bought house on the same day the income limit changed, now what!?! (recommendation, sales) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

icibiu · 01-08-2010, 02:26 PM

My husband and I bought a house this fall. Under the original bill we were only entitled to a small portion of the $8K due to being over the $150K income cap. We never even looked at the new bill since we had already bought.

Well now we are gearing up for tax season and we go back and read the amended bill and they changed the income cap to $225K to qualify for the full 8K, great since we now qualify for the whole thing right?? WRONG. We closed ON November 6th and the new bracket went into effect for sales occuring AFTER November 6th.

NOT COOL.

Do I have options here?

tryin2buy · 01-08-2010, 02:33 PM

Probably not, but check with a tax professional to be sure. I've become quite familiar with the new requirements.

The bad new is you make too much money. The good news is you make too much money (meaning your still employed)

rjrcm · 01-08-2010, 03:53 PM

Quote:

Originally Posted by icibiu

...Do I have options here?

I don't think so, but check with a tax professional or the IRS. As you said, the changes went into effect the day after Nov. 6th. Bad timing

.

One thing to verify is the date it officially became your house. Here, the house does not transfer until the deed is recorded. Did the deed record on the 6th, or was that just the day you signed closing papers?

gbone · 01-08-2010, 06:01 PM

Fortunately you didn't need the government handout in order to buy a house.

icibiu · 01-11-2010, 08:22 AM

Quote:

Originally Posted by gbone

Fortunately you didn't need the government handout in order to buy a house.

Well this is in the NE, so no we didn't NEED the $$ but $150K here is chump change. No living large here on that salary, it's peanuts.

Thanks for the recommendation on looking into which day the deed was transfered

stan4 · 01-11-2010, 08:27 AM

I never understand the people who complain about their tax bracket but then buy into and participate in robin hood thievery like these stupid house credits.

icibiu · 01-11-2010, 08:48 AM

Quote:

Originally Posted by stan4

I never understand the people who complain about their tax bracket but then buy into and participate in robin hood thievery like these stupid house credits.

Where exactly did some one complain about their "tax bracket"??

Perhaps you are lost...