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I am 66 yrs old - married 37 years - divorce final 2/11/11

Customer Question
- last house owned with...
I am 66 yrs old - married 37 years - divorce final 2/11/11 - last house owned with former husband was sold 12/07 - I have been renting since 12/07 - will be purchasing a home in my name only 9/2011 --- will I qualify for any first time home buyer tax credit? Can you also tell me what income tax rate will I have to pay on my alimony/support. Thank you.
Submitted: 6 years ago.Category: Tax
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8/2/2011
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer.
The first time home buyer credit was ended for anyone that did not purchase in 2010.


In general, taxpayers must have closed on a principal residence before Oct. 1, 2010, to qualify for the credit. However, certain members of the military and other federal employees were granted additional time to buy a principal residence in the U.S.


Your alimony will be added to your other income. So if you are a 10% rate then the alimony will be taxed at that rate. If you have wages thenthe alimony will be added and all your regular deductions and exemptions will reduce the income.

Customer:

I have no other income other than soc sec -- what will the rate be I have to pay on soc sec/and alimony? Heard on the radio last wk that the first time home buyers $8000 tax credit had been extended -- did I hear wrong? thanks.

Customer:

my total annual income alimony/soc sec is 87,828.00 -- can you tell me what my tax rate w/be thank you.

Robin D :

I would need to know how much for each to really advise on the specific rate but you will most likely be in the 25% bracket with some of your SSA payment as taxable.

Customer:

ALIMONY = 83,652.00 SOC SEC $348/MO = 4176./YR

Robin D :

Ok let me do some quick calculations

Robin D :

This is 17.47% of your total income of $87,828. Your total tax payments and refundable credits for the year were $0. Your outstanding tax bill is estimated at $15,345. Your income puts you in the 25.00% tax bracket.

Robin D :

This is using standard deduction and 1 personal exemption with the additional for being over 65

Robin D :

If you have any charitable contributions or other items to use on Schedule A it would behoove you to look at itemizing

Customer:

so ---- no first time home buyers tax credit --- 2012 -- I will be able to claim interest, hopefully, on the mortgage for house I am buying in 9/2011. Thank you .

Robin D :

Yes and taxes too this will assist you in the offset for the alimony income

Robin D :

Can I help you with any more?

Robin D :

You can always come back even after you click ACCEPT. Thanks again

Customer:

that's it -- thanks for your help.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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