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Old 02-06-2009, 10:10 AM
 
943 posts, read 3,718,044 times
Reputation: 419

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Quote:
Originally Posted by Kootr View Post
No, you'd get back $14,000.

$15,000 (tax credit) minus $1,000 (tax liability) equals $14,000.
But you said tax liability is what you owed the government. In this case I said the government owed you $1,000 after filing (prior to factoring in the tax credit) why are you subtracting $1000 instead of adding it?
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Old 02-06-2009, 10:29 AM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,452,459 times
Reputation: 867
Quote:
Originally Posted by ogplife View Post
But you said tax liability is what you owed the government. In this case I said the government owed you $1,000 after filing (prior to factoring in the tax credit) why are you subtracting $1000 instead of adding it?
Sorry, I misunderstood that you were entitled to a $1k refund on your Federal taxes. You are correct - you would receive $16,000.
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Old 02-06-2009, 10:31 AM
 
1,340 posts, read 3,233,419 times
Reputation: 447
I called and told them if the make it retroactive I will never buy a house. I also told them if it goes back into 2008 I will tell all my friends and family to cancel their pending sales and never buy a house again.
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Old 02-06-2009, 10:40 AM
 
433 posts, read 1,539,295 times
Reputation: 168
Quote:
Originally Posted by Kootr View Post
No, you'd get back $14,000.

$15,000 (tax credit) minus $1,000 (tax liability) equals $14,000.
Are you sure this is how it will work? Are you sure it doesn't mean that you won't owe the $1000 because you are given the credit from the $15,000? I have read that this isn't a refund of any kind.

It is all very confusing.
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Old 02-06-2009, 10:43 AM
 
433 posts, read 1,539,295 times
Reputation: 168
Quote:
Originally Posted by NatasNJ View Post
I called and told them if the make it retroactive I will never buy a house. I also told them if it goes back into 2008 I will tell all my friends and family to cancel their pending sales and never buy a house again.
That is foolish and immature. A house is a huge investment. You could do very well if you end up selling in a good market(and the market will recover). $15,000 is nothing compared to what you could possibly make from the sale of a house. I don't think you would be able to convince everyone you know not to invest just because you aren't getting a $15,000 tax credit.
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Old 02-06-2009, 10:51 AM
 
Location: Sneads Ferry NC/Randolph NJ/Cape Coral FL
12,935 posts, read 24,066,619 times
Reputation: 10763
Quote:
Originally Posted by NatasNJ View Post
I called and told them if the make it retroactive I will never buy a house. I also told them if it goes back into 2008 I will tell all my friends and family to cancel their pending sales and never buy a house again.
Oh please spare us..yeah right like no one is ever going to buy their own home because you are asking them to cut their nose to spite their face
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Old 02-06-2009, 10:57 AM
 
Location: Carpenter Village, Cary
386 posts, read 671,959 times
Reputation: 269
I have e-mailed Isakson and my two senators to please pass this bit of the bill. Although, I did ask them to allow ANY homebuyer to benefit, not just those buying for a principal residence. The people who seem most interested in our one bedroom condo either want it for a rental property or as a second home to visit local grandchildren.

Getting a property off the market and money into my pockets will help everyone. What does the motive for the purchase matter? Of course, they could limit the credit to $15,000 per tax return so one person couldn't buy 10 houses and get $150,000 in credits.

Also, am I understanding this correctly, that a person could get a check for $10,000 or so next April?! I imagined if they only paid $1,000 in taxes, they couldn't get any more than that back. If they would get the whole enchilada no matter what, hot dog! I love the idea of them being able to ask for the money this year. That would sweeten the deal even more.

To encourage people to hurry and purchase, could they make it $15,000 if you buy July, $10,000 if you buy by October, and $5,000 if you buy by the end of the year?
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Old 02-06-2009, 10:59 AM
 
943 posts, read 3,718,044 times
Reputation: 419
Quote:
Originally Posted by Kootr View Post
Sorry, I misunderstood that you were entitled to a $1k refund on your Federal taxes. You are correct - you would receive $16,000.
Thanks that makes sense.
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Old 02-06-2009, 11:04 AM
 
Location: Ocean County, NJ
228 posts, read 1,008,379 times
Reputation: 110
Now the question is.... is the date of purchase the date you sign your purchase agreement or the day you close? I signed a purchase agreement for a new home January 16th but I close in June.
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Old 02-06-2009, 11:05 AM
 
433 posts, read 1,539,295 times
Reputation: 168
Quote:
Originally Posted by ogplife View Post
Thanks that makes sense.
No it doesn't. This is a non-refundable tax credit. If you paid $5000 in taxes last year you will get that back. That's it. It isn't a $15,000 gift from the government. It credits the amount you paid last year so you now get back what you have paid out nothing more.
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