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Old 02-05-2009, 02:49 PM
 
Location: Kansas
3,855 posts, read 11,459,937 times
Reputation: 1706

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If there is anyone like me out there who bought a house in '08 get on your state congressman's websites and start writing your concerns.
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Old 02-05-2009, 02:51 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by newhomebuyer80 View Post
Lets wait till everyone agrees to it. I am sure it will be pay back.
They have all agreed to it. It's not going to be a payback. Like I said before its been accepted from both sides of the isle. They all agree on the bill how it is written. The only question that remains is if the stimulus passes with all of the other b.s. in it that will not stimulate our economy. If it gets rejected they will just come up with a new one until it passes. The 15k credit is not going anywhere though because its agreed on already.
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Old 02-05-2009, 02:53 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by boilrmkr View Post
I can't even find this in the stimulus bill From what I am reading on several different forums this will apply to those who purchase the day after it is signed into law and will be valid for 1 year from that date.

Some are saying it will be signed on the 17th. I am closing on the 13th. Not sure what to do. It may not even pass and it may pass much later.
It will be retro to Jan 1st. 09. You are covered. Don't worry about it.
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Old 02-05-2009, 02:57 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,449,407 times
Reputation: 867
Quote:
Originally Posted by ufcrules1 View Post
To much conflicting confusing info
What exactly does "Sunset" the prior credit if this is passed translate to??

Good Grief somebody publish this in plain old english not legalese"

This is how I understand it and I'm pretty positive I'm right.

1. They will make it retro active to Jan 1. 2009. So if you buy or have a bought a house in 2009 then you will get the 15k.

2. For those of us who have bought between April 08' to December 08' as a new home buyer (Which means you had not owned a home 3 years prior) then we get $7500 back when we file our taxes. It's a straight up check for $7500.00 as long as you don't owe taxes. Example: If you owe 1k in taxes then you would get $6500.00 back.

3. For those of us who bought between April 08' to December 08' and claim the $7500 tax credit. We have to pay it back over 15 years. So starting in 2010 you will have to pay back $500 every year.

4. For those of us who have bought so far this year. We will get 15k and WILL NOT have to pay it back.

5. I bought in November 08' so I will qualify for the $7500 "LOAN" and I'm pissed off because I feel I helped the economy when I purchased in 08 and all I get is a $7500 loan that I have to pay back.... when someone buying in 09' gets 15k and does not have to pay it back. Total B.S. if you ask me.
I think you have it right. But also, remember that people applying for the $15k tax credit must have $15k in tax liabilities, which can be used in two years; 2009 and 2010. If you do not have the full $15k tax liability over two years you only get an amount equal to your Federal tax libility.

Last edited by Kootr; 02-05-2009 at 03:21 PM..
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Old 02-05-2009, 02:59 PM
 
Location: West, Southwest, East & Northeast
3,446 posts, read 6,449,407 times
Reputation: 867
Quote:
Originally Posted by forcedfx View Post
Holy moly. I'm closing on a new house in May/June. As a first time buyer I was psyched about the 15-year $7500 interest free loan but a $15,000 gift is just crazy. I wish I could read more details to see if it really is a loan that doesn't have to be repaid.
If the bill passes (as it stands now) you will definitely NOT have to pay the tax credit back. This is a huge change, both in dollar amount and repayment obligation) from the current tax credit now in place.
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Old 02-05-2009, 03:01 PM
 
433 posts, read 1,538,255 times
Reputation: 168
Quote:
Originally Posted by ufcrules1 View Post
It will be retro to Jan 1st. 09. You are covered. Don't worry about it.

Where do you see this info? Most people are saying it is valid on a purchase of a home for 1 year from the date the bill is signed. I know from looking at other parts of the bill that they have many paragraphs that state such and such is valid in the tax year beginning after 12/31/08. I don't think that means it is retroactive.
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Old 02-05-2009, 03:03 PM
 
135 posts, read 634,771 times
Reputation: 45
Quote:
Originally Posted by ufcrules1 View Post
They have all agreed to it. It's not going to be a payback. Like I said before its been accepted from both sides of the isle. They all agree on the bill how it is written. The only question that remains is if the stimulus passes with all of the other b.s. in it that will not stimulate our economy. If it gets rejected they will just come up with a new one until it passes. The 15k credit is not going anywhere though because its agreed on already.

Thanks..i am closing my house on May 2009. I will use this $15 on my media room....if it is 7500 only for media...
spend all the money..
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Old 02-05-2009, 03:07 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by boilrmkr View Post
Where do you see this info? Most people are saying it is valid on a purchase of a home for 1 year from the date the bill is signed. I know from looking at other parts of the bill that they have many paragraphs that state such and such is valid in the tax year beginning after 12/31/08. I don't think that means it is retroactive.
I've read it 100 times now. Just google it and you will find it everywhere.

The old bill ($7500) will end 12/31/08 and the new one will start Jan 1, 2009.

As long as you purchased anytime after December 31st, you will be included.
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Old 02-05-2009, 03:10 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Quote:
Originally Posted by newhomebuyer80 View Post
Thanks..i am closing my house on May 2009. I will use this $15 on my media room....if it is 7500 only for media...
spend all the money..
Thats what they want people to do with it.

The best advice I could ever give you would be to just put it on your principle and forget about it. You would save thousands and thousands of dollars by doing that. You won't listen to me though.. I wish you would.
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Old 02-05-2009, 03:12 PM
 
Location: Castle Hills
1,129 posts, read 2,284,142 times
Reputation: 605
Someone give me some reputation points already!!!!!!!!!!!!!
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