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Old 06-02-2009, 12:19 PM
 
Location: Texas
447 posts, read 1,572,138 times
Reputation: 198

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While I agree that everyone should have money saved to buy a house- it still takes a lot-- even with FHA. After you close, you have appliances, landscaping (if new build); lawnmowers, blinds/window treatments, etc. I would encourage anyone to have at least 5,000 saved above their down payment/closing cost to cover this stuff. We just moved into a new build, and I'm amazed at how our bank account has been drained! But on a really sunny note- we have paid cash for everything (well, except for the house ) so we feel really good about that- not one thing has gone on a credit card!
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Old 06-02-2009, 01:08 PM
 
55 posts, read 174,811 times
Reputation: 28
Ok, it sounds like my wife and I won't qualify since we have to file jointly this year. Let me throw this out there and get your thoughts. We got married in August 2008 and filed our taxes separately for 2008. My wife has yet to submit our marriage license. My question is do we have to file taxes jointly for 2009 or can we do individual. If individual, would she be able to buy the house on her own and get the tax credit?. Sorry, I do not understand all the rules around this and seeking advice.

thanks again
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Old 06-02-2009, 02:27 PM
 
Location: Austin
7,083 posts, read 16,919,944 times
Reputation: 9503
You will be filing "married by separately". You can't file as a single person if you're not single. I hope your 2008 taxes showed you were married.

So, no, you can't do what you're asking.
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Old 06-02-2009, 04:03 PM
 
Location: Plano, TX
166 posts, read 450,356 times
Reputation: 122
Quote:
Originally Posted by tinman1412 View Post
1) If our joint income is over $150K, do we not qualify altogether? Or do we get a percentaged of the $8K.
You can still get a partial credit if you make more than 150k but less than 170k. The more you make the more you lose not only on this but also the $800 "make work pay" credit, which is completely phased out at 190k.

So if you make a combined 150k and buy a house, you will be taxed an additional 42% for income between 150k and 170k. Assuming your income individually do not exceed the social security income limit of 106800. Your real tax rate in Texas for earned income between 150k and 170k would be 42%+7.65%+25%= 74.65%.(57% to 67% for investment income.)
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Old 06-02-2009, 04:49 PM
 
Location: Lake Highlands (Dallas)
2,395 posts, read 7,612,592 times
Reputation: 1033
Quote:
Originally Posted by tinman1412 View Post
Ok, it sounds like my wife and I won't qualify since we have to file jointly this year. Let me throw this out there and get your thoughts. We got married in August 2008 and filed our taxes separately for 2008. My wife has yet to submit our marriage license. My question is do we have to file taxes jointly for 2009 or can we do individual. If individual, would she be able to buy the house on her own and get the tax credit?. Sorry, I do not understand all the rules around this and seeking advice.

thanks again
Can you say "Federal Tax Fraud"? They have a tendency of looking down on this. Stop trying to look for a way to get something you don't qualify for. That's MY TAX money you're trying to get.

Sorry if I'm attacking, but I really have an issue with people lying to get money. It shows how messed up our ethics are as a society.
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Old 06-02-2009, 05:11 PM
 
27,582 posts, read 45,029,595 times
Reputation: 14086
you are married--why would you try to cheat on your taxes by saying you aren't just because your wife has not filed the certificate
you can file separately even if YOU ARE married or file as a couple--but you can't file as a single individual if you are married...
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Old 06-02-2009, 05:18 PM
 
Location: Plano, TX
166 posts, read 450,356 times
Reputation: 122
Quote:
Originally Posted by loves2read View Post
you are married--why would you try to cheat on your taxes by saying you aren't just because your wife has not filed the certificate
you can file separately even if YOU ARE married or file as a couple--but you can't file as a single individual if you are married...
I am not sure if OP really understands the tax rules.
(Some of my relatives never file taxes themselves. They just give everything to the accountants....so...)

To make it clear, if you are married by the end of the tax year, you have to file your taxes as either "married filing jointly", or "married filing separately." For the purpose of this particular tax credit, it doesn't matter which one you choose, you are still subject to the same rules. Once you are married you cannot file taxes as "single", that would be illegal if you do so.
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Old 06-02-2009, 05:27 PM
 
Location: Plano, TX
166 posts, read 450,356 times
Reputation: 122
Quote:
Originally Posted by tinman1412 View Post
We got married in August 2008 and filed our taxes separately for 2008. My wife has yet to submit our marriage license.
You are not supposed to file as "single" even in 2008, but you could file as "married filing separately". I hope you accountant took care of that. It is the rule regardless of whether you submitted the license or not.

Sadly, more and more people will qualify for this credit this year because they either got their salaries cut or lost their jobs... Pardon me for my out of topic rant..
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Old 06-02-2009, 06:38 PM
 
55 posts, read 174,811 times
Reputation: 28
Nope, we were not aware that we had to file "married" either way. My wife and I have different tax accountants and we took it to them separately and left it at that. I think we would have saved some money had we filed "married". Anyways, it's unfortunate how people have a knee jerk reaction when I'm trying to learn about these rules by posting my question. If I wanted to cheat the system in anyway, I would probably keep in under the radar and not ask a question of this type. Anyways, thanks to those who responded to the question. I will ignore "Loves2Read" comments above, although he/she has been helpful to my other posts.
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