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Tax Incentive Programs

What is a tax incentive?

A tax incentive is where tax benefits are offered to entice someone to engage in a specified activity like investments in capital goods for example for a certain period of time. These incentives include deductions, exclusions, or even exemption from a certain tax liability. There are several kinds of tax incentives offered by the government. Listed below are a few questions answered by the Experts on tax incentive related issues.

A person who had filed for bankruptcy earlier now has a decent income and would like to buy a house with the help of a friend using the friend’s good credit rating. Since the person has not owned a home for over ten years, they could qualify for a tax incentive of $8000. However, would they have to have their name on the loan as well to qualify for the tax incentive?

If the person places their name on the loan, the loan company or bank will look very closely at the bankruptcy and may deny the person and their friend the loan or try and increase the interest rate. However, there have been cases where the tax incentive of $8000 has been given to a first time homeowner even when their name was not on the loan. As long as their name was on the deed to the house they were considered to be first time homeowners. In matters like this though, it is always better to consult with a local attorney before taking a decision.

How would a non-married couple use the first homeowners’ tax incentive if one person paid $100,000 and the other person paid $200,000 on the property? Can one partner get the full credit despite having co-bought the property?

Case details: Single taxpayers qualify for the refund only if they make less than $70k a year. One partner makes $30k annually and the other $105k.

If the person and their partner are first time homebuyers who bought a house jointly, they would both be entitled to claim their interests in the house. However, based on the annual income, the partner who makes $30k a year would be eligible for the first time home buyers tax incentive. They would get the full credit while the other partner wouldn’t.

A lady’s ex-husband signed a quit claim deed but the lady can’t get her name on the mortgage. If she has been making regular payments and cannot refinance immediately, can she still claim the interest from the mortgage on her taxes and just provide proof if it is audited? Or is there another way to have her name on the 1098 form?

In most cases, unless a person can refinance the home or get an assumption, they would not be able to get their name on the mortgage. The person can still claim all the interest that they pay on their mortgage when they file their taxes. But if they were to get audited, they would need to prove that they had the right to claim the interest since they were paying the mortgage and interest. Therefore, all documentation supporting the payments including the divorce decree and quitclaim may need to be produced.

Are the Bush tax incentive refunds based on gross income or adjusted gross income?

There are three things that the Bush tax incentive refunds are generally based on: adjusted gross income, phasing out at $75,000 and the total amount of taxes paid. A minimum amount of $300 is also typically paid to persons on disability or retirement pay who don’t need to pay taxes.

Tax incentive programs are developed to help people get certain benefits when filing their tax returns. However, an individual may not always be aware of the kinds of tax incentives they can get. And while a few of the questions above may have helped answer a few of your own personal queries, there could be others that are unique to your own case. Whatever your query, get in touch with a Tax Professional for more insights and information on your case.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
4 Tax Professionals are Online Now

How JustAnswer Works:

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  • Get a Professional Answer
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    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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