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fyi, i'm putting this information here again that i found in the irs webpage
tax credits provide funds for first-time homebuyers, childcare, education and more (http://www.irs.gov/newsroom/article/0,,id=202107,00.html - broken link)
at the bottom of the page
credits save taxpayers money these credits can increase a refund or reduce a tax bill. Usually, credits can only lower a tax liability to zero. But some credits, such as the eitc, the child tax credit, the recovery rebate credit and the first-time homebuyer credit, are refundable –– in other words, they can make the difference between a balance due and a refund.
q: i don’t owe taxes and did not have taxes taken from my paycheck, do i qualify for the credit? a: Yes, the credit is fully refundable, and you can claim the credit even if no taxes were withheld from your paycheck.
so as of right now...we dont know the date when its going to start from...damn..my home closing on April 3rd week - May 1st week; I think i will get $7500 pay back only..
The President wants to sign this by the 16th of February. We are scheduled to close this Friday the 13th. Depending on what happens in the Senate we may move our closing to the 20th. After the Senate it goes to a committee made up of House and Senate members to fine tune it. Then it will go to the President and he will sign it immediately. I may be taking a chance since it may get tossed, which I doubt, or it could be delayed even more. I think it is worth it.
I think you'll be totally fine it this thing happens.
From what i saw on the news the 15000 deduction was not part of the compromise.That was the republican proposal and only threee republican were part of the compromise deal.
From what i saw on the news the 15000 deduction was not part of the compromise.That was the republican proposal and only threee republican were part of the compromise deal.
Yeah, there was no need to compromise on the 15K housing credit because both senate republicans and democrats agree on this amendment.
What I'm afraid of is when the bill passes back to the House, those house members will try to add an income limit provision to the 15K housing credit saying something like singles making less than $125K or couples making less than $250K a year would qualify.
That would kill the housing credit stimulus. If they were to put income limits, the people who could afford to stimulate the economy (those who have money to spend) will lose any incentive to jump back into the housing market.
I know you liberal Democrats will try to spin it another way by saying, "well the richer people already can afford to get whatever house they want and they do not need any help"
In this economy, any incentive tax credit will help move homes again, especially for people waiting on the sidelines.
Yeah, there was no need to compromise on the 15K housing credit because both senate republicans and democrats agree on this amendment.
What I'm afraid of is when the bill passes back to the House, those house members will try to add an income limit provision to the 15K housing credit saying something like singles making less than $125K or couples making less than $250K a year would qualify.
That would kill the housing credit stimulus. If they were to put income limits, the people who could afford to stimulate the economy (those who have money to spend) will lose any incentive to jump back into the housing market.
I know you liberal Democrats will try to spin it another way by saying, "well the richer people already can afford to get whatever house they want and they do not need any help"
In this economy, any incentive tax credit will help move homes again, especially for people waiting on the sidelines.
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?
I know you liberal Democrats will try to spin it another way by saying, "well the richer people already can afford to get whatever house they want and they do not need any help"
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.
The problem is that it doesn't help all the people that have been layed off
(I guarantee they are not buying a house)
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.
Poor people can't fly to Jamaica or Europe and spend their tax cut over there and they can't put their tax cut in a foreign bank account to avoid paying taxes.
All the money that they get, they spend it in our economy.
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?
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.
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.
Maybe, but I really doubt it,
the reason they are doing this is "to make people go and buy houses"
So I doubt is gonna work for you (but who knows)
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