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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: 2163
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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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
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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 need help deciding if I can afford to move. My son owes

    I need help deciding if I can afford to move. My son owes me $200,000. I own my condo outright. It would appraise for $220.000. My son wants to get me a mortgage and that way I could invest the money from my condo. He is 28 and I am 61. He got a really great job in California and is in a high tax bracket. He needs the tax deduction but doesn't want to buy real estate in California at this time. His salary is $265,000. plus stock and bonuses.
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    I have two sources of income from two investments: one is a small company that I own 20% of and I make about $30,000. a year and I have some oil wells-three that I expect to make about $7000 to $9000 on over the next few years,(when oil goes back up, it will increase), I have an annuity that I can cash out or roll over into monthly payments starting next November. At that time, it will be worth about $70,000. I can cash it out and invest it or keep it. I have been unable to work because of health problems, but I expect to work again in two years and bring in maybe $15,000. a year. The condo, unit 604, I want is $270,000. I was wondering if it would work to keep the condo I have, unit 1310, and get a mortgage for $100,000. for downpayment on 604. I would invest what is left after downpayment. I would then use 1310 as a rental because there is high demand in this building. I would make about $12,000 a year after HOA fees and property taxes. I would invest what I don't use on downpayment. In exchange, for my son helping me, I would put both properties in his name. I do not have any other money, except that I do expect that my income from the company I own part of will pay me more money, possibly a lot more in the near future. There are no guarantees, though.
    Thank you for helping me! I desperately want to move out of this condo. The rental market in this area and building is very good, so I know I can rent, but my son wants me to stay in this unit and use the mortgage to invest and make me more financially secure. I want to stay in this location because I am going to school a block away and other reasons.
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  • I am going to take out 23,800 out of my IRA. I am 73 years

    I am going to take out 23,800 out of my IRA. I am 73 years old and want to know how much money to set aside for taxes for that amount? I also need to know how much will be taken out for the State of MN for $23,800 and approximately $40,000.
  • Hi. I have spent most of 2014 preparing to launch a small

    Hi.
    I have spent most of 2014 preparing to launch a small online business--setting up a storefront, securing custom inventory, registering for a trademark, taking a course in ecommerce, etc, etc. All money going out; none coming in.
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