophole?
Reply:no he shouldn't
fruit gift baskets
Can making my home or home appliances "Green" enviromentally be a tax credit?
Whats the advantage other than the enviroment to me as a home owner by installing new appliances that are "green" and does the state reccognize and subsidize any part of the exspense
Can making my home or home appliances "Green" enviromentally be a tax credit?
I don't believe there are many tax credits for "greening" your home. There are some subsidies for installing solar panels, for example, but they are very small. Sadly, this administration has had it's head up it's *** about the environment, and we still have another year of it.
Some non-governmental benefits are that your bills will lower. It is an expensive investment, but over the long term, you will be paid back in lower heating, and cooling expenses.
Reply:I have heard of tax credits for energy efficient windows, furnaces, water heaters and such....but have never heard of any credit given for appliances. I think it has to be an improvement to the home itself before it qualifies.
Can making my home or home appliances "Green" enviromentally be a tax credit?
I don't believe there are many tax credits for "greening" your home. There are some subsidies for installing solar panels, for example, but they are very small. Sadly, this administration has had it's head up it's *** about the environment, and we still have another year of it.
Some non-governmental benefits are that your bills will lower. It is an expensive investment, but over the long term, you will be paid back in lower heating, and cooling expenses.
Reply:I have heard of tax credits for energy efficient windows, furnaces, water heaters and such....but have never heard of any credit given for appliances. I think it has to be an improvement to the home itself before it qualifies.
Will we be untitled to working tax credit?
Hi all, we live in the UK, we are a same sex couple. I am 21, working and on minimum wage. My gf is over 25, disabled and has a son. She is looking to go back to work part time but hasnt got a job yet. When we move in together, we will be partly responsible for her child (his dad being responsible too). But as he is not biologicaly mine, and i am not over 25, would i be able to claim working tax credit on behalf of us three? I know if you are over 16 and have a child you can... my question is, can i if the child isnt biologicaly mine?
Will we be untitled to working tax credit?
Hi, The goverment finnaly changed the rules a few years back to allow same sex couples to claim as a couple so there is no reason why you cannot put in a claim for working tax credit and child tax credit. You should get quite a good award because you should get a disability premium but you or her will need to be claiming DLA to get this.
Its just the same as a woman and her child moving in with a man who is not the father, they are still treated as a couple and the child is taken into account.
Reply:Yes you will be, you are living together as partners and you have a child between you. Of course any maintenance will be taken into account when working out the credits. Go on www.entitledto.co.uk and put all your figures in and it tells you how much you will get.
Reply:Yes no problem provided she works more than 16 hours per week you can get working tax credit. By the way maintenance for a child is completely ignored when calculating tax credits
Reply:do you mean entitled?
Will we be untitled to working tax credit?
Hi, The goverment finnaly changed the rules a few years back to allow same sex couples to claim as a couple so there is no reason why you cannot put in a claim for working tax credit and child tax credit. You should get quite a good award because you should get a disability premium but you or her will need to be claiming DLA to get this.
Its just the same as a woman and her child moving in with a man who is not the father, they are still treated as a couple and the child is taken into account.
Reply:Yes you will be, you are living together as partners and you have a child between you. Of course any maintenance will be taken into account when working out the credits. Go on www.entitledto.co.uk and put all your figures in and it tells you how much you will get.
Reply:Yes no problem provided she works more than 16 hours per week you can get working tax credit. By the way maintenance for a child is completely ignored when calculating tax credits
Reply:do you mean entitled?
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
Because the middle class needs a hand, and corporations are avoiding paying their taxes in record numbers now.
I've heard much worse from the guy. This is good.
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
The opposite of this was Reaganomics which in theory should've created a "trickle down" effect on the economy by creating more better paying jobs and therefore increase consumer spending which would help entice shareholders to invest. This, in theory was a great idea but nobody took into account the one thing that would cause it to fail: corporate greed.
Currently, the gap between executive earnings vs. average employee earnings is bigger than ever and THAT is the downfall of Reaganomics and ultimately the economy. Even CEOs who have steered huge corporations into the ground are getting giant bonuses to leave their fallen companies. Where is the media coverage on all this?
The heartbeat of the US economy is the middle class. When unemployment is high, average earnings are low and the cost of living is higher than ever this creates a recipe for disaster. A perfect example of how corporate greed has hurt the economy is in how big US oil companies are making record profits while consumers are paying record prices. THIS is why America seems to be ready to elect a relatively inexperienced US Senator as President based on his simple message of CHANGE.
Damn are we ready...
Reply:Because he wants to promote a robust and healthy middle class. Corporations have unbelievably prodigious benefits when it comes to paying (or not paying ) taxes in this country. Obama wants to reign that in a little. While some fear that these cuts will cause even more corporations to outsource and also raise prices, Obama obviously does not share their view.
Reply:You really should read about the tax cuts.
---------
A new breed of fabulously rich American is leaving the rest of the country far behind, in part because of President Bush’s tax cuts.
The “hyper-rich”, 145,000 taxpayers earning an average $3 million a year, have seen their earnings soar while their tax burden has decreased significantly in recent years. Their share of the national income has doubled in the past 20 years while 90 per cent of taxpayers have seen their share fall.
The number of households with assets worth more than $10 million has more than quintupled in the past 20 years. The trend is raising fears that the concentration of wealth in so few hands will create a new monied aristocracy.
Some of the wealthiest Americans, such as the financiers George Soros and Warren Buffett, have warned that the trend could hamper America’s social mobility. But proponents of Mr Bush’s tax cuts argue that the figures are a sign of a vibrant economy.
The research, by The New York Times, underscores the findings of several recent non-partisan studies.
The trend began when Ronald Reagan entered the Oval Office in 1980 with an aggressive tax-cutting agenda. Mr Bush’s equally vigorous tax-cutting has widened the divide.
In his first three years in office, Mr Bush revised basic income tax rates, capital gains tax, death duties, tax on dividend income and more. As a result, the country’s top 400 earners, with an income of at least $87 million a year each, are paying the same share of their income in taxes — about 22 per cent — as those earning between $50,000 and $70,000.
Those earning more than $10 million a year now pay a smaller share of their income in taxes than those making between $100,000 and $200,000.
The only taxpayers whose share of taxes fell in 2001 and 2002 were those in the top 0.1 per cent, according to the Internal Revenue Service. Mr Bush has said that his tax cuts are concentrated on low to middle-income earners. Statistics lend him some support. Those earning between $26,000 and $44,000 a year will see their share of federal taxes fall between now and 2015.
But that is only part of the story. The only other income group to see their share of taxes fall are those earning more than $383,000 a year. That includes the top 0.1 per cent, who earn more than $3 million.
More than half of Mr Bush’s tax cuts will go to those whose income puts them in the top 10 per cent. More than 15 per cent will go to the 145,000 in the top 0.1 per cent.
But the process was well under way before Mr Bush came to power. Between 1950 and 1970, for every $1 earned by the bottom 90 per cent of taxpayers those in the top 0.01 per cent earned $162. From 1990 to 2002 the same group at the top made $18,000 for every $1 earned by the vast majority of taxpayers.
The trend is exacerbated by the “alternative minimum tax”, which barely hits the hyper-rich, because it does not affect earnings from dividends and investments.
Reply:He also said he was gonna use public financing, you guys just suck up everything he says, and the elimination of tax cuts equal an increase, and who pays for that, we do through increased prices, fools, the rich dont' care they have the money its the working poor and middle class, they will need more than a $1000. to cover his tax increases.
Reply:It's a strategy called buying votes. Instead of eliminating taxes on the corporations, which would actually help the economy, he thinks he can dupe people into voting for him in exchange for a $1000 check and a promise to gouge those evil corporations, who would then have to lay people off and raise prices to compensate for the added taxes.
Bottom line, Obama wants to do this because he thinks the American public is stupid enough to fall for it. I am wondering if he is right.
Reply:Under Bush and big companies have gotten all the breaks. The people that suffer the most are the middle class because they pay the highest percentage of taxes It doesn't make much sense to give money to companies that spend there money to send jobs overseas. Degrading our economy, Bush said in one of his speeches that a weak dollar is good. Its time to strengthen our dollar again.
Reply:WHAT A POLITICIAN SAYS AND WHAT A POLITICIAN DOES IS NEVER THE SAME. THEY'LL TELL YOU WHAT YOU WANT TO HEAR AND YOU'LL HEAR WHAT YOU WANT THEM TO SAY. THE SYSTEM IS LARGER AND MORE INHERENTLY, POWERFUL THAN ANY ONE PERSON OR PARTY OR CLICHE. THE SYSTEM IS SELF PERPETUATING IN ALL ITS CORRUPTNESS AND AVARICE. OBAMA IS MERELY A STEP IN THE RIGHT DIRECTION BUT ONLY A BABY STEP IF HE WINS.
Reply:One of you guys say he wants to tax the middle class out of existance, and the next says he wants to give the middle class tax dredits.
Which lie do I believe?
You guys need to get your disinformation straight.
Somebody didn't get the memo.
Reply:Because the midlde class can use the money in more positive ways. The coporations spend the money on people who are overly wealthy %26amp; have kids who spend their days like Paris Hilton that is a waste.
Reply:Is this a serious question?
Why NOT give a tax credit to the middle class and eliminate tax cuts for corporations?
Reply:No tax cuts for corporations
Reply:I would like to see a link that substantiates your claim.
.
Reply:DUHHHHHHHHHHHHHHHHHHHH
Reply:It's to buy your votes.
Reply:As far as I know he has learned that if he wants to win the presidency then he's going to have to win the blue collar, white peoples vote.
That man is all about getting what he wants.
I've heard much worse from the guy. This is good.
Why does Obama want to give $1000 tax credit to middle class and eliminate tax cuts for corporations?
The opposite of this was Reaganomics which in theory should've created a "trickle down" effect on the economy by creating more better paying jobs and therefore increase consumer spending which would help entice shareholders to invest. This, in theory was a great idea but nobody took into account the one thing that would cause it to fail: corporate greed.
Currently, the gap between executive earnings vs. average employee earnings is bigger than ever and THAT is the downfall of Reaganomics and ultimately the economy. Even CEOs who have steered huge corporations into the ground are getting giant bonuses to leave their fallen companies. Where is the media coverage on all this?
The heartbeat of the US economy is the middle class. When unemployment is high, average earnings are low and the cost of living is higher than ever this creates a recipe for disaster. A perfect example of how corporate greed has hurt the economy is in how big US oil companies are making record profits while consumers are paying record prices. THIS is why America seems to be ready to elect a relatively inexperienced US Senator as President based on his simple message of CHANGE.
Damn are we ready...
Reply:Because he wants to promote a robust and healthy middle class. Corporations have unbelievably prodigious benefits when it comes to paying (or not paying ) taxes in this country. Obama wants to reign that in a little. While some fear that these cuts will cause even more corporations to outsource and also raise prices, Obama obviously does not share their view.
Reply:You really should read about the tax cuts.
---------
A new breed of fabulously rich American is leaving the rest of the country far behind, in part because of President Bush’s tax cuts.
The “hyper-rich”, 145,000 taxpayers earning an average $3 million a year, have seen their earnings soar while their tax burden has decreased significantly in recent years. Their share of the national income has doubled in the past 20 years while 90 per cent of taxpayers have seen their share fall.
The number of households with assets worth more than $10 million has more than quintupled in the past 20 years. The trend is raising fears that the concentration of wealth in so few hands will create a new monied aristocracy.
Some of the wealthiest Americans, such as the financiers George Soros and Warren Buffett, have warned that the trend could hamper America’s social mobility. But proponents of Mr Bush’s tax cuts argue that the figures are a sign of a vibrant economy.
The research, by The New York Times, underscores the findings of several recent non-partisan studies.
The trend began when Ronald Reagan entered the Oval Office in 1980 with an aggressive tax-cutting agenda. Mr Bush’s equally vigorous tax-cutting has widened the divide.
In his first three years in office, Mr Bush revised basic income tax rates, capital gains tax, death duties, tax on dividend income and more. As a result, the country’s top 400 earners, with an income of at least $87 million a year each, are paying the same share of their income in taxes — about 22 per cent — as those earning between $50,000 and $70,000.
Those earning more than $10 million a year now pay a smaller share of their income in taxes than those making between $100,000 and $200,000.
The only taxpayers whose share of taxes fell in 2001 and 2002 were those in the top 0.1 per cent, according to the Internal Revenue Service. Mr Bush has said that his tax cuts are concentrated on low to middle-income earners. Statistics lend him some support. Those earning between $26,000 and $44,000 a year will see their share of federal taxes fall between now and 2015.
But that is only part of the story. The only other income group to see their share of taxes fall are those earning more than $383,000 a year. That includes the top 0.1 per cent, who earn more than $3 million.
More than half of Mr Bush’s tax cuts will go to those whose income puts them in the top 10 per cent. More than 15 per cent will go to the 145,000 in the top 0.1 per cent.
But the process was well under way before Mr Bush came to power. Between 1950 and 1970, for every $1 earned by the bottom 90 per cent of taxpayers those in the top 0.01 per cent earned $162. From 1990 to 2002 the same group at the top made $18,000 for every $1 earned by the vast majority of taxpayers.
The trend is exacerbated by the “alternative minimum tax”, which barely hits the hyper-rich, because it does not affect earnings from dividends and investments.
Reply:He also said he was gonna use public financing, you guys just suck up everything he says, and the elimination of tax cuts equal an increase, and who pays for that, we do through increased prices, fools, the rich dont' care they have the money its the working poor and middle class, they will need more than a $1000. to cover his tax increases.
Reply:It's a strategy called buying votes. Instead of eliminating taxes on the corporations, which would actually help the economy, he thinks he can dupe people into voting for him in exchange for a $1000 check and a promise to gouge those evil corporations, who would then have to lay people off and raise prices to compensate for the added taxes.
Bottom line, Obama wants to do this because he thinks the American public is stupid enough to fall for it. I am wondering if he is right.
Reply:Under Bush and big companies have gotten all the breaks. The people that suffer the most are the middle class because they pay the highest percentage of taxes It doesn't make much sense to give money to companies that spend there money to send jobs overseas. Degrading our economy, Bush said in one of his speeches that a weak dollar is good. Its time to strengthen our dollar again.
Reply:WHAT A POLITICIAN SAYS AND WHAT A POLITICIAN DOES IS NEVER THE SAME. THEY'LL TELL YOU WHAT YOU WANT TO HEAR AND YOU'LL HEAR WHAT YOU WANT THEM TO SAY. THE SYSTEM IS LARGER AND MORE INHERENTLY, POWERFUL THAN ANY ONE PERSON OR PARTY OR CLICHE. THE SYSTEM IS SELF PERPETUATING IN ALL ITS CORRUPTNESS AND AVARICE. OBAMA IS MERELY A STEP IN THE RIGHT DIRECTION BUT ONLY A BABY STEP IF HE WINS.
Reply:One of you guys say he wants to tax the middle class out of existance, and the next says he wants to give the middle class tax dredits.
Which lie do I believe?
You guys need to get your disinformation straight.
Somebody didn't get the memo.
Reply:Because the midlde class can use the money in more positive ways. The coporations spend the money on people who are overly wealthy %26amp; have kids who spend their days like Paris Hilton that is a waste.
Reply:Is this a serious question?
Why NOT give a tax credit to the middle class and eliminate tax cuts for corporations?
Reply:No tax cuts for corporations
Reply:I would like to see a link that substantiates your claim.
.
Reply:DUHHHHHHHHHHHHHHHHHHHH
Reply:It's to buy your votes.
Reply:As far as I know he has learned that if he wants to win the presidency then he's going to have to win the blue collar, white peoples vote.
That man is all about getting what he wants.
Are maintenance and tax credit payments included when calculating your household income for EMA?
As the question says...
Are maintenance and tax credit payments included when calculating your household income for EMA?
i think so they need to include all income that you get to include your total payment
Reply:I think you have to include your tax credit final assessment paperwork but I dont think maintenance is taken into account. Your payment from your work matters if you have a job. Its a nightmare, ive just done my sons and got it back. We had to include a form from his bank with their stamp on it even though we had completed all his details in so be prepared! He will get back pay though so it should be A-OK!
ginkgo
Are maintenance and tax credit payments included when calculating your household income for EMA?
i think so they need to include all income that you get to include your total payment
Reply:I think you have to include your tax credit final assessment paperwork but I dont think maintenance is taken into account. Your payment from your work matters if you have a job. Its a nightmare, ive just done my sons and got it back. We had to include a form from his bank with their stamp on it even though we had completed all his details in so be prepared! He will get back pay though so it should be A-OK!
ginkgo
How many months a year does a single mom have to work to receive earned income credit on her tax return?
I know some one who worked about 4 months this year but had to quit due to health problems. I just need to know if she is able to receive earned income credit since she did pay taxes for 4 months this year.
How many months a year does a single mom have to work to receive earned income credit on her tax return?
Earned Income Credit (EIC) is not based on the number of months worked. To determine EIC you need to know the amount and type of income (earned or investment), filing status, and number of qualifying children if any.
Reply:You get an earned income credit for any amount of earned income ie wages. The credit goes up as the income goes up to about $16,000 in income and then the credit starts to go down until there is no credit at about $35,000.
Reply:doesn't matter how many months for the EIC - you just need to show earned income...
BUT, it's to your advantage to earn a certain amount (amounts given in the EIC tables by the IRS)... single w/ kids you're looking at about $5,000 for your income target to get the max out of the EIC (best guess)...
How many months a year does a single mom have to work to receive earned income credit on her tax return?
Earned Income Credit (EIC) is not based on the number of months worked. To determine EIC you need to know the amount and type of income (earned or investment), filing status, and number of qualifying children if any.
Reply:You get an earned income credit for any amount of earned income ie wages. The credit goes up as the income goes up to about $16,000 in income and then the credit starts to go down until there is no credit at about $35,000.
Reply:doesn't matter how many months for the EIC - you just need to show earned income...
BUT, it's to your advantage to earn a certain amount (amounts given in the EIC tables by the IRS)... single w/ kids you're looking at about $5,000 for your income target to get the max out of the EIC (best guess)...
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
I am in the process of a short-sale house purchase. The house then will be rented back to the current owners with the hope that they can eventually re-purchase it.
My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
You should be qualified for the tax credit since you are a first-time homebuyer. But as you mentioned, you will not use it as your principa residence. I can suggest a couple of things: first, stay in it until it is alright for you to cease living in it, just to make sure that you avail of the tax credit; second, check out the Federal Housing Administration's site or HUD.
This article might give you some help:
http://new.housingassistancenetwork.com/...
or:
http://www.mortgages-for-everyone.com/ne...
You can get a lot of info from both sites. Goodluck on your home-hunting!
Reply:You hit it on the head, investment properties are not eligible for the tax credit, must be principal residence.
Reply:no. sound tu me like a lotta triks so em hu R in the hous kan keep it=avoid forkloes.
Lawyers will kum flokking tu fite over this. Em take all the munee from both av yu.
yu both go bankrupt.
Reply:No you do not. Go to this link for COMPLETE answers on the credit.
http://answers.yahoo.com/question/index;...
Reply:Get a lawyer immediately. And while I'm not a lawyer so this isn't legal advice, get out of the deal immediately. You're playing with a couple of sticks of dynamite and standing in a pool of gasoline.
A short sale by itself is OK. Keep in mind, though, that they can take months and months. They're unpredictable. And they often fall through. But some succeed and if you know the drawbacks, OK.
The rentback and option to purchase will get you into a huge amount of trouble. There are many court cases across the country where investors have done what you're planning on doing--some investors were legitimate, some were running cons--and have ended up fined, in jail, or both. In fact, what you're talking about is a felony in at least one state (Maryland), and the option end of it is illegal in at least one state (Texas). Other states are looking at the Maryland model in particular.
So what's the problem? Even if the seller weren't in a short sale situation, sellers have often argued in court (successfully) that they didn't really understand that they were selling their homes. They thought they were somehow getting a loan bailout. And the courts believed them.
In addition, few sellers are able to rebuy their homes. Look: The seller has already ended up in preforeclosure because they couldn't make payments to the bank. What happens when they can't make payments to you? You try to evict them and they'll claim fraud. And your deal hinges on their being able to repurchase it. Sure. They've ruined their credit with a short sale, and there's some question about their money management ability. You think they're going to be able to qualify for a new loan?
Then, I wouldn't be surprised if the lender being shorted came after both you and the sellers for mortgage fraud. The seller is asking the bank to forgive a portion of the loan. What happens, a year or two from now, if the bank finds out that the seller is repurchasing the home for less than he/she bought the home for previously?
There are a whole slew of other problems, too...too many to go into, here. But: Get a lawyer and ask his advice. (Make sure he's a real estate lawyer.) Ask him about mortgage fraud and Maryland's SB 761.
A short sale is OK the leaseback and option is not.
Oh, and if you read the new legislation, it's not even really a tax credit.
Good luck.
My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated
Am I qualified for the new first-time-home-buyer $7,500 tax credit?
You should be qualified for the tax credit since you are a first-time homebuyer. But as you mentioned, you will not use it as your principa residence. I can suggest a couple of things: first, stay in it until it is alright for you to cease living in it, just to make sure that you avail of the tax credit; second, check out the Federal Housing Administration's site or HUD.
This article might give you some help:
http://new.housingassistancenetwork.com/...
or:
http://www.mortgages-for-everyone.com/ne...
You can get a lot of info from both sites. Goodluck on your home-hunting!
Reply:You hit it on the head, investment properties are not eligible for the tax credit, must be principal residence.
Reply:no. sound tu me like a lotta triks so em hu R in the hous kan keep it=avoid forkloes.
Lawyers will kum flokking tu fite over this. Em take all the munee from both av yu.
yu both go bankrupt.
Reply:No you do not. Go to this link for COMPLETE answers on the credit.
http://answers.yahoo.com/question/index;...
Reply:Get a lawyer immediately. And while I'm not a lawyer so this isn't legal advice, get out of the deal immediately. You're playing with a couple of sticks of dynamite and standing in a pool of gasoline.
A short sale by itself is OK. Keep in mind, though, that they can take months and months. They're unpredictable. And they often fall through. But some succeed and if you know the drawbacks, OK.
The rentback and option to purchase will get you into a huge amount of trouble. There are many court cases across the country where investors have done what you're planning on doing--some investors were legitimate, some were running cons--and have ended up fined, in jail, or both. In fact, what you're talking about is a felony in at least one state (Maryland), and the option end of it is illegal in at least one state (Texas). Other states are looking at the Maryland model in particular.
So what's the problem? Even if the seller weren't in a short sale situation, sellers have often argued in court (successfully) that they didn't really understand that they were selling their homes. They thought they were somehow getting a loan bailout. And the courts believed them.
In addition, few sellers are able to rebuy their homes. Look: The seller has already ended up in preforeclosure because they couldn't make payments to the bank. What happens when they can't make payments to you? You try to evict them and they'll claim fraud. And your deal hinges on their being able to repurchase it. Sure. They've ruined their credit with a short sale, and there's some question about their money management ability. You think they're going to be able to qualify for a new loan?
Then, I wouldn't be surprised if the lender being shorted came after both you and the sellers for mortgage fraud. The seller is asking the bank to forgive a portion of the loan. What happens, a year or two from now, if the bank finds out that the seller is repurchasing the home for less than he/she bought the home for previously?
There are a whole slew of other problems, too...too many to go into, here. But: Get a lawyer and ask his advice. (Make sure he's a real estate lawyer.) Ask him about mortgage fraud and Maryland's SB 761.
A short sale is OK the leaseback and option is not.
Oh, and if you read the new legislation, it's not even really a tax credit.
Good luck.
Do you agree there should be a Child Tax Credit?
...And, do you yourself have qualifying minor child(ren)?
Do you agree there should be a Child Tax Credit?
Jazz - not everyone can get the child tax credit, since it is phased out when your adjusted gross income exceeds a certain amount.
I have three children, and I don't believe there should be a child tax credit or an earned income credit.
Reply:I don't know since I'm phased out. We are penalized for making more. We are also in AMT which is maddening, let's discuss THAT!
Do you really think it encourages people to have more kids? Don't you think that those kind of people might be unaware of the credit (to put it nicely)?
Reply:mam - there is a child tax credit in addition to EIC (earned income credit) EIC is for lower income families - but everyone that has an eligible dependent child can get the child tax credit.
Trust me I am an accountant
Reply:yes i do and yes i do
Reply:People should be encouraged to have fewer children, not more.
There is nothing better you can do for the Earth than not have a kid.
Putting one more person on the planet wipes out much more than a lifetime of recycling, buying hybrid cars, etc.
Reply:I'm OK with the idea of a child tax credit. And yes, it does phase out at higher income levels, which seems fair.
I raised 5 kids back before there was a child tax credit, and no, don't have any qualifying children now and haven't since this credit came into being. Some of my children are eligible to receive the credit for THEIR kids.
Reply:Yes. Today's children are tomorrow's adults (just like us?) There should be a small tax relief to defray the expenses of bringing up children. Of course that does not make parents act responsibly but society as a whole has failed in that respect and it is wrong to blame the tax system.
I have no children and am too old to have any.
Reply:No, I think there should be a tax on having a kid. For all the damage they cause while growing up, and constanly getting into trouble.
Reply:No, there should not be a child tax credit, or any other type of credits that our "dicktators" have saddled us with.
Our lawmakers have prostituted themselves to every special interest group out there. No wonder the average person can no longer fill out his/her own tax return.
We should have a flat rate income tax, so that everyone pays equally, according to their income, as well as a national sales tax on purchases (clothing and groceries excluded).
Reply:NO. I only produce children I can afford.
Why should the country reward people for producing children they can not afford?
The behavior has been rewarded and the result is more poor children.
Call me uncompassionate if you want, I don't care.
But there is NOTHING compassionate about producing children without the financial means of caring for them and then expecting everyone else to foot the bill.
.
Reply:No. Personally I like the idea of a flat tax without deductions and credits. You make $10 or $10Million dollars, then you pay the same percentage of your income as the next guy.
However, since a flat tax has little to no likelihood of being created, I think that within our current tax system people who have kids should not get any more just for having kids. I think there are plenty of deductions available for the expenses of having kids (medical, daycare,etc).
Reply:Yes, and yes.
Do you agree there should be a Child Tax Credit?
Jazz - not everyone can get the child tax credit, since it is phased out when your adjusted gross income exceeds a certain amount.
I have three children, and I don't believe there should be a child tax credit or an earned income credit.
Reply:I don't know since I'm phased out. We are penalized for making more. We are also in AMT which is maddening, let's discuss THAT!
Do you really think it encourages people to have more kids? Don't you think that those kind of people might be unaware of the credit (to put it nicely)?
Reply:mam - there is a child tax credit in addition to EIC (earned income credit) EIC is for lower income families - but everyone that has an eligible dependent child can get the child tax credit.
Trust me I am an accountant
Reply:yes i do and yes i do
Reply:People should be encouraged to have fewer children, not more.
There is nothing better you can do for the Earth than not have a kid.
Putting one more person on the planet wipes out much more than a lifetime of recycling, buying hybrid cars, etc.
Reply:I'm OK with the idea of a child tax credit. And yes, it does phase out at higher income levels, which seems fair.
I raised 5 kids back before there was a child tax credit, and no, don't have any qualifying children now and haven't since this credit came into being. Some of my children are eligible to receive the credit for THEIR kids.
Reply:Yes. Today's children are tomorrow's adults (just like us?) There should be a small tax relief to defray the expenses of bringing up children. Of course that does not make parents act responsibly but society as a whole has failed in that respect and it is wrong to blame the tax system.
I have no children and am too old to have any.
Reply:No, I think there should be a tax on having a kid. For all the damage they cause while growing up, and constanly getting into trouble.
Reply:No, there should not be a child tax credit, or any other type of credits that our "dicktators" have saddled us with.
Our lawmakers have prostituted themselves to every special interest group out there. No wonder the average person can no longer fill out his/her own tax return.
We should have a flat rate income tax, so that everyone pays equally, according to their income, as well as a national sales tax on purchases (clothing and groceries excluded).
Reply:NO. I only produce children I can afford.
Why should the country reward people for producing children they can not afford?
The behavior has been rewarded and the result is more poor children.
Call me uncompassionate if you want, I don't care.
But there is NOTHING compassionate about producing children without the financial means of caring for them and then expecting everyone else to foot the bill.
.
Reply:No. Personally I like the idea of a flat tax without deductions and credits. You make $10 or $10Million dollars, then you pay the same percentage of your income as the next guy.
However, since a flat tax has little to no likelihood of being created, I think that within our current tax system people who have kids should not get any more just for having kids. I think there are plenty of deductions available for the expenses of having kids (medical, daycare,etc).
Reply:Yes, and yes.
Do prepaid calls qualify for the IRS's "phone tax credit"?
For this year's credit on the Federal Excise Tax, I'm still unclear on the following types of calling, which are basically all prepaid:
1. A prepaid/pay-as-you-go cell phone plan? This is the most unclear. The service includes long-distance, of course.
2. A prepaid long distance calling card? I read someplace that the retailer paid the Federal Excise Tax, so the consumer is not entitled to a credit.
3. Skype-out calls? I really doubt it, but does anyone know for certain?
Do prepaid calls qualify for the IRS's "phone tax credit"?
Hi! This phone refund has been confusing...the IRS says that 30% of taxpayers are missing out on this refund when they should get it. And your question about prepaid/pay-as-you-go has been asked so often that the IRS recently has published a question and answer on it. See the link below. It sounds like if you bought a prepaid phonecard or prepaid cell phone from a retailer, you don't get the refund. However, the IRS says the card/phones can be marketed in different way and you might get the refund. The article also talks about recharging the prepaid card/phone and then you would be eligible for the refund. Wow! So much to understand for such a small refund! Click on the link below and scroll down to "I made all my long distance calls using a prepaid cell phone/ prepaid phone card." Good luck !
Reply:This only applies to services where "Long distance calling" is specified on the bills. The tax would then have been added on this billed amount.
Some cell companies have long distance bundled in with the services provided, but the billing breaks out long distance charges.
At least, that's my understanding of the law.
Reply:No
azalea tree
1. A prepaid/pay-as-you-go cell phone plan? This is the most unclear. The service includes long-distance, of course.
2. A prepaid long distance calling card? I read someplace that the retailer paid the Federal Excise Tax, so the consumer is not entitled to a credit.
3. Skype-out calls? I really doubt it, but does anyone know for certain?
Do prepaid calls qualify for the IRS's "phone tax credit"?
Hi! This phone refund has been confusing...the IRS says that 30% of taxpayers are missing out on this refund when they should get it. And your question about prepaid/pay-as-you-go has been asked so often that the IRS recently has published a question and answer on it. See the link below. It sounds like if you bought a prepaid phonecard or prepaid cell phone from a retailer, you don't get the refund. However, the IRS says the card/phones can be marketed in different way and you might get the refund. The article also talks about recharging the prepaid card/phone and then you would be eligible for the refund. Wow! So much to understand for such a small refund! Click on the link below and scroll down to "I made all my long distance calls using a prepaid cell phone/ prepaid phone card." Good luck !
Reply:This only applies to services where "Long distance calling" is specified on the bills. The tax would then have been added on this billed amount.
Some cell companies have long distance bundled in with the services provided, but the billing breaks out long distance charges.
At least, that's my understanding of the law.
Reply:No
azalea tree
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
nope, you need to have EARNED INCOME to get a refund of anything. No work=no refund...including the child tax credit
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
It is a "tax credit". You have to have tax to get the credit. A portion is refundable but you have to still have earnings!
Reply:If you owe tax after your other deductions, the CTC can further lower the tax owed. To get a refund based on the CTC (called the additional CTC), however, you would have to have earned income during the year.
The other answers seem to assume that you will owe no tax because you received unemployment. Since unemployment is taxable, that is not a valid assumption. Still, unemployment does not count as earned income.
Reply:sorry but the tax laws state that you have to have earned income [wages] in order to receive a child tax credit.you also need earned income to receive the earned income tax credit [eic]
Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
It is a "tax credit". You have to have tax to get the credit. A portion is refundable but you have to still have earnings!
Reply:If you owe tax after your other deductions, the CTC can further lower the tax owed. To get a refund based on the CTC (called the additional CTC), however, you would have to have earned income during the year.
The other answers seem to assume that you will owe no tax because you received unemployment. Since unemployment is taxable, that is not a valid assumption. Still, unemployment does not count as earned income.
Reply:sorry but the tax laws state that you have to have earned income [wages] in order to receive a child tax credit.you also need earned income to receive the earned income tax credit [eic]
Long term care premium - only for state tax return credit an no federal tax impact?
If I use itemized deduction, there is no impact on federal tax return related to long term care premium paid, correct? Only state income tax can give creidt. Right? Thanks
Long term care premium - only for state tax return credit an no federal tax impact?
The LTC premiums are a medical expense on the federal form. There's no credit there. If you can itemize and the medical expenses are more than 7.5% of your AGI, then it can reduce your federal tax.
Reply:I;m sorry, but being in Texas, I don't have to deal with state tax returns so I really don't the answer to that one.
Reply:There's no deduction for them on your Federal return. Some states do allow a credit or deduction for them; MO is one that does and there are likely others as well.
Long term care premium - only for state tax return credit an no federal tax impact?
The LTC premiums are a medical expense on the federal form. There's no credit there. If you can itemize and the medical expenses are more than 7.5% of your AGI, then it can reduce your federal tax.
Reply:I;m sorry, but being in Texas, I don't have to deal with state tax returns so I really don't the answer to that one.
Reply:There's no deduction for them on your Federal return. Some states do allow a credit or deduction for them; MO is one that does and there are likely others as well.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
I am really not sure what you are asking. I would recommend you reword your question.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
The program is designed to help individuals in BLUE collar jobs that were outsourced to Mexico. If you had a factory type job in a covered industry, you are potentially covered by this credit so that you can continue your health care coverage (it doesn't actually provide health care, rather it can pay 65% of the premium cost). The job you had is either certified or not...and you usually find out that it is when you apply for unemployment.
If you were in management, considered a "professional" or were in a non-manufacturing environment, your job probably isn't certified. If that's the case, the ONLY place you can deduct your health care insurance premiums is on schedule A.
All potentially eligible individuals are automatically mailed a program booklet to let them know about the program.
The HCTC Customer Contact Center is 1–866–628–HCTC.
Need to find health coverage though taa tax credit program called hctc health coverage tax credit?
The program is designed to help individuals in BLUE collar jobs that were outsourced to Mexico. If you had a factory type job in a covered industry, you are potentially covered by this credit so that you can continue your health care coverage (it doesn't actually provide health care, rather it can pay 65% of the premium cost). The job you had is either certified or not...and you usually find out that it is when you apply for unemployment.
If you were in management, considered a "professional" or were in a non-manufacturing environment, your job probably isn't certified. If that's the case, the ONLY place you can deduct your health care insurance premiums is on schedule A.
All potentially eligible individuals are automatically mailed a program booklet to let them know about the program.
The HCTC Customer Contact Center is 1–866–628–HCTC.
Does McCain's "health care tax credit" have to be used for health care?
I'm talking about McCain's proposal of $5000 per couple, $2500 per individual.
Do they give you the money beforehand? (meaning you can spend it on whatever you wish, although they encourage you to buy health insurance with it)?
Or do you have to purchase a plan %26amp; show them the bill in order to get reimbursed for it.
Does McCain's "health care tax credit" have to be used for health care?
You don't pay $5000 less in taxes .. it is a tax CREDIT. And how much cash back you get depends on your other deductions. If you look at McCain's website, the most anybody will get is $3800.
But here is the sad part ... let's say you only earn $35k a year have no healthcare. Then McCain gives you a $5k credit ... you actually get $3200 credit which is paid directly to your health care provider. But if you have kids and your health insurance is $400 a month for 12 months, it won't cover the insurance. You still have to contribute. So you will get bills from your healthcare. Plus that $5k puts you in a higher income tax bracker. That is fine, but don't think that you won't have to kick in a percentage of your own out-of-pocket.
Those making more than $35k may be able to swing it, depending on how many dependents we have ... but those making $35k per household with 2 or more kids probably won't be able to afford the extra insurance premium anyhow.
In other words, if you are a single parent earning less than $50k with a few kids, by the time you pay all of your other living expenses, you aren't going to be buying any insurance under McCain's plan.
That is my take on it.
It is ok for those making above $50k, but for those making less, it really is a scam.
Reply:You never see any of it, it's paid directly to the insurance company not the tax payer. I'm unsure how they figure that it's a tax credit then.
Reply:just a guess, but i think that the credit will come in some form of check or coupon type thing that you can only use at an insurance agency. kind of like a gift certificate for a certain store.
Reply:
One of my friends asked me this sort of questions before,she found helpful here http://www.HealthInsuranceIdeas.info/fre... .
Reply:He admits that the money goes to the insurance provider. You never get a check.
Reply:I'm sure you have to have proof. Although it seems like it, the government isn't THAT stupid.
Reply:Its goes right to your HMO then If your employer pays any of it He will tax it.so No you don't get a check
Reply:dont care for McCain, so dont know "Smack!
lily
Do they give you the money beforehand? (meaning you can spend it on whatever you wish, although they encourage you to buy health insurance with it)?
Or do you have to purchase a plan %26amp; show them the bill in order to get reimbursed for it.
Does McCain's "health care tax credit" have to be used for health care?
You don't pay $5000 less in taxes .. it is a tax CREDIT. And how much cash back you get depends on your other deductions. If you look at McCain's website, the most anybody will get is $3800.
But here is the sad part ... let's say you only earn $35k a year have no healthcare. Then McCain gives you a $5k credit ... you actually get $3200 credit which is paid directly to your health care provider. But if you have kids and your health insurance is $400 a month for 12 months, it won't cover the insurance. You still have to contribute. So you will get bills from your healthcare. Plus that $5k puts you in a higher income tax bracker. That is fine, but don't think that you won't have to kick in a percentage of your own out-of-pocket.
Those making more than $35k may be able to swing it, depending on how many dependents we have ... but those making $35k per household with 2 or more kids probably won't be able to afford the extra insurance premium anyhow.
In other words, if you are a single parent earning less than $50k with a few kids, by the time you pay all of your other living expenses, you aren't going to be buying any insurance under McCain's plan.
That is my take on it.
It is ok for those making above $50k, but for those making less, it really is a scam.
Reply:You never see any of it, it's paid directly to the insurance company not the tax payer. I'm unsure how they figure that it's a tax credit then.
Reply:just a guess, but i think that the credit will come in some form of check or coupon type thing that you can only use at an insurance agency. kind of like a gift certificate for a certain store.
Reply:
One of my friends asked me this sort of questions before,she found helpful here http://www.HealthInsuranceIdeas.info/fre... .
Reply:He admits that the money goes to the insurance provider. You never get a check.
Reply:I'm sure you have to have proof. Although it seems like it, the government isn't THAT stupid.
Reply:Its goes right to your HMO then If your employer pays any of it He will tax it.so No you don't get a check
Reply:dont care for McCain, so dont know "Smack!
lily
Should I credit sales tax on uncollectible receivables?
When calculating sales tax on your sales, is it proper to deduct for uncollectible accounts receivable the way we can on income tax? I'm talking about when the debt has already been written off.
Should I credit sales tax on uncollectible receivables?
In my state, California, the tax is the tax rate times the amount collected so TR times zero = zero.
Reply:What does your state say about that?
Should I credit sales tax on uncollectible receivables?
In my state, California, the tax is the tax rate times the amount collected so TR times zero = zero.
Reply:What does your state say about that?
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
Assuming that you refinanced, because of your statement that you do not know who the initial lender was Publication 503 states
If you refinance your original mortgage loan on which you had been given an MCC, you must get a new MCC to be able to claim the credit on the new loan. The amount of credit you can claim on the new loan may change. Table 2 summarizes how to figure your credit if you refinance your original mortgage loan.
An issuer may reissue an MCC after you refinance your mortgage. If you did not get a new MCC, you may want to contact the state or local housing finance agency that issued your original MCC for information about whether you can get a reissued MCC.
Year of refinancing. In the year of refinancing, add the applicable amount of interest paid on the old mortgage and the applicable amount of interest paid on the new mortgage, and enter the total on Form 8396, line 1.
If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. The statement must show the calculation for lines 1, 2, and 3 for the part of the year when the old MCC was in effect. It must show a separate calculation for the part of the year when the new MCC was in effect. Combine the amounts from both calculations for line 3, enter the total on line 3 of the form, and write “see attached” on the dotted line.
If you were not issued a MCC Certificate at closing of the refinance you can contact your local goverment agency that issued it and request a reissue. if you do not have it you will not be able to claim this credit.
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
What part of keeping personal records is alien to you? If you don't have that info, nobody here is likely to be able to assist.
The only suggestion I can make is to check with your current lender or look through your closing papers.
Reply:Following up on Bostonian's suggestion, if you lost your closing papers, do you remember the closing company where you sat for over an hour signing papers--they would have copies. In addition an office of official deed records (here in Texas its the County Clerk) also has recorded docs that indicate the name of the lender and the closing company. Might be time for you to invest in a records box where you can place your hands on your important papers quickly.
If you refinance your original mortgage loan on which you had been given an MCC, you must get a new MCC to be able to claim the credit on the new loan. The amount of credit you can claim on the new loan may change. Table 2 summarizes how to figure your credit if you refinance your original mortgage loan.
An issuer may reissue an MCC after you refinance your mortgage. If you did not get a new MCC, you may want to contact the state or local housing finance agency that issued your original MCC for information about whether you can get a reissued MCC.
Year of refinancing. In the year of refinancing, add the applicable amount of interest paid on the old mortgage and the applicable amount of interest paid on the new mortgage, and enter the total on Form 8396, line 1.
If your new MCC has a credit rate different from the rate on the old MCC, you must attach a statement to Form 8396. The statement must show the calculation for lines 1, 2, and 3 for the part of the year when the old MCC was in effect. It must show a separate calculation for the part of the year when the new MCC was in effect. Combine the amounts from both calculations for line 3, enter the total on line 3 of the form, and write “see attached” on the dotted line.
If you were not issued a MCC Certificate at closing of the refinance you can contact your local goverment agency that issued it and request a reissue. if you do not have it you will not be able to claim this credit.
How do I get my mcc tax credit number if I lost my paperwork and do not know who my initial lender was.?
What part of keeping personal records is alien to you? If you don't have that info, nobody here is likely to be able to assist.
The only suggestion I can make is to check with your current lender or look through your closing papers.
Reply:Following up on Bostonian's suggestion, if you lost your closing papers, do you remember the closing company where you sat for over an hour signing papers--they would have copies. In addition an office of official deed records (here in Texas its the County Clerk) also has recorded docs that indicate the name of the lender and the closing company. Might be time for you to invest in a records box where you can place your hands on your important papers quickly.
What is a Tax Credit Property? What are the duties of a Property Manager when dealing with a tax credit prope
You need to hire a Bookkeeper or CPA.
If you are the owner of a Tax Credit Property then you should already know the answer to this question and have your filings in order.
Good Luck
http://www.irs.gov/instructions/i8582cr/...
If you are the owner of a Tax Credit Property then you should already know the answer to this question and have your filings in order.
Good Luck
http://www.irs.gov/instructions/i8582cr/...
Do you have to have an income to claim the earned income tax credit? If so, how much?
Yes, that's why it's called the EARNED INCOME credit. You can get it with any amount of income up to the upper limit for your status, but the amount varies greatly depending on your income, marital status and number of kids.
myspaces.com
myspaces.com
How do I claim the federal energy tax credit on my 2006 tax return?
Fill out form 5695, and enter the total amount on line 52 of your 1040, for home energy credits.
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
no. If your daughter bought her grannie's house, she would not be dependent on you for financial support and you'd lose her as a dependent (which is what i assume you meant when you said "tax credit"). You could still claim her, of course, but you would likely be found out and then you'd be in big (make that BIG) trouble with the IRS.
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
Which tax credit?
Would you still qualify for tax credit say if my daughter bought her grandmothers house?
Which tax credit?
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