Question: I purchased a home about a year ago, but I used a land contract. The contract started three years ago. By the time the loan was closed on the land contract, the contract was no longer valid. I paid real estate taxes and mortgage interest because it was included with our rental payments.
I have received a letter from the IRS saying we do not qualify for the first-time home buyer tax credit. I have looked through all of the instructions and eligibility requirements and have found no mention of land contracts. This is our first time buying a home, and I feel like I am being punished.
Click to read article: When it comes to home buyer tax credits, IRS rules can be strict...
Showing posts with label IRS. Show all posts
Showing posts with label IRS. Show all posts
Want to get audited? Apply for homebuyer credit.
Here's a good way to get audited by the Internal Revenue Service this year: claim the new homebuyer tax credit.
About a fifth of all IRS examinations done by mail in the past six months were for people claiming the credit, National Taxpayer Advocate Nina E. Olson told a congressional committee Thursday-the filing deadline for individual tax returns.
Click to read the entire article: http://www.google.com/hostednews/ap/article/ALeqM5hbtO_6F1CmAjKDS0UqSBgZ0NI8mwD9F3OLJ00
About a fifth of all IRS examinations done by mail in the past six months were for people claiming the credit, National Taxpayer Advocate Nina E. Olson told a congressional committee Thursday-the filing deadline for individual tax returns.
Click to read the entire article: http://www.google.com/hostednews/ap/article/ALeqM5hbtO_6F1CmAjKDS0UqSBgZ0NI8mwD9F3OLJ00
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