• Can I still qualify for the $500,000 exemption if my spouse died?

    A Married Filing Joint couple can sell their home and not pay tax on $500,000 of GAIN if they’s lived in the home 3 out of the last 5 years.  There is no requirement to invest in a home of equal or greater value. But, if one spouse dies and the home is then sold…

  • Amending 2008 for the $8,000 First Time Homebuyer Credit

    Yes, you can do that HOWEVER we are advising clients NOT to do it….. The IRS has announced that an amended return (for any reason) is taking 16 to 20 weeks to process (it is because of this $8,000 credit that the system is bogged down).  Today is Nov 20, 2009.  If it takes the…

  • First Time Homebuyers Credit EXTENDED to April 30, 2010

    It will not lapse on Nov 30th.  If the sales contract is signed by April 30, 2010 and CLOSED by June 30, 2010 you qualify for the extended credit. […]Read More… from First Time Homebuyers Credit EXTENDED to April 30, 2010

  • Homebuyers Tax Credit for EXISTING Home Owners!

    If you’ve owned a home for 5 out of the last 8 years CONSECUTIVELY, you qualify for a tax credit up to $6,500 if you purchase another PRIMARY RESIDENCE aftter November 6, 2009 and before May 1, 2010. The EXISTING Home Owner’s credit of up to $6,500 and the First Time Home Buyer’s Credit of up…

  • Late Filing of S Corps and Partnerships

    The Penalty for Late Filing of S Corps or Partnerships is now $195 per monthper shareholder or partner for up to 12 months (more than twice the previous penalty).  It does not matter if he entity owes tax or not, this is a late filing of the paperwork.  It would INCLUDE not filing an extension.  DON’T WAIT TILL THE LAST MINUTE! […]Read More… from Late Filing of S Corps and…

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