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  1. As long as you live in the house for the requires amount of time (3 years, I think), it is free money. You can claim any mortgage interest and taxes on your income tax. You have to itemize to get this.

    2 Answers · Business & Finance · 19/06/2012

  2. If you live in a community property state, yes you can file and likely receive some relief. If you do not live in a community property state, an injured spouse allocation will not do you any good since none of the refund can be allocated to you.

    6 Answers · Business & Finance · 15/11/2011

  3. You cannot deduct the processing fee, warehouse fee or the admin fee. You are correct about the loan origination fee. Commitment fees and processing costs are not tax deductible.

    2 Answers · Business & Finance · 12/01/2011

  4. Why were you asking a realtor for tax advice? Realtors are not tax experts. You can't pin the blame for taxes you incurred on a realtor.

    5 Answers · Business & Finance · 07/11/2011

  5. The amounts that you are currently paying each month should be put in an escrow account as advance payments for your future property tax bills. This is usually the way they take of paying the property taxes when they come due each year from...

    6 Answers · Business & Finance · 10/11/2010

  6. big trouble if he got the FTHB credit and he failed to maintain this as his primary residence, that is repayable and if he goes into foreclosure, that might not be immediate it will depend on the lending institution--if they are able to sell it and recoup their investment...

    4 Answers · Business & Finance · 18/11/2011

  7. might qualify to withdraw up to 10,000 with no penalty. I would recommend the FHA loans that only require 3% down and around 2% in upfront insurance. The beauty...

    7 Answers · Business & Finance · 21/09/2010

  8. No tax implications for either person on a gift of $4000. For gifts over $13,000 total for the year from one giver to one recipient, the giver must file a gift tax return, and might owe a gift tax.

    2 Answers · Business & Finance · 06/06/2010

  9. No. Since your husband doesn't qualify, you don't either. Your name not being on the other house doesn't change that.

    4 Answers · Business & Finance · 29/05/2010

  10. You'd still owe the $50K, and couldn't even donate it without paying that off first. You could donate it to a charitable organization, but if you've been trying to sell it for the $150K and can't, the IRS might question your valuation...

    7 Answers · Business & Finance · 11/05/2010

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