The $8,000 first-time homebuyer credit that I wrote about months ago has been extended beyond its original expiration date this fall. The credit which was to expire at the end of November has been extended to the end of April, 2010.
In addition, the law has been expanded to allow homeowners who have occupied their homes for 5 consecutive years during the last 8 years to be eligible for a $6,500 tax credit. The law also increases the income limits and home purchase price limits that existed in the original law.
These changes are expected to continue to stimulate the home real estate sector of the economy.
William Deutchman, CPA
www.wddcpa.com
Friday, November 6, 2009
Saturday, July 11, 2009
First-Time Homebuyer Tax Credit - up to $8,000
Did you buy a home after April 8, 2008? If so, and it is your personal residence and you (and your spouse if married) did not own any other main home during the 3-year period ending on the date of the purchase of a new home, you probably qualify for a large tax credit. If you bought your home in 2009, and you qualify, you can even claim the credit on your 2008 tax return.
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
Sunday, March 29, 2009
Save Your 2005 Tax Refund !!
...
Believe it or not, an unfiled individual federal income tax return that will show a refund, may soon be unavailable to the taxpayer.
The reason is that although a late-filed return shows that the government owes the taxpayer, it may be too late to collect the money. The good news is that the taxpayer will not be penalized for late filing and late payment, and will not be assessed interest. But the bad news is much worse.
If the return is filed after the statute of limitations has run out, the government wins and the taxpayer loses. Normally, the time for filing a return and obtaining a refund of an overpayment runs out 3 years after the return was due. That is sometimes referred to as the statute of limitations.
The point is that a 2005 individual tax return must be filed by this coming April 15th. It would be wise to send it certified mail to be sure that you get proof that it is received timely by IRS.
If you need help getting your return done, please contact me at 216-621-1120. But, Hurry !!!!
Friday, January 30, 2009
Cost Segregation for Real Estate Investors
I just attended a webinar on Cost Segregation which can provide tax savings in the early years of ownership of a property.
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What are the benefits of a Cost Segregation Study?
Generates immediate increase in cash flow through accelerated depreciation deductions.
Reduces income taxes and can also reduce real estate property taxes.
Provides an easy opportunity to claim ‘catch up’ depreciation on previously misclassified assets (you may be able to deduct depreciation that was not taken in the years you have already owned the property).
Provides an independent third-party analysis (engineering study) that will be available to withstand IRS review.
Contact us at 216-621-1120 if you would like to determine if your property is a good candidate for a Cost Segregation study. We can arrange to have this study performed for you which might lead to significant tax savings.
www.wddcpa.com for your real estate tax and accounting needs
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
What are the benefits of a Cost Segregation Study?
Generates immediate increase in cash flow through accelerated depreciation deductions.
Reduces income taxes and can also reduce real estate property taxes.
Provides an easy opportunity to claim ‘catch up’ depreciation on previously misclassified assets (you may be able to deduct depreciation that was not taken in the years you have already owned the property).
Provides an independent third-party analysis (engineering study) that will be available to withstand IRS review.
Contact us at 216-621-1120 if you would like to determine if your property is a good candidate for a Cost Segregation study. We can arrange to have this study performed for you which might lead to significant tax savings.
www.wddcpa.com for your real estate tax and accounting needs
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