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Posts Tagged home
I am going to buy a house in Jan and I am using the Housing Fund to help with the down payment program. I am a 1st time buyer, so if I’m getting money from the Housing Fund, can I still get the $7,500 tax relief too?
I am planning on opening a small business with in the next year. I am trying to find out how my taxes will change. Is it true that i will have to pay in taxes every three months? How is this calculated? What taxes will i pay (federal, state, S.S, medicare)? what percentage of my imcome will i have to pay each quarter? I have three children, will i still be able to claim EIC? Any and all info would be a huge help. Thank you
Have you bought a home in 2009, or early 2010 in Santa Clarita, or elsewhere? If you are a qualifying first time home buyer, and are expecting to receive a tax credit due to your purchase, you will need to fill out IRS form 5405, or whoever your tax preparer is, they may do that for you. This form will need to be included with your tax filing. Apparently you can not electronically file your taxes if you are submitting the necessary paperwork in order to get the tax credit. Please consult with your CPA, financial adviser, etc for accuracy, details, and thoroughness, as this information is simply what we have learned from various sources, but has not been verified. If you are interested in the form 5405, as a courtesy we are posting it at our blog, SantaClaritaRealEstateForum.com.