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Old 02-06-2009, 08:34 PM
 
Location: Austin, TX
957 posts, read 2,370,030 times
Reputation: 127
$15,000 Homebuyer Tax Credit Added to Proposed Stimulus | StupidCents

This article here is dated the same date yet makes it sound like one could get the entire $15K. It says nothing about it being based upon your tax liability. Either way the good news is this one won't have to be repaid back to the gov't so it's more of a true credit.
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Old 02-07-2009, 12:40 AM
 
59 posts, read 113,726 times
Reputation: 13
Im working for a company doing taxes and so far we havent adjusted anything regarding the first time home buyers credit, but then again we havent had anyone try to claim it, at least not at my location. Here is what I know about the credit:

Its not based on your tax liability, but the cost of your home so you could get 10% up to $7,500.

Your considered a 1st time homeowner if its you first home or you havent owned a home in 3 years.

You do have to pay it back at $500 a year starting two years after you recieve the credit, which can be claimed on 2008 or 2009 taxes .

Its intended to get current homes off the market, it is not for people who are building new homes, that is why the credit has an expiration date and you have to move in your home before the July due date or else you dont qualify, it can not still be in the building phase.

If you are buying a home with someone else you can split the credit on your tax returns, just dont claim more than the $7500 for one house.
HTH
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Old 02-07-2009, 12:58 PM
 
Location: Future Kerrvillian
170 posts, read 391,859 times
Reputation: 72
Some people seem to be confused about what exactly a tax credit is. In simple terms, a tax credit is a dollar for dollar reduction in your tax liability. Don't let things like payroll deductions or any other deductions confuse you. If your federal tax for 2008 is $7,500 and you qualify for a $7,500 tax credit, your tax liability is now $0. If your federal tax for 2008 is $7,500 and you qualify for a $15,000 tax credit, your tax liability is now $0. You won't get the rest in cash. The law will specify whether or not you can carry over that additional $7,500 credit to 2009.
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Old 02-07-2009, 01:50 PM
 
601 posts, read 1,846,203 times
Reputation: 237
Yes, the NEW law is a tax credit that does not mean that you get cash in hand. It just helps to negate the amount of taxes you own. The current laws is a refund. If you owe $1000 in taxes, You get $6500 back that has to be repaid over 15 (17 years really since you dont pay the first two years).
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Old 02-07-2009, 02:36 PM
 
2,071 posts, read 3,723,745 times
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I agree with woodinvilleguy. Where's our tax credit for the homes we bought last year. Especially for those who do pay their bills on time and can afford the homes they are in. Not a fan of this part of the stimulus bill.
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Old 02-07-2009, 08:07 PM
 
Location: Austin, TX
957 posts, read 2,370,030 times
Reputation: 127
Quote:
Originally Posted by qtp0000 View Post
Im working for a company doing taxes and so far we havent adjusted anything regarding the first time home buyers credit, but then again we havent had anyone try to claim it, at least not at my location. Here is what I know about the credit:

Its not based on your tax liability, but the cost of your home so you could get 10% up to $7,500.

Your considered a 1st time homeowner if its you first home or you havent owned a home in 3 years.

You do have to pay it back at $500 a year starting two years after you recieve the credit, which can be claimed on 2008 or 2009 taxes .

Its intended to get current homes off the market, it is not for people who are building new homes, that is why the credit has an expiration date and you have to move in your home before the July due date or else you dont qualify, it can not still be in the building phase.

If you are buying a home with someone else you can split the credit on your tax returns, just dont claim more than the $7500 for one house.
HTH
That's the old bill. It will go away if and when the $15K one is enacted.
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Old 02-08-2009, 08:17 AM
 
Location: Austin, Texas
544 posts, read 876,286 times
Reputation: 144
i am not an attorney or fiancial expert but i'd think you could file an extension, buy the house, then file the return and take the credit -- remember, it isn't free money but an interest free loan that is paid back -- it's a way to encourage credit worthy buyers to get off the fence and put some money back into circulation
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Old 02-08-2009, 01:25 PM
 
601 posts, read 1,846,203 times
Reputation: 237
Quote:
Originally Posted by ROY DUBOSE View Post
i am not an attorney or fiancial expert but i'd think you could file an extension, buy the house, then file the return and take the credit -- remember, it isn't free money but an interest free loan that is paid back -- it's a way to encourage credit worthy buyers to get off the fence and put some money back into circulation
Yep that would work. Or you file you return, buy the house, and file an amendment to your 2008 taxes that includes the form for the tax credit.
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Old 02-09-2009, 03:15 PM
 
Location: Austin, Texas
544 posts, read 876,286 times
Reputation: 144
most accurate info i've come across (had a meeting with a lender @ lunch who's done some intense research) is that it's subject to some income limits but is $15,000 (couple) or $7,500 (single) and if the buyer stays in the property 3 yrs it doesn't have to be paid back -- would be glad to hook you up with the lender for "horse's mouth" documentation
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Old 02-09-2009, 06:14 PM
 
21 posts, read 84,796 times
Reputation: 30
here is a link for the one that asked where this document is http://frwebgate.access.gpo.gov/cgi-...f:h1eh.txt.pdf
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