I went on H& R Block website to get an estimate of what I would be getting back. It said about $4,900. There was a place that asked if I was a long time home buyer (purchased house before 2010) then asked for the purchase price. We bought our house in 2006- so sounds like we would qualify for this question.... I am so not good at taxes though. So I entered our purchase price and my refund jumped to $11000!! What is this about? I am actually filing my taxes Friday- should I mention this, does it apply to me, etc??Answer Question
Asked by Anonymous at 12:37 PM on Jan. 19, 2011 in Money & Work
Answer by Scuba at 12:45 PM on Jan. 19, 2011
Answer by sarchasmicangel at 12:56 PM on Jan. 19, 2011
You need to look again. I suspect the intention of the question is to find out if you owned a house for 5 years and then purchased a new one last year; if you did that and your income fell below a certain amount you would qualify for the long-time homeowners credit. The credit first started in 2008 as a way to encourage first time homebuyers to purchase homes and help the housing market. The credit was later expended to include people who had owned a home for at least 5 years and bought a new home in 2009 or 2010. If the program is generating forms and you see a Form 5405. If you didn't purchase a home (1st time in 2008 to 2010 or 2nd time in 2009 or 2010), then the credit does not apply to you. I haven't seen the question, so I can't say for sure, but you really need to check this out before filing a return with that information.
Answer by Anonymous at 12:59 PM on Jan. 19, 2011
Answer by Erica_Smerica at 3:47 PM on Jan. 19, 2011
Answer by diamondsarecool at 4:15 PM on Jan. 19, 2011
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