November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program.  There’s 100 days left to claim it. The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers to be under contract for a home no later than April 30, 2010, and to be closed [...]

For many American homeowners, interest paid on a mortgage is tax-deductible in the year in which it was paid. Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year. By paying in 2009, the mortgage interest paid can be applied against 2009′s itemized tax deductions [...]

Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday. The White House says the President will sign it into law today. The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010. The program’s [...]

An escrow account is a designated savings account into which funds get deposited for a specific purpose. With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments. Escrow accounts are managed and disbursed by lenders. When a homeowner “escrows” his mortgage, along with [...]

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today. Considering it can take up to 60 days to close on a home, first-time buyers have 2 weeks at most to find a home. Buyers not under contract by October 15 have little chance of meeting the November 30 [...]

If you plan to use the First-Time Home Buyer Tax Credit program, time is running out.  The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was [...]

The government’s First-Time Home Buyer Tax Credit expires December 1, 2009.  If you expect to use the program in conjunction with a home purchase, therefore, you may want to consider yourself officially “on the clock”.  Assuming a 60-day window between contract and closing, there are now 77 days left to find a home and go under [...]

To be notified when I write something new, sign up for daily email alerts or subscribe to the feed. It’s Tax Day today and who among us doesn’t love a legitimate tax deduction? The IRS expects to process 138 million tax returns this year and accompanying those returns will be a melange of tax deduction [...]

There are 138 million taxpayers in the United States and, according to the IRS, 20 percent of them file their taxes within 7 days of April 15th.  In a holiday-shortened week, that means that 27 million people had better get a move on. And while a portion of this year’s last-minute filers will file with storefront operations [...]