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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
I have been filing taxes brother-in-law
I have been filing taxes for my brother-in-law for several years. He is a dual citizen - Jordanian/U.S. He's worked in Dubai for over 10 years. Year after year we claim the Foreign Earned Income Exclusion for him. This totals out his taxable income to
zero. In 2012 he began studying for his Master's of Law at Michigan State University in Dubai. He's paid more than $25,000 in tuition fees. Is any of that refundable to him through his tax return? If so, since he's already excluding all his earned income,
how would we go about using any sort of credit or rebate? I found the loophole that will allow us to receive a credit for his son (six years old) and get the Child Credit ($1,000). We need to list $3,000 of his earned income or something like that - haha!
I need to reexamine the information I read obviously. But because that was possible, I thought I'd ask about his tuition also. Thank you!
I received a refund from the county of property
I received a refund from the county for overpayment of property taxes but no 1099 G to report it on this year's tax return. How do I report that refund of overpayment of property taxes?
So i've recently started a business- I came up with the idea,
So i've recently started a business- I came up with the idea, and found someone to invest in the idea. The contract shows that it's more of a loan- since any additional investors, or profits will first pay off the investor (partner) before any other shareholders, but the investor did get 50% of the company.
Likewise the contract states that part of the agreement means we'll form a company in which he and i will both be issues shares. These aren't 'restricted' shares per-se (that vest over a certain amount of time), but there is a clause on the contract regarding transfer/sale of shares (please refer to the bottom).
My question is, since there still is a restriction as to when i can sell or transfer any shares, do i need to file a 83b?
9. Transfer of Shares
9.1 Save as otherwise expressly provided by this agreement, the Founder shall not Transfer all or
part of his interest in any Shares at any time on or prior to 1 January 2016.
9.2 Following 1 January 2016, if the Founder or any other Shareholder (each a
Selling Shareholder) wishes to sell part or all of his holding of Shares (the Transfer Shares),
the following provisions shall apply:
(a) The Selling Shareholder shall first deliver a written notice (the Transfer Notice)
identifying the person to whom the Selling Shareholder wishes to sell the Transfer
Shares (the Third Party) and the price and terms on which the Transfer Shares are
proposed to be sold to the Third Party (respectively, the Transfer Price and Terms),
offering to sell the Transfer Shares to the Investor.
(b) If the Investor wishes to acquire the Transfer Shares, at the Transfer Price and Terms,
the provisions of this clause 9 shall apply. Such offer shall be open for a period of 28
days from the date of the Transfer Notice.
(c) If the Investor accepts the offer of all of the Transfer Shares at the Transfer Price and
Terms stated in the Transfer Notice, the Investor shall forthwith give notice in writing
(the Acceptance) to the Selling Shareholder of such acceptance and shall specify in the
Acceptance the place and time (being not earlier than 7 days and not later than 60 days
after the date of the Acceptance) at which the Investor proposes to complete the sale of
the Transfer Shares.
(d) The Selling Shareholder shall be bound to transfer the Transfer Shares to the Investor
and the Investor shall be bound to make payment to the Selling Shareholder of the
Transfer Price for the Transfer Shares at the time and place specified in the Acceptance.
(e) If the offer of the Transfer Shares at the Transfer Price and Terms has not been accepted
in whole by the Investor within the 28 day period mentioned above, the Selling
Shareholder for a period of 6 months thereafter shall (subject to the remaining
provisions of this clause 9(e)) be at liberty to transfer all of the Transfer Shares to the
Third Party at a price not less (and on terms no more advantageous or less onerous) than
the Transfer Price and Terms provided that the Transfer Shares are being transferred in
pursuance of a bona fide sale without any deduction, rebate or allowance of any kind.
(f) The Selling Shareholder must notify the Investor and the Board, of his intention to sell
the Transfer Shares to the Third Party at least 28 days prior to such sale and provide
finalized draft document for such sale to the Investor, whereupon the Investor shall be
entitled (during the period of 21 days after its receipt of such notice) to purchase all of
the Transfer Shares on the terms that are substantially similar to such finalized draft
9.3 Notwithstanding any other provisions in this agreement, the Investor may veto any proposed
sale of Shares to a third party if the Investor determines, in its sole and absolute discretion, the
proposed transferee acquiring any Share will not be conducive to the interest of the Company or
9.4 Upon the occurrence of the event stipulated in clause 5.5, then either Party may offer to sell to
the other Party all the Shares then held by such Party on a price to be mutually agreed. If the
Parties fail to reach a definite agreement within 30 days from the date either Party first
communicates its or his offer to the other Party, either Party may request the Board to wind up
the Company in which case the Parties shall cooperate with each other to procure that the
Company will be wound up as soon as reasonably practicable.
9.5 Nothing in this clause shall restrict any Transfer at any time of any Shares by the Investor to its
9.6 Any Transfer of Shares in breach of this clause 9 shall be void and the Company shall be entitled
to refuse to register the relevant instrumentsinstrument of transfer.
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