AboutCarole Dunton Expertise Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions.
General knowledge of schedule C for small sole proprietorships.
No experience in corporate, estate, partnership or large business returns.
Experience 9 years as tax preparer for major national firm.
Question I have questions regarding the first time home buyer tax credit.
1. Assuming you are eligible, if your 2008 tax liability was $4000, and you want to amend your 2008 taxes to take advantage of the credit right away, do you only get $4000 or do you actually get $8000? If you only get $4000 can you carry the credit over to apply to your 2009 taxes?
2. If a man buys a house from his father-in-law and the man's name only is on the loan, can he take the tax credit?
Answer Hi,
The first time homebuyers credit is a refundable credit so you would get the whole $8,000.
If you buy a home from a close relative you cannot use the credit. Close relatives include parents but if your spouse is not an owner on the deed, I would claim the credit.
