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Old 02-04-2009, 03:11 PM
 
3,576 posts, read 5,810,494 times
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I'm beginning to believe the proposed 15K tax credit is beginning to pick up more steam in Congress. Even the Democrats are starting to join the Republicans in this proposal.

Does anyone know of anymore details. I doubt they will give someone buying a 150000 home the full 15K tax credit and it will be phased in the more money you spend.

Are there income limits being proposed also? The proposal would have no effect if they impose income limits on who would qualify.
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Old 02-04-2009, 03:19 PM
 
Location: Wouldn't you like to know?
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Why not make it 25K? how about 50K? Anything to artificially slow down the race for the bottom and take money out of my pocket.
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Old 02-04-2009, 03:53 PM
 
Location: Barrington
40,034 posts, read 30,528,861 times
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No details, just blah-blah:

3/08

Congress Considers $15,000 Tax Credit For All Home Buyers - News Story - WSB Atlanta (http://www.wsbtv.com/news/15575616/detail.html - broken link)



2/09
More housing measures could be added to stimulus
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Old 02-04-2009, 04:11 PM
 
1,340 posts, read 3,186,595 times
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Yes. This idea is stupid.

I get what they are trying to do. Ease the housing price crash versus letting it freefall. Much better to see 5% yearly losses for 4 years than 20% drop in a year is what I am guessing their thinking. This gives time for incomes to catch up in a few years and lessen the price correction.

I will tell you this. I hope to buy soon anyway. So I will jump all over this if it happens.
But I hope this doesn't make sellers think "my 100k house is now worth 115k" cause that is BS.
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Old 02-04-2009, 05:12 PM
 
1,989 posts, read 3,788,960 times
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Quote:
Originally Posted by NatasNJ View Post
But I hope this doesn't make sellers think "my 100k house is now worth 115k" cause that is BS.
Nailed it. The delusional sellers will be more delusional, but at least the realistic sellers will now at least have a shot at a sale.
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Old 02-04-2009, 05:27 PM
 
1,989 posts, read 3,788,960 times
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More details, breaking news. Senate APPROVES "up to" $15K tax break. 10% of purchase price up to 15k. Still need to see if this is only for first time buyers and whether it's a credit or you have to pay it back. It's still not a done deal, but pretty damn close:

Senate OKs $15,000 tax break for homebuyers - Yahoo! News (http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus - broken link)


[edit: A quote from another article: "Late Wednesday the Senate approved a plan sponsored by Sen. Johnny Isakson, R-Ga., to give anyone who buys a home this year a tax credit of $15,000, or 10 percent of the price, whichever is less."]

Last edited by cohdane; 02-04-2009 at 05:37 PM..
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Old 02-04-2009, 05:27 PM
 
Location: US
1,189 posts, read 3,516,258 times
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Alright...let's say for a minute I'm Tom Daschle and haven't paid my taxes since Bush I was in office...or whenever, you get what I'm saying. Mr. Daschle hasn't seen a tax form in years and thinks a 1040EZ is the new toll booth passcard.

Lets also say Mr. Daschle doesn't make much money. Is this "tax credit" thingymajig a big hunk of change added onto the money I get back from my federal tax return, or does this tax credit only help people that have to pay in taxes and don't see a return? Since I'm Tom Daschle, I obviously don't know much about filing taxes and would like a fairly straightforward explaination.
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Old 02-04-2009, 05:57 PM
 
3,576 posts, read 5,810,494 times
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Quote:
Originally Posted by cohdane View Post
More details, breaking news. Senate APPROVES "up to" $15K tax break. 10% of purchase price up to 15k. Still need to see if this is only for first time buyers and whether it's a credit or you have to pay it back. It's still not a done deal, but pretty damn close:

Senate OKs $15,000 tax break for homebuyers - Yahoo! News (http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus - broken link)


[edit: A quote from another article: "Late Wednesday the Senate approved a plan sponsored by Sen. Johnny Isakson, R-Ga., to give anyone who buys a home this year a tax credit of $15,000, or 10 percent of the price, whichever is less."]
I believe this will be a real tax credit. They may have you spread the credit over 2 years but blunt the costs to the government.

I read the article too just now. They say its "only going to cost" 19 billion. Compare this to the already 350 billion they just spent to try to bail out the big banks (this hasn't done anything to help the banks), 19 billion is chump change.

At least this will motivate people on the fence to encourage them to buy homes.

My brother sold his home in McLean Virginia near or at peak at the beginning of 2006 and is sitting on nearly 1 million dollars cash ready to jump back into a home in Southern California. There are lots of potential buyers like him out there who have been sitting on the sidelines the past couple of years. Up to 15K tax credit is huge. I just hope they don't set any income limits to this tax credit.
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Old 02-04-2009, 06:08 PM
 
1,989 posts, read 3,788,960 times
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I have to say 4% AND $15k is a head turner. The house and price still need to be in the ballpark though. Let's hope sellers meet Congress half way and stop pricing their homes above what they paid in 2006.*


*Grant that this is a massive generality and many factors can effect pricing.
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Old 02-04-2009, 06:11 PM
 
1 posts, read 4,015 times
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Thats the same question I have. I have one more question.....what happens if you buy a house this year, take advantage of the $15,000 and then sell the house in a year or two. Is there some IRS things to consider, like long or short term capitol gains or maybe even some new IRS rules to go along with this bill turned law?

smithl1232004
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