Toxic pet food. Lead-painted toys. Hazardous baby cribs. The sheer volume of recalled products makes you wonder: What happens to all that stuff after it's ordered off the shelves?
Curiosity about disposing of recalled goods inspired one of the questions in this edition of "Ask AP," a weekly Q&A column where AP journalists respond to readers' questions about the news.
If you have your own news-related question that you'd like to see answered by an AP reporter or editor, send it to newsquestions@ap.org, with "Ask AP" in the subject line. And please include your full name and hometown so they can be published with your question.
You can also find Ask AP on AP Mobile, a multimedia news service available on Internet-enabled cell phones. Go to http://www.apnews.com/ to learn more.
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I have a few questions regarding tax credits for homebuyers. When is the deadline to apply? How do you apply? What type of documents do you need? If you bought your home in December 2008, do you qualify? What if you purchased your home in another state? Does that make any difference?
Joyce Hollowell
Cleveland
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The deadline is approaching for the federal tax credit of up to $8,000 for first-time homebuyers and up to $6,500 for current homeowners. To qualify, a buyer interested in either credit must sign a binding sales contract by April 30, and complete his or her home purchase by June 30.
You can claim the credit on your federal income tax return, the Internal Revenue Service says. You should fill out IRS Form 5405 to determine your credit amount. Then, you should claim that total on line 67 of the 1040 income tax form for 2009 returns, line 69 for 2008 returns.
Also, buyers must attach a copy of their HUD-1 settlement statement to Form 5405. A HUD-1 settlement form lists the costs and charges for a borrower in a home purchase. It also lists the names of the parties involved, and the property's address, sales price and purchase date. If no HUD-1 form was used, then a certificate of occupancy or an executed retail sales contract should be submitted.
In addition, buyers who claim the current homeowner credit must show they've lived in their old home for at least five consecutive years during the past eight years. Acceptable documents to establish that include mortgage interest statements, property tax records or homeowner's insurance records.
People who purchased a home in 2008 do not qualify for either tax credit. However, first-time homebuyers who bought between April 8, 2008, and Dec. 31, 2009, can qualify for a tax credit of up to $7,500 that must be paid back, much like an interest-free loan.
And, as long as the buyer uses the newly purchased home as his main residence, there are no geographical limitations within the United States for the tax credits.
Adrian Sainz
AP Real Estate Writer, Miami
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Over the last year there have been many recalls of Chinese-made and other products. Where do all these items go after they are taken off the shelves?
Sara Schreiber
Curiosity about disposing of recalled goods inspired one of the questions in this edition of "Ask AP," a weekly Q&A column where AP journalists respond to readers' questions about the news.
If you have your own news-related question that you'd like to see answered by an AP reporter or editor, send it to newsquestions@ap.org, with "Ask AP" in the subject line. And please include your full name and hometown so they can be published with your question.
You can also find Ask AP on AP Mobile, a multimedia news service available on Internet-enabled cell phones. Go to http://www.apnews.com/ to learn more.
___
I have a few questions regarding tax credits for homebuyers. When is the deadline to apply? How do you apply? What type of documents do you need? If you bought your home in December 2008, do you qualify? What if you purchased your home in another state? Does that make any difference?
Joyce Hollowell
Cleveland
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The deadline is approaching for the federal tax credit of up to $8,000 for first-time homebuyers and up to $6,500 for current homeowners. To qualify, a buyer interested in either credit must sign a binding sales contract by April 30, and complete his or her home purchase by June 30.
You can claim the credit on your federal income tax return, the Internal Revenue Service says. You should fill out IRS Form 5405 to determine your credit amount. Then, you should claim that total on line 67 of the 1040 income tax form for 2009 returns, line 69 for 2008 returns.
Also, buyers must attach a copy of their HUD-1 settlement statement to Form 5405. A HUD-1 settlement form lists the costs and charges for a borrower in a home purchase. It also lists the names of the parties involved, and the property's address, sales price and purchase date. If no HUD-1 form was used, then a certificate of occupancy or an executed retail sales contract should be submitted.
In addition, buyers who claim the current homeowner credit must show they've lived in their old home for at least five consecutive years during the past eight years. Acceptable documents to establish that include mortgage interest statements, property tax records or homeowner's insurance records.
People who purchased a home in 2008 do not qualify for either tax credit. However, first-time homebuyers who bought between April 8, 2008, and Dec. 31, 2009, can qualify for a tax credit of up to $7,500 that must be paid back, much like an interest-free loan.
And, as long as the buyer uses the newly purchased home as his main residence, there are no geographical limitations within the United States for the tax credits.
Adrian Sainz
AP Real Estate Writer, Miami
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Over the last year there have been many recalls of Chinese-made and other products. Where do all these items go after they are taken off the shelves?
Sara Schreiber
