Home Buying & Selling

My father is buying a house in Georgia he lives in Indiana. We can not get financed till March. The loan is thru his financial company as a back up of his bonds. So he isnt cashing them in. They are justing going to do a company loan on them. We are going to buy the house from my dad in March. Will he have to pay taxes on the money for selling the house? He is doing all this for us but since the house has to be in his name so we can get a FHA loan. Otherwise if my name is on it with his we can only get a 85% loan. So we are going to buy it from him and he is going to have it in his name. Thanks for the advise Rhonda

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Home Owner

Me and my girlfriend bought a house in 2009 and got the first time homebuyers tax credit last year. the house is under both of our names. who claims it under the taxes this year? or do we both have to?

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Home Improvement Write Off Question

Hi,

I just put a new deck on my primary home. I am wondering if I can write off the materials and labor on this years return?


Hello,

Typically, you will only be able to use improvements of your personal residence to offset any gains at the time of sale as it would get added to your basis in the property.

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Home In An Irrevocable Trust

by Geneva
(IL)

I am a trustee of an irrevocable trust. The only thing the trust owns is the home I live in. I pay the property taxes for the home out of my personal account. Can I deduct the property taxes that I pay?

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Home Loss

Can I deduct the loss of my home from what it cost to build it and what I sold it for?

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Home Office Deduction

by Brenda
(Georgia)

I have a home office in my home for multimedia but only earned $1200 last year. I also work from my home employed at a company also doing multimedia about 20 hours per week. I purchased a piece of equipment for my business and deducted it on the 8829. Can I deduct the ALL expenses for the business use of home (rent and utilities)under the itemized deductions for job expenses using the percentage of office space since the office space is used 100% for multimedia (even though self employed and employee) or do I have to divide those expenses?

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Home Tax Credit Received Last Year.

by Travis
(Flagstaff AZ)

I received a tax credit last year for a "new home" purchase. My spouse is on orders to move to Maryland (ie an officer) This will mean the home does not stay as our primary home for the "3" years, but we intend to keep the home and rent it... Since she is on orders to move does that exempt us having to pay back the credit?

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Home Taxes

I filed last year using turbo tax, I wasn't able to put information in about buying my home because it asked for a mortgage and I paid cash. the home i bought is a 1999 mobile home. do i get any kind of a deductable for it and where do I put on this years taxes?

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