Ask A Question
Have Tax Questions? Ask a Tax Expert for Answers ASAP
Tax Rebate Questions
What is a tax rebate?
rebate is money that is remitted by the government to a tax payer who has overpaid the
Internal Revenue Service
are calculated during the filing of a tax return and is common in the United States. Below are some of the most commonly asked questions about tax rebates answered by the Experts.
If a person bought a house that qualified for the 2010 tax rebate for $51,000 (first time homebuyers tax credit) and borrowed another $11,800 for repairs and added$2,894 as closing costs, what is the amount that they could claim for the tax credit?
This may depend on a few factors. Typically, the homebuyer’s tax credit is calculated depending on the purchase price of the property. This, in other words, is called the “adjusted basis” on the date of purchase. The additional amount of $11,800 could be included in the adjusted basis if it appears in the Department of Housing and Urban Development (HUD-1) closing statement. Alternatively, if the repairs were completed before the closing date, they would be considered eligible for the credit. However, this may not be easy and the IRS may challenge this because the repairs would ideally not be shown in the HUD-1forms.
If a person made more than $3,000 with their retirement and more than $3,000 with their Social Security disability which they paid federal taxes on, what would their tax rebate be?
In most cases, if income has been earned solely from retirement and social security benefits, a person may be eligible to receive $300 in tax rebates.
Would a person be eligible to get a first time homebuyer tax rebate check for a home that was purchased in April of 2004?
This may not be possible as first time homebuyer credit for a house bought in 2004 did not exist at that time.
If a person files an extension to file their returns, do they still qualify for the federal tax rebate?
In most cases, if an extension is filed for a particular tax year the Stimulus payment will be received when the following year’s tax return is filed.
If a person bought a manufactured home that qualified for a tax rebate refund in 2009, when would they have needed to fill out the application for this rebate? And would this have been a finite fund?
Typically, the Internal Revenue Service does not have limited funds for tax rebates, although certain states offering first homebuyer credits may place a limit on the funds available. As long as the first time homebuyer qualified for and purchased a home prior to the 11/30/09 deadline they should have received this credit. They wouldn’t have had to fill out an application and the credit would have been sent in the form of a tax
. This money could have been claimed in two ways. One way is when the 2009 tax return was filed and the credit was applied for. Alternatively, the individual could have amended their 2008 return and then claimed the money. The reasoning behind the tax rebate is that money given back to the
could fuel the economy. For instance the government authorizes a tax rebate that gives money to millions of Americans, who in turn spend the money at the store, which gives the store money to buy more goods and provide jobs and so on down the line. However it is debatable on whether the tax rebate really works, and who better to answer these questions, and many more like them than the Experts.
Recent Rebate Questions
Use tax question, I work direct marketing company that
Use tax question, I work for a direct marketing company that offers 30% benefits to customers that purchase from our resellers. If a customer holds a show for one of our resellers we give free merchandise to the customer eqivilent to 30% of the retail
sales. Because the customer is considered a sales partner we charge sales tax on the free merchandise the customer receives. We will be offering a special to customers who hold a show with a retail equivalent of $500. The customer will be able to choose any
item in the catalog for free in addition to the regular 30% benefits. Would we charge sales tax on the free item or use tax?
1. I purchased a property and then a day after closing
1. I purchased a property and then a day after closing receives a large sum for additional repair work. The large sum is not part of the HUD-1. I would consider this a reduction to basis and not income and that it should be on the HUD-1 form going forward.
What is the correct approach for these post closing items? 2. I owns a property with an unrelated party who's IRA ownership is 49%. They want the 49% owner to receive 75% of the income from the property and be responsible for 75% of the income for tax purposes.
Is there a way to structure the deal in such a fashion? 3. I have a property under repair so it is not ready or available to rent. Should the taxes paid on such a property be added to basis or can they be fully expensed in the current year?
I am looking at starting a solar power company providing solar
I am looking at starting a solar power company providing solar power systems to residential customers in TX. I need to find out if my company can monetize the 30% investment tax credit and the accelerated depreciation. Typically the credits will be given to the home owner on his/her tax return. However, if I own the system installed, not the homeowner, how can I collect those tax incentives as a form of payment? I am fine if this can only be paid to a financial institution to cover some of the initial system financing.
View More Tax Questions
2 Tax Professionals are Online Right Now
Ask Your Own Tax Question
Ask Your Question Now
Ask a Tax question
Type Your Tax Question Here...
2 Tax Professionals are Online Now
In The News
How JustAnswer Works:
Ask an Expert
Get a Professional Answer
Ask Followup Questions
100% Satisfaction Guarantee
Ask a Tax Professional
Get a Professional Answer. 100% Satisfaction Guaranteed.
2 Tax Professionals are Online Now
Type Your Tax Question Here...
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Become a Professional
Terms of Service
Privacy & Security
© 2003-2015 JustAnswer LLC