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Wednesday, February 25, 2009

First-Time Homebuyer Credit

by taxnick on February 25, 2009

The American Recovery and Reinvestment Act of 2009 expands the first-time homebuyer credit to include purchases made before Dec. 1, 2009.
The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer’s 2008 federal tax return.
The credit is claimed using Form 5405.
For [...]

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Donald Trump’s Casino Group Files for Bankruptcy Under Chapter 11

by taxnick on February 25, 2009

Donald Trump’s casinos, operating under the Trump Entertainment Group of companies, filed for Chapter 11 bankruptcy protection last week.
The bankruptcy petition lists the casino group’s assets as between $10 – $50 million, with estimated liabilities of between $100 – $500 million. According to an exhibit attached to the filing, on December 31, 2008 Trump casinos [...]

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