JessiKo said...
I am thinking about purchasing a house and wanted to use money from a foreign account. What are the pros and cons of doing this? Do I have to disclose my foreign accounts when I do my taxes? Does the IRS care where I get the money to purchase my home?
Sunday, August 22, 2010
Monday, August 16, 2010
Question relating to First Time Home Buyers Credit and Divorce
A. said...
I have a pretty complicated scenario, and I'm hoping you can help!
I bought a house in Sept. 2009 and filed an amended 2008 income tax form to get the $8,000 first time home buyer tax credit.
My husband and I have since split, and we sold the house this month, August 2010. I know I'll have to pay back the tax credit, since we sold the house within 36 months of purchase. I purchased the home for $85,000 and sold it for $100,000, after closing expenses, etc. the net profit was $11,158.
My questions are....
1. Will I have to pay back the entire $8,000? I make significantly less money than my ex, (my adjusted gross last year was around $15,000). But I filed for the credit, so I know it will be my responsibility to pay back. But what if I can't afford to?
2. Is there any adjustment for pay back based on how much I made on the sale and/or my income changes? (We filed a joint 2009 return, but I'll file 2010 single return.)
3. If there is no adjustment, is there any way to pay back the credit NOW, rather than wait until next tax season?
I could really use some advice. Thank you!
I have a pretty complicated scenario, and I'm hoping you can help!
I bought a house in Sept. 2009 and filed an amended 2008 income tax form to get the $8,000 first time home buyer tax credit.
My husband and I have since split, and we sold the house this month, August 2010. I know I'll have to pay back the tax credit, since we sold the house within 36 months of purchase. I purchased the home for $85,000 and sold it for $100,000, after closing expenses, etc. the net profit was $11,158.
My questions are....
1. Will I have to pay back the entire $8,000? I make significantly less money than my ex, (my adjusted gross last year was around $15,000). But I filed for the credit, so I know it will be my responsibility to pay back. But what if I can't afford to?
2. Is there any adjustment for pay back based on how much I made on the sale and/or my income changes? (We filed a joint 2009 return, but I'll file 2010 single return.)
3. If there is no adjustment, is there any way to pay back the credit NOW, rather than wait until next tax season?
I could really use some advice. Thank you!
Sunday, August 1, 2010
Question regarding student loan
Michael said...
Hi,
I have a question. I have a student loan that I took out in Jan, 2004. The total loan amt. was 16,205.00. If the monthly payment is 150.00 then what would be the payoff amt. right now? The reason I'm asking is that I took the loan out with an online student loan service and I want to make sure that their accounting is right. They don't have a brick and mortar location so I can't sit down with someone.
It seems that they may not have applied all my payments and the full payoff amt. seems too high to me.
I've used online loan calculators and I'm still confused. Could you help?
Thanks very much!
Hi,
I have a question. I have a student loan that I took out in Jan, 2004. The total loan amt. was 16,205.00. If the monthly payment is 150.00 then what would be the payoff amt. right now? The reason I'm asking is that I took the loan out with an online student loan service and I want to make sure that their accounting is right. They don't have a brick and mortar location so I can't sit down with someone.
It seems that they may not have applied all my payments and the full payoff amt. seems too high to me.
I've used online loan calculators and I'm still confused. Could you help?
Thanks very much!
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