Yesterday I blogged about the tax consequences of winning a home in a giveaway such as the ones HGTV does now and then. Basically, the value of the home is taxable income to the winner. Most of these giveaways give the winner the option of taking the house or taking a cash prize. For example, […]
The tax consequences of winning a home in a giveaway, such as HGTV’s “Dream Home Giveaway.”
The Tax Court on Thursday ruled that a taxpayer in Texas qualifies for the First-Time Homebuyer Credit even though he bought a home under a contract for deed (and so didn’t have official title to the home yet) and even though he has not yet moved into the home. The taxpayer bought the home in […]
In this economy, more people are looking at renting a home or apartment instead of buying a home. While my primary focus is on taxes, there is always much more to consider than just tax consequences: Can you afford it? This is the single most important question to answer. Regardless of the available tax deductions, […]
The homebuyer credits available to some taxpayers who purchased homes in 2008, 2009 and part of 2010, has caused administrative headaches for the IRS. The Treasury Inspector General for Tax Administration (TIGTA) says the IRS has correctly processed the vast majority of homebuyer credit claims, but has also incorrectly handled notices sent to tens of […]
Taxpayers who bought their first home in part of 2008, 2009 and part of 2010 may have been eligible for the First-Time Homebuyer Credit — but not if the home was purchased from a relative. The Tax Court recently ruled that this is true even if the IRS forms and publications may not have included […]
