Do you qualify for the First Time Homebuyer credit? There are some government programs that seem to generate more and more questions. The federal First Time Homebuyer Program is one of those programs. The fact that there is $8,000 in totally refundable dollars at stake might have something to do with creating questions. Taxpayers are trying to fit home purchases into the credit. Some of those purchases do not qualify while some do qualify, but a particular scenario was not considered when the law was enacted and now requires some explanation. Let’s go over some of those instances where the credit is in question. The questions can be grouped in two groups. The first group concerns questions of whether the taxpayer is considered a first-time homebuyer. Did the taxpayer own or constructively own a home within the past two years? Seems like a straight-forward question, but it really isn’t. The second group of questions concerns the purchase. Who did the taxpayer buy the home from or jointly with, and does it qualify for the credit? The first group of questions comes up in conjunction with the requirement that in order to be considered a first-time homebuyer, the taxpayer must not have owned a personal residence for the past two years. For example, a taxpayer owns a personal residence, but five years ago converted that house to a rental when the taxpayer moved into a rented apartment. The taxpayer still owns the rental. Does the taxpayer qualify for the credit even though he/she still owns the prior residence? The Internal Revenue Service says that because the taxpayer did convert the prior residence more than three years ago and has not used the rental as a residence for even one day within the previous three years, he/she does qualify for the credit. Another example involves married taxpayers. A husband and wife have been separated for the last five years and file separate tax returns. The husband has not owned a house during the previous three years. The wife currently has owned and currently occupies a residence. Can the husband claim the credit because they filed separate tax returns, maintain separate households, and he has not owned a residence for the last three years? The IRS says that […]
Articles by Squire News
Longhurst Donna Jeanne Hart Longhurst, age 79, of Rockford peacefully left us July 27, 2009. Donna will be deeply missed by her husband of 61 years, James E. Longhurst; her children, Randy (Rachel) Longhurst, Marie (Lynn) Farrance, Keith Longhurst and partner Marie Schultz; grandchildren, Jason (Andrea) Longhurst, Krystin (Jacob) Sponsler, Lindsey (Andrew) Maki, Ashley Farrance; great-grandchildren, Issac, Kayla, Gaberial, Skyler and Christian; and her dear four-legged companion, Sophie. Donna will be lovingly remembered for her bright sense of humor, generous nature, love of family, and hugs she gave to everyone to express her appreciation and love. In her early years she enjoyed her work with her family on their 4-H fair projects, country living, traveling, bowling with friends, history and reading. Bird-watching was a favorite, but seeing the busy hummingbirds brought her the most joy. The Longhurst family would like to express their deepest appreciation to their thoughtful neighbors and the entire Spectrum Health Hospice team for their wonderful support and guidance. The service for Mrs. Longhurst will be Thursday afternoon, July 30, 2009, at 1:00 at Pederson Funeral Home with Chaplain Susan Cleveland officiating. Interment will be in Courtland Township Cemetery. Those desiring an expression of sympathy may consider Spectrum Health Hospice, 4500 Breton Rd. SE, Grand Rapids, MI 49508. The family will greet relatives and friends on Wednesday from 2-4 and 7-9 at the funeral home. Arrangements were made by Pederson Funeral Home, Rockford. Bailey Mr. Gerald “Jerry” Bailey, age 83, of Rockford passed into the presence of his Lord and Savior on Friday, July 24, 2009, surrounded at home by his loving family. While attending Rockford High School, Jerry lettered in football, baseball and basketball and still held a part-time job at the Kroger Store. After graduating from Rockford High School in 1944, Jerry enlisted in the U.S. Navy, serving as a seaman first class on the USS John A. Bole (DD 755) during WWII. He graduated from Albion College and worked as an insurance adjuster. Later he represented several real estate companies as an agent. Jerry enjoyed golfing, bowling, working crossword puzzles, and playing a good card game. He was an avid reader, enjoying biographies and books about politics. Jerry was a life member of the Merritt Lamb Post #102 American […]
The directors of Wolverine World Wide Inc. (NYSE: WWW) have recently declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on November 2, 2009, to stockholders of record on October 1, 2009. The dividend is equal to the last quarterly dividend and reflects an indicated annual dividend of $0.44 per share.
Alice Bronswell Phillips, 58, died when the vehicle which she drove was struck by that of a 19-year-old Grand Rapids woman on Alpine Avenue just south of Lamoreaux, on Sunday, July 26. According to the Michigan State Police, Phillips lost control of her car after the impact and ran off the right side of the road and overturned, hitting a utility pole. She was taken to Butterworth Hospital by Life Ambulance and died. Alcohol was not believed to be a factor and all parties had their seatbelts on.
Wed.–Thur., July 29–30 “Christmas in July” Sale—9 a.m. to 8 p.m. on Wed., and 9 a.m. to 3 p.m. on Thur., at Rockford Reformed Church, 4890 Eleven Mile Rd., Rockford. All proceeds to benefit the North Kent Service Center Food Pantry. Thursday, July 30 Free Child ID Program—10 a.m. to 1 p.m. at Rockford Christian School, 6060 Belding Rd., Rockford, sponsored by the Rockford Masonic Lodge #246. Each child who enters the program will receive a dental impression and a CD containing a photo, video, digital fingerprints and vital information. Parents or guardians of children who participate must be present and fill out a permission slip for the child. This program is part of the Kent County Sheriff’s Kids’ Day in conjunction with the Rockford Police Department, Greater Grand Rapids Safe Kids, and Helen DeVos Children’s Hospital. The day also includes the Mounted Unit, Bike Patrol, Motorcycle Unit, Parks Unit, Marine Division and a Kids Bike Rodeo (bring your bike and helmet). FREE ADMISSION. To register, call (616) 632-6221. For more information, contact Ron Grew at (616) 874-3182 or visit www.michip.org. Saturday, August 1 Rockford Farm Market—8 a.m. to 1 p.m. every Saturday through October 31, in the South Squires Street parking lot, off Main St., downtown Rockford, featuring Michigan-grown produce, fresh baked goods, flowers and plants. Monday, August 3 Chamber Bi-Monthly Luncheon Series—noon to 1:30 p.m. at Bostwick Lake Inn, 8521 Belding Rd., Rockford. Rockford Public Schools (RPS) Superintendent Dr. Michael Shibler will give updates on what is happening with RPS. Open to the public; please RSVP by noon Friday, July 31 by calling the Chamber office at (616) 866-2000 or e-mailing to firstname.lastname@example.org. Cost is $15 for Chamber members; $20 for nonmembers. Blood Drive—noon to 7 p.m. at Rockford Community Donor Center (Rockford Community Cabin), 220 N. Monroe Street. Register to win a weekend casino getaway! Blood Drive—3 to 7 p.m. at Bostwick Lake Congregational United Church of Christ, fellowship hall, 7979 Belding Rd., Rockford. Register to win a family “Staycation.” Tuesday, August 4 Huntington Rogue River Blues Series “After the Blues”—7 to 9 p.m. at the Garden Park Stage, along the White Pine Trail near the dam, every Tuesday through August 11. This week features The Concussions (surf). Mended Hearts Meeting—7 p.m. […]