In a brief summary opinion (PDF) the Tax Court held that an individual who otherwise qualified for the first-time homebuyer credit would not be allowed to claim it because he bought the home from a family trust that was a “related person” for purposes of these rules. The taxpayer argued that the credit should be allowed where the trustee and the homebuyer are not the same individual, but the court rejected that argument.
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Archive for the ‘Home Ownership’ Category
Trusted but Discredited
May 10, 2012
May 10, 2012
Boost in Deduction for Large Mortgages
October 23, 2010
The tax law isn’t always crystal clear, and when it comes to a question of interpretation, the IRS doesn’t always agree with the Tax Court. The tax agency may appeal a ruling, or simply announce that it will continue to take a contrary position. Normally this happens when the IRS believes the Tax Court has been too generous. In a man-bites-dog story, the IRS recently announced it won’t follow a Tax Court interpretation relating to the mortgage interest deduction because it was too strict. (more…)
October 23, 2010
The tax law isn’t always crystal clear, and when it comes to a question of interpretation, the IRS doesn’t always agree with the Tax Court. The tax agency may appeal a ruling, or simply announce that it will continue to take a contrary position. Normally this happens when the IRS believes the Tax Court has been too generous. In a man-bites-dog story, the IRS recently announced it won’t follow a Tax Court interpretation relating to the mortgage interest deduction because it was too strict. (more…)
Deadline Looms for Homebuyer Credit
September 11, 2010
If you entered into a contract to buy a home by the end of April, you have until the end of September to close on the purchase if you want to claim the homebuyer credit. For details see the IRS guidance here.
September 11, 2010
If you entered into a contract to buy a home by the end of April, you have until the end of September to close on the purchase if you want to claim the homebuyer credit. For details see the IRS guidance here.
Friday Wrapup
July 2, 2010
A rare break in congressional gridlock produced some actual tax legislation this week, albeit of limited scope. In addition, it appears we may be heading toward an expansion in the use of Roth retirement accounts. (more…)
July 2, 2010
A rare break in congressional gridlock produced some actual tax legislation this week, albeit of limited scope. In addition, it appears we may be heading toward an expansion in the use of Roth retirement accounts. (more…)
Homebuyers May Get Reprieve
June 30, 2010
Update: this legislation has been passed by the Senate as well as the House, and becomes law upon being signed by President Obama.
Under current law, the homebuyer tax credit is available only if you had a binding contract by April 30 and close on your transaction by June 30. The June 30 closing deadline has posed problems for some purchasers, and on June 29 the House of Representatives passed a law that would extend the closing deadline to September 30. The Senate must act before this bill can become law.
This bill would extend the closing deadline but does not make the credit available to people who did not have a binding contract by the April 30 deadline.
June 30, 2010
Update: this legislation has been passed by the Senate as well as the House, and becomes law upon being signed by President Obama.
Under current law, the homebuyer tax credit is available only if you had a binding contract by April 30 and close on your transaction by June 30. The June 30 closing deadline has posed problems for some purchasers, and on June 29 the House of Representatives passed a law that would extend the closing deadline to September 30. The Senate must act before this bill can become law.
This bill would extend the closing deadline but does not make the credit available to people who did not have a binding contract by the April 30 deadline.
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