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 […]
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 […]
Divorces are often messy — and are even messier when the couple getting a divorce is a same-sex married couple. One of the messes that can pop up is recapture of the Homebuyer Tax Credits. Background The Homebuyer Credits existed in several forms between 2008 and the first part of 2010. Many people claimed these […]
Here is a “top-10” list from the IRS of things to remember when selling a home (from IRS Summertime Tax Tip 2011-15): In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to […]
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 […]
