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Old 02-07-2009, 06:49 PM
 
397 posts, read 735,140 times
Reputation: 498

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Quote:
Originally Posted by forcedfx View Post
I'm biting my finger nails waiting to see if the effective date is the day of closing or the day a purchase agreement is signed. So far, nobody really knows.
Hopefully it would be the day the purchase agreement is signed because how unfair would it be for someone to miss out due to a hold-up by the bank, lawyer(s), RE agents, etc??

"What you are saying is completely false, and it can't be spun like that
because if somebody is rich, I guarantee that they are not buying their 1st house (Owning a house in the last 3 years disqualifies them)

No matter what anybody says, this helps 1st time buyers."

I think posters are confusing the 2 different issues...the $7500 "refundable" credit is only for 1st time home buyers...I thought the $15K "credit against tax" (which may or may not really exist?) is for anybody buying a home, not just FTHB!

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Old 02-07-2009, 07:15 PM
 
48,519 posts, read 81,076,846 times
Reputation: 17978
Quote:
Originally Posted by boilrmkr View Post
I agree. So many people are complaning that this is only going to help the wealthy. Who do you think supports this economy. Do you think the poor are out there paying thousands or even tens of thousands of dollars in taxes. Is it the poor who are going out and buying expensive home which are helping to stimulate the economy? Is it the poor who are going out and buying furniture and electronics?

Give me a break!
But that is exactly why we are in this messs in housing to start with. people that can't afford to buy what they buy.
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Old 02-07-2009, 07:42 PM
 
433 posts, read 1,539,478 times
Reputation: 168
[quote=SadieLu;7368741]Hopefully it would be the day the purchase agreement is signed because how unfair would it be for someone to miss out due to a hold-up by the bank, lawyer(s), RE agents, etc??

"What you are saying is completely false, and it can't be spun like that
because if somebody is rich, I guarantee that they are not buying their 1st house (Owning a house in the last 3 years disqualifies them)

No matter what anybody says, this helps 1st time buyers."
I think posters are confusing the 2 different issues...the $7500 "refundable" credit is only for 1st time home buyers...I thought the $15K "credit against tax" (which may or may not really exist?) is for anybody buying a home, not just FTHB!



It clearly states in the bill that this is effective the day after the bill is signed. Obama wants to sign it on the 16th but there is no guarantee.

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Old 02-07-2009, 07:45 PM
 
433 posts, read 1,539,478 times
Reputation: 168
Quote:
Originally Posted by Hammer Dave View Post
I started building a home in june 2007 and are expecting my final inspection this month so I was interested in finding out if I will be able to quilify for this credit. I spent around 180,000 building my house. Do you think it will apply to me?
The bill says that if you purchase a home the day after the bill is signed and for one year after, you qualify. Closing is the day you officially purchase the house. If you close after it is signed then you qualify.
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Old 02-07-2009, 09:51 PM
 
1 posts, read 2,637 times
Reputation: 10
Default Help!!!

I'm really have a tough time figuring this all out !!!! I close next week and I'm trying to decide if I should take the 7500.00 loan or wait on the 15000.00 bill to pass. As my taxes stand now taxes on my income are 4916.00. then minus child care ,child tax credit & taxes paid equal 3375.00. So I owe the IRS 1587.00. If I wait for the 15000.00 bill to pass would I get thr 4916.00 minus the 1587.00 or would I get nothing?? Anyone that could help me I would really appricate it.
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Old 02-07-2009, 11:03 PM
 
17,281 posts, read 24,975,828 times
Reputation: 8525
Quote:
Originally Posted by stampnscrap3 View Post
I'm really have a tough time figuring this all out !!!! I close next week and I'm trying to decide if I should take the 7500.00 loan or wait on the 15000.00 bill to pass. As my taxes stand now taxes on my income are 4916.00. then minus child care ,child tax credit & taxes paid equal 3375.00. So I owe the IRS 1587.00. If I wait for the 15000.00 bill to pass would I get thr 4916.00 minus the 1587.00 or would I get nothing?? Anyone that could help me I would really appricate it.
From what I understand, you would owe nothing in taxes, and next year you won't owe anything either assuming you have the same income.

I don't think you would get a check for the difference between the 7500/15000 and what you owe in taxes, as I THINK it's just a credit against tax liability.
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Old 02-08-2009, 06:52 AM
 
397 posts, read 735,140 times
Reputation: 498
Red face A wait-n-see game...(OR your-guess-is-as-good-as-mine)

Quote:
Originally Posted by stampnscrap3 View Post
I'm really have a tough time figuring this all out !!!! I close next week and I'm trying to decide if I should take the 7500.00 loan or wait on the 15000.00 bill to pass. As my taxes stand now taxes on my income are 4916.00. then minus child care ,child tax credit & taxes paid equal 3375.00. So I owe the IRS 1587.00. If I wait for the 15000.00 bill to pass would I get thr 4916.00 minus the 1587.00 or would I get nothing?? Anyone that could help me I would really appricate it.
I think everyone needs to sit back, relax...take a deep breath and play the wait-n-see game. There seems to be so many variations on whatever housing stimulus will be passed (if any) that it's mind-boggling! I thought for sure that the "original" $7500 credit would NOT have to be paid back (thought that was a change) and now I'm not so sure "they" agreed to that part.
Since nothing new has been passed, are you going to hold off on closing to see what variation you will qualify for? As it stands now I believe it's just a credit UP TO $7500 (you need to complete the form to see exactly how much you're entitled to, based on AGI) that must be paid back over 15 years. It is slightly possible that by waiting you might just get a credit that you won't have to pay back...OR maybe a credit against tax (which would zero out your total tax and all withholding would be refunded...). So...many variations, all just a guess at this point.
Personally I think it's cr*p that they're talking of an income limit of $250K for new car buyers but housing limit stays at $150K!!
Good luck and let us know which way you go!!
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Old 02-08-2009, 10:53 AM
 
28 posts, read 57,232 times
Reputation: 31
one of you number crunchers do me and let me know if i can do anything to take full advantage.

my gross income $62,000
take home $38,000
taxes i pay every year $24,000
i usually get about $2500 at the end of every year for my refund.

i put about 5k in my 401k every year so my actual gross is like 67k, but 401k are taken out before taxes so lets use my adjusted gross income from above to minimize confusion and other uneccesary calculatioins.

so i buy a $200,000 house sometime around summer 2009
when do i get $15,000?

can i file an ammendment for my taxes that late in 2009? or would i have to wait till tax time in 2010 to get my first check? should i expect my regular $2500 that i get every year + the half of the 15k
(7500+2500) so that means i will get a check for 10k in 2010?

rinse and repeat for 2011 tax time?

i claim 0 on my w4 and they take the maximum amount of tax from me. should i change it to like 1 or something?


to take advantage of this situation can i address the following issues:
do i make too much?
too little?
pay too much taxes?
anything else?
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Old 02-08-2009, 11:19 AM
 
Location: Ocean County, NJ
228 posts, read 1,008,544 times
Reputation: 110
Quote:
Originally Posted by b-raaad View Post
one of you number crunchers do me and let me know if i can do anything to take full advantage.

my gross income $62,000
take home $38,000
taxes i pay every year $24,000
i usually get about $2500 at the end of every year for my refund.

i put about 5k in my 401k every year so my actual gross is like 67k, but 401k are taken out before taxes so lets use my adjusted gross income from above to minimize confusion and other uneccesary calculatioins.

so i buy a $200,000 house sometime around summer 2009
when do i get $15,000?

can i file an ammendment for my taxes that late in 2009? or would i have to wait till tax time in 2010 to get my first check? should i expect my regular $2500 that i get every year + the half of the 15k
(7500+2500) so that means i will get a check for 10k in 2010?

rinse and repeat for 2011 tax time?

i claim 0 on my w4 and they take the maximum amount of tax from me. should i change it to like 1 or something?


to take advantage of this situation can i address the following issues:
do i make too much?
too little?
pay too much taxes?
anything else?
You should at least be claiming a 1 on your W4. If you're getting a refund that's a bad thing. It means your $2,500 is working for Uncle Sam and not you.

Also, it seems like they are taking a LOT of money out of your paycheck for your income bracket. Is the 24,000 JUST federal taxes?
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Old 02-08-2009, 11:48 AM
 
3,576 posts, read 5,906,790 times
Reputation: 1431
Quote:
Originally Posted by SadieLu View Post
.
Personally I think it's cr*p that they're talking of an income limit of $250K for new car buyers but housing limit stays at $150K!!
I'm like you. I have this sick feeling that the House Democrats are going to try to put an income limit on those who try to claim the housing 15K tax credit.

I think it's ridiculous to put an income limit for the housing tax credit. But the Michigan Democratic Senator is trying to push a tax break for people who buy cars/trucks this year. Hmmm, I wonder if Ford/Chrysler/GM are putting money into her Michigan based US Senate campaign account.

If there's no incentive for people who make more than 250K a year, who do you think it will buy those 500K and up homes and get those markets moving again. People with this type of income (although I don't consider them "rich" by any means) but these people can most afford and have the likely credit and financial means to buy these homes. "Rich" to me means someone who can purely live off interest/investment alone. There are not many people I know who make 250K-1 Million who can just quit their jobs right now and afford to live off their investments.
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