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first time homebuyers tax credit
Posted on 2/10/14 at 1:47 pm
Posted on 2/10/14 at 1:47 pm
Is there no credit for first time homebuyers anymore? What is this MCC? I haven't seen anything that has helped me on my taxes by buying a new (first) home.
Posted on 2/10/14 at 1:48 pm to Hu_Flung_Pu
quote:
What is this MCC?
Mortgage Credit Certificate
if you have the opportunity to get this, do it
you get 25% of the interest paid back on your mortgage each year
This post was edited on 2/10/14 at 1:49 pm
Posted on 2/10/14 at 1:49 pm to Hu_Flung_Pu
I think you missed the boat by about 5 years. Then again, I have no clue either.
You should be able to deduct interest paid and that should help.
quote:
I haven't seen anything that has helped me on my taxes by buying a new (first) home
You should be able to deduct interest paid and that should help.
Posted on 2/10/14 at 2:02 pm to OnTheBrink
quote:
You should be able to deduct interest paid and that should help.
That didn't move my federal amount any! The only thing that helped was the student loan interest. I filed married jointly and had to owe 200 dollars. Tried married separately, I don't owe anything but get back 700 dollars. WTF?
Does anybody know what this community property thing is?
Posted on 2/10/14 at 2:02 pm to MasCervezas
quote:
Mortgage Credit Certificate
if you have the opportunity to get this, do it
How do I do this?
Posted on 2/10/14 at 2:42 pm to Hu_Flung_Pu
You can only get it with the purchase of the home, and it sounds like you have already done that.
My mortgage broker told me about it before we got our house.
My mortgage broker told me about it before we got our house.
Posted on 2/10/14 at 4:33 pm to Hu_Flung_Pu
quote:
That didn't move my federal amount any! The only thing that helped was the student loan interest. I filed married jointly and had to owe 200 dollars. Tried married separately, I don't owe anything but get back 700 dollars. WTF?
My guess is that your mortgage interest isn't enough to push you over the standard deduction for MFJ, but is for MFS. One thing to make sure you factor in before going with MFS is that if one spouse itemizes, then both must itemize. I'm guessing the other half of the MFS return will owe over $900.
Posted on 2/10/14 at 11:07 pm to CubsFanBudMan
So is this no longer a thing? I'm going to do my taxes soon and was ready to cash in on that. God I hope so.
Posted on 2/11/14 at 7:20 am to Brettesaurus Rex
not that i've heard
i closed on my first house about a week after that big stimulus was signed
thats when the credit switched from a 7500 dollar credit that had to be repaid....to an 8000 dollar credit that required no repayment
it was definitely a good year to do my taxes
i closed on my first house about a week after that big stimulus was signed
thats when the credit switched from a 7500 dollar credit that had to be repaid....to an 8000 dollar credit that required no repayment
it was definitely a good year to do my taxes
Posted on 2/11/14 at 7:26 am to Hu_Flung_Pu
quote:
Is there no credit for first time homebuyers anymore?
Ummm I think that ended in 2009 and they allowed it for active military into 2010....
You get to deduct mortgage interest and property taxes.
Posted on 2/11/14 at 7:40 am to Hu_Flung_Pu
quote:
That didn't move my federal amount any! The only thing that helped was the student loan interest. I filed married jointly and had to owe 200 dollars. Tried married separately, I don't owe anything but get back 700 dollars. WTF?
If you file Married Filing Separately, either both individuals have to itemize or both take the standard deduction. You can't have one spouse itemize and have one spouse take the standard deduction. Assuming that your wife has a job and earns money, filing Married Filing Jointly will put both of you a higher tax bracket (more than likely).
The only way your mortgage interest didn't change your federal tax liability is if you didn't pay enough interest to surpass the standard deduction. Student loan interest is an above the line deduction, therefore, you do not need to itemize to take it. You can take the standard deduction and still deduct student loan interest.
Posted on 2/11/14 at 10:04 am to PurpleAndGold86
If you bought your house several months into the year it may just be that you didn't pay enough interest to claim the deduction this year. Next year, when you have paid a full years' of interest on the mortgage, it might kick in.
Posted on 2/11/14 at 1:07 pm to Lsut81
Maybe I'm high on espresso, but I thought I received a credit for $15k? Maybe that's how big my return was that year with the credit.
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