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Old 02-13-2009, 01:44 PM
 
68 posts, read 190,357 times
Reputation: 44

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I can't seem to find the answer I'm looking for.

I purchased/closed on my home on February 6, 2009. I have already filed my taxes, claiming the purchase, and will be receiving the $7,500 credit in my refund next week. This is the one that is supposed to be paid back over 15 years.

NOW, if this $8,000 credit is passed, it's good for purchases made between January 1 - December 31, 2009 (which would include my purchase).

Do I just stick with the $7,500 credit that I have to pay back? Either way, it's not really a big deal. The pay back is only $500/year. I was just wondering if mine would somehow be amended to include the extra $500 credit AND make it so that I would not have to pay it back.

Anyone?
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Old 02-13-2009, 01:50 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,909,238 times
Reputation: 3939
Quote:
Originally Posted by AmandaVA View Post
I can't seem to find the answer I'm looking for.

I purchased/closed on my home on February 6, 2009. I have already filed my taxes, claiming the purchase, and will be receiving the $7,500 credit in my refund next week. This is the one that is supposed to be paid back over 15 years.

NOW, if this $8,000 credit is passed, it's good for purchases made between January 1 - December 31, 2009 (which would include my purchase).

Do I just stick with the $7,500 credit that I have to pay back? Either way, it's not really a big deal. The pay back is only $500/year. I was just wondering if mine would somehow be amended to include the extra $500 credit AND make it so that I would not have to pay it back.

Anyone?
Until the bill is voted on, we would all just be speculating. The entire provision might be scrapped, details might be changed, etc. For now we all have to wait to see what's in the final. If anything gets passed.
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Old 02-13-2009, 02:08 PM
 
Location: Escondido, CA
1,504 posts, read 5,337,284 times
Reputation: 877
Quote:
Until the bill is voted on, we would all just be speculating. The entire provision might be scrapped, details might be changed, etc. For now we all have to wait to see what's in the final. If anything gets passed.
The bill has just been passed by the House. The Senate may be voting on it later today. Things may certainly change, but there's a good chance that the credit will work the way it's written now.

Quote:
NOW, if this $8,000 credit is passed, it's good for purchases made between January 1 - December 31, 2009 (which would include my purchase).

Do I just stick with the $7,500 credit that I have to pay back? Either way, it's not really a big deal. The pay back is only $500/year. I was just wondering if mine would somehow be amended to include the extra $500 credit AND make it so that I would not have to pay it back.
I'm not a CPA, but I THINK that, if the stimulus bill is passed, you can file an amendment to your tax return and request an additional $500 credit.

Furthermore - our IRS is relatively intelligent, they may figure out on their own that they owe you an additional $500 and send you a check.
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Old 02-13-2009, 02:20 PM
 
Location: SE Michigan
1,213 posts, read 4,245,409 times
Reputation: 674
Any word on if it is still for first time home buyers only?
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Old 02-13-2009, 02:22 PM
 
Location: Escondido, CA
1,504 posts, read 5,337,284 times
Reputation: 877
Quote:
Originally Posted by kcam213 View Post
Any word on if it is still for first time home buyers only?
Yes.
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Old 02-13-2009, 02:34 PM
 
397 posts, read 735,959 times
Reputation: 498
Question Confused yet?

Quote:
Originally Posted by AmandaVA View Post
I can't seem to find the answer I'm looking for.

I purchased/closed on my home on February 6, 2009. I have already filed my taxes, claiming the purchase, and will be receiving the $7,500 credit in my refund next week. This is the one that is supposed to be paid back over 15 years.

NOW, if this $8,000 credit is passed, it's good for purchases made between January 1 - December 31, 2009 (which would include my purchase).

Do I just stick with the $7,500 credit that I have to pay back? Either way, it's not really a big deal. The pay back is only $500/year. I was just wondering if mine would somehow be amended to include the extra $500 credit AND make it so that I would not have to pay it back.

Anyone?
I must say that these past few weeks has certainly caused much confusion with the Housing Stimulus!
The "original" $7500 was/is a refundable credit...meaning that it's considered a "payment" against tax so if your withholding did the job of overpaying your total tax you would receive the entire $7500 as a refund.
I think the $8K credit is a credit against tax, meaning that it would be applied towards your tax, to lower your tax, but is non-refundable. In that case, if your tax is only $6500 you would bring it to zero with the credit but that's it...no "refund" for the difference.

Well, the final version might be settled even as I write this so maybe we'll know better by tonight.
And, btw, whatever happened to Obama's idea of not paying back that $7500??
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Old 02-13-2009, 03:33 PM
 
87 posts, read 348,054 times
Reputation: 35
If thats the case wouldnt everyone just change their withholdings to make sure they are owe money at the end of the year to take full advantage of the $8000?
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Old 02-13-2009, 03:44 PM
 
Location: Sacramento
2,568 posts, read 5,846,080 times
Reputation: 1905
Quote:
Originally Posted by Fant View Post
If thats the case wouldnt everyone just change their withholdings to make sure they are owe money at the end of the year to take full advantage of the $8000?
Not the tax taken out of your paycheck but the tax you have to pay.
If your tax liability is $5000 and you prepay $8000 then if you do not buy a house you would get $3000 back. If you buy a house and qualify you would get back the same $3000 plus $5000 (your tax liability).
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Old 02-13-2009, 03:51 PM
 
135 posts, read 635,625 times
Reputation: 45
Stimulus measures that may help your wallet - Feb. 13, 2009

As of my understanding...
I pay $20K on taxes --
I usually pay more tax from the paycheck, so that i can get it as refund at the end of year..i usually pay $24K..

next year when I file, I will get $24,000 ( I paid ) - $20,000 ( actual tax ) + Tax Credit $8000 + $800 stimulus check = $ 12,800

Am I right? please correct me if i am wrong..


no matter what ..its our money that they are giving back...
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Old 02-13-2009, 03:58 PM
 
Location: Sacramento
2,568 posts, read 5,846,080 times
Reputation: 1905
Quote:
Originally Posted by newhomebuyer80 View Post
Stimulus measures that may help your wallet - Feb. 13, 2009

As of my understanding...
I pay $20K on taxes --
I usually pay more tax from the paycheck, so that i can get it as refund at the end of year..i usually pay $24K..

next year when I file, I will get $24,000 ( I paid ) - $20,000 ( actual tax ) + Tax Credit $8000 + $800 stimulus check = $ 12,800

Am I right? please correct me if i am wrong..


no matter what ..its our money that they are giving back...
Sounds correct to me.
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