First Time Homebuyers Credit is Complicated
Hello my Friends,
I've just spent the last week or so working on the material for my CPE Link course on the Homebuyers Credit.
This should have been a slam-dunk, taking me no more than 3-4 hours. Instead, it took several days. Even then, I feel that I've only scratched the surface - and will probably keep adding material until the very last moment. Why?
Well, you've heard the old adage - a little knowledge is a dangerous thing.
Yup. It is. Knowing too much causes expert tax professionals to FAIL the EA Exam - they read too much into a simple question, knowing all the other implications of the question.
In this case, I know too much about the Homebuyers Credit. Why?
Well, due to a very clever bit of marketing, and having a good friend who is a developer in communities nationwide, I have now filed about 800 Homebuyers Credit tax returns (1040 and 1040X). That's probably more than any one office in the nation.
With that volume of processing, we have seen every possible iteration of error that IRS makes. Every possible iteration of relationship, ownership and timing issue that can come up. Add that to the questions that come to TaxMama from TaxMama.com, MarketWatch.com and other sources, I have probably researched more variations of how to get into the Homebuyers Credit, or what is a fraudulent application of the credit.
By this time, I know just about every reason IRS is rejecting the credits - and how to overcome the objections, when the credit is legitimate. Whatever question you have, or are about to have, I have probably already asked IRS.
So please come join me on July 28th - and bring your most interesting, or toughest homebuyers credit challenge. We WILL take questions throughout the presentation, not just at the end.
Eva Rosenberg, MBA, EA, is the publisher of TaxMama.com, and author of the weekly syndicated Ask TaxMama column. She provides answers to tax questions from taxpayers and tax professionals worldwide.