Taxes
The First-Time Home Buyer Tax Credit : Use It By December 1, 2009 Or Lose It
July 17, 2009 by MikeRosen · Leave a Comment
The government’s First-Time Home Buyer Tax Credit expires December 1, 2009.
If you expect to use the program in conjunction with a home purchase, therefore, you may want to consider yourself officially “on the clock”.
Assuming a 60-day window between contract and closing, there are now 77 days left to find a home and go under [...]
What Are Discount Points?
June 1, 2009 by MikeRosen · Leave a Comment
Most often referred to as just-plain “points”, discount points are an up-front fee charged by a mortgage lender in exchange for a lower mortgage rate.
The dollar value of one point is one percent on the loan size. Discount points appear on Good Faith Estimates and HUD-1 Settlement Statements on Line 802.
Historically, each 1 point paid [...]
Capital Gains Exclusions : The New Housing Bill’s Hidden Tax Trap
July 31, 2008 by MikeRosen · Leave a Comment
Monday, President Bush signed the Housing and Economic Recovery Act of 2008 into law and the press jumped on the obvious storylines:
First-time home buyers get a $7,500 purchase “credit”
Conforming loan limits move to $625,000
Delinquent homeowners get a lifeline from the FHA
Local governments get federal money for buying and restoring foreclosed homes
However, tucked [...]
How To Determine When You’ll Get Your Tax Rebate
April 24, 2008 by MikeRosen · Leave a Comment
More than 130 million Americans will receive tax rebates this year as part of Congress’ $168 billion economic stimulus package.
Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child.
Not everyone is eligible for a full rebate, however.
For single filers earning more than $75,000 [...]
IRS Trivia To Amaze Your Friends
April 15, 2008 by MikeRosen · Leave a Comment
Today is Tax Day so here’s some IRS-related trivia to share at the water cooler:
Did you know… President Lincoln and Congress enacted the first income tax in 1862 to pay Civil War expenses.
Did you know… The Civil War income tax was repealed in 1872, revived by Congress in 1894, and ruled unconstitutional by the Supreme [...]
Good Morning America: On TurboTax vs Accountants
April 3, 2008 by MikeRosen · Leave a Comment
To see which method gives tax filers the “biggest bang for the buck”, ABC’s Good Morning America recently compared three popular tax preparation services:
TurboTax
H & R Block
Personal accountant
In declaring TurboTax the “winner”, the 4-minute video glossed over several important tax-related items.
The first is that true tax planning cannot happen in a 3-hour stint in front [...]
What’s Your After-Tax Mortgage Rate?
February 6, 2008 by MikeRosen · Leave a Comment
Many homeowners are entitled to two major tax deductions — one for annual interest paid on a home loan, and another for real estate tax bills paid to government.
Calculating your approximate tax credit is basic:
Add mortgage interest paid and real estate taxes paid together
Find your marginal tax rate
Multiple your tax bracket by the sum of [...]
