TurboTax helps you through each area of deductions and credits to ensure you get all the tax breaks you qualify for. It’s worth taking the time to go through each section to get the most financial benefit. After completing your personal information, income, tax breaks, and any other tax s...
Let’s knock out the first and most important question:“What is a Form 1040?”Formally known as the “U.S. Individual Income Tax Return,” this is the Internal Revenue Service (IRS) tax form you use to report all types of income and expenses, claim tax deductions and credits, and cal...
First-time home buyers (those who have not owned a home as their principal residence in the past three years) and military veterans may be eligible for additional assistance through either theNC 1stHome Advantage Down Paymentor theNC Home Advantage Tax Credit(Mortgage Credit Certificate). Both mo...
If you're a first-time homebuyer, the mortgage process may, at times, seem overwhelming. Even if you earn a steady income and pay your bills on time, there are other considerations that could affect your chances of getting a mortgage. Debt-to-income ratio (DTI) is just one such metric...
Low-income home buyer seen as good riskPeter S. Canellos, Globe Staff
l Test of Income]]>Benny L. Kass
First time homebuyer.Generally, you are a first time homebuyer if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild.NOTE:If you are married, your spouse must...
Well, applying for a home loan can be a stressful affair particularly if you are a first time home buyer. For this reason, you must prepare well before going for a home loan. The hints presented below will help you to secure financing for your home without much struggle. Research about ...
There are several sections of the Internal Revenue Code that deal with these early distributions – including 72(t) which includes the first time homebuyer exception. We’ll explain the first time homebuyer exception in this post. First Time Homebuyer If you are buying, building, or re-...
If you owe it, you must repay the2008 First Time Homebuyer Credit(or any other recapture taxes) by filing a return. Social Security, Medicare Taxes You may oweSocial Security taxif you have other sources of income - see page for details. Medicare taxes may also be owed. This goes for ...