The show is a smart mix of humor and social commentary, and has had a diverse lineup of guest stars, including Colin Hay of Men at Work, Brendan Fraser, Dick Van Dyke and, in one of his...read more.
Traditional IRA distributions are taxable and, unless you're 59 1/2 years old, subject to an extra 10 percent tax penalty. However, if you qualify as a first-time home buyer, you avoid the additional tax, but not regular income taxes, on your distribution. For example, assume you're not yet 59 1/2 years old, that you pay a 25 percent tax rate and that you take a $10,000 distribution for your first home.
Land Contract Tax Consequences Donât Allow You To Qualify For $8000 First-Time Home Buyer Tax Credit. Q: I purchased a home about a year ago, but I used a land contract. The contract started three years ago. By the time the loan was closed on the land contract, the contract was no longer valid. I paid real estate taxes and mortgage interest because it was included with our rental payments. I have received a letter from the IRS saying we do not qualify for the first time home buyer tax credit. I have looked through all of the instructions and eligibility requirements and have found no mention of land contracts! This is our first time buying a home and I feel like I am being punished.