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Tax Credit Questions

Tax credit may refer to any amount of money that may be deducted from the total amount that an individual may have to pay in the form of taxes. This credit may apply to almost all kinds of taxes like income tax, property tax or Value Added Tax (VAT). In some situations, these credits may be given as refund if an individual pays more than what is required as tax. Many times people may not understand these credits and may have questions regarding them. Given below are some important questions about tax credits that have been answered by the Experts.

What is the method to claim credit on taxes in the U.S. if the individual has paid tax in a foreign country on the sale of foreign property?

If an individual is filing the tax as single, they may claim the credit directly on line 47 of form 1040 if the credit amount is less than $150. If the individual is filing the returns as married filing joint, then the amount may be less than $300.

Will a person get tax credit for trading in his/her car?

In most situations, a person may not get federal tax credit for trading in his/her car.

Is there a special tax credit for public school teachers?

In many cases, a special tax credit may not be available for public school teachers.

What is the criteria for Mortgage Credit Certification?

In order to be eligible for the Mortgage Credit Certification, individuals and families must fulfill the criteria given below:

  • Income and home purchase requirements must be met.
  • The individuals and families may not have owned a home as a primary residence for at least 3 years
  • The qualifying requirements of the mortgage loan must be met
  • The home must be used as the primary residence.

Can educational credit be carried forward?

It may not be possible to carryover educational credit. Only the foreign tax credit and the adoption tax credit may be carried forward.

Can a person deduct gasoline expenses from their tax returns?

Gasoline expenses may be considered as expenses if they are used for business purposes, medical purposes or for a charity.

What is the meaning of dependant tax credit?

Dependant tax credit is the credit that is provided to people for money paid to childcare providers. It is a tax credit that includes child care expenses for an individual who works either as a self employed person or as an employee of a company.

In New Zealand will it be legal for an accountant to keep a person’s tax credit with himself/herself without informing the person?

The accountant may not take a person’s tax credit without informing the owner of the tax credit unless there is an agreement or contract that permits this. If there is no contract, he/she may have to give the accountant the credit. If the person owes the accountant any money, this may be claimed using other legal options. If the accountant has been using the credit, the individual may file a complaint against the accountant with the Financial Dispute Resolution (FDR). The owner may also report it to the New Zealand Association of Certified Public Accounts (NZCPA) and file a complaint with them.

Under what circumstance would a person be expected to repay the $8000 tax credit?

A person may be expected to repay the $8000 tax credit if the home that he/she lives in is not the primary residence for a period of 36 months from the date it was purchased. There may be no time limit to repay the credit and it may be done at any time.

Understanding tax credits can be difficult at times and you may sometimes need the help of a professional to figure out if you qualify for it and how much you may get. Not finding answers or help easily to your questions in such situations can be frustrating. You may ask an Expert if you have any questions about tax credits and need help in understanding them.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2149
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
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Financial Professionals are online & ready to help you now

Rakhi Vasavada
Financial and Legal Consultant
Satisfied Customers: 2073
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Manal Elkhoshkhany
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Satisfied Customers: 1890
More than 5000 online tutoring sessions.
Megan C
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Satisfied Customers: 1755
Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

Recent Tax Credit Questions

  • I'm planning for my kid's future and I've been reading more

    I'm planning for my kid's future and I've been reading more and more about the benefits of Roth IRA vs a plan 529 for their college education. I'm uncertain which is better and more flexible for withdrawing funds in the future. Currently I have a 529 plan for my 2 year old daughter, but for my newly born son I want to review other alternatives.
    What is your opinion on this? Assuming the uncertainty of the future and whether they kids may want to pursue a career that is more vocational (graphic design, photography, etc) which may not be considered an allowable expense under the 529 plan. Also, what would be the tax implication in this scenario when trying to withdraw funds in 18 years from now.
    Any idea will be helpful.
    Thank you.
  • I am selling my house for 800000.00 and in addition to this

    I am selling my house for 800000.00 and in addition to this the buyer will give me a cashiers check in excess of 50000.00 @ escrow closing. how do I handle the check? do I need to report this to the irs form 8300?
  • Hi, a real estate property is bought by two partners, first

    Hi, a real estate property is bought by two partners, first partner paid about 80% and the second partner paid about 20% of the down payment. In course of 1 year, the second partners pays off the rest of the 80% resulting in almost 100% of downpayment
    by second partner. I would like to know that if the deed should be changed to have only the second partners ownership and remove the first partner from the deed, what are the steps to be taken and do the partners need to take any action in terms of taxes etc.
    Is changing the deed all that is needed or any other step is needed to change the ownership. Thanks,
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