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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.
If you found it in the IRS website then it is current law. This entire thread is about proposed legislation.
Quote:
Originally Posted by Dopo
Son of a ....... b.....
I knew that there was something weird about me being happy that Republicans were doing something.... at some point I knew there was gonna be some small writing screwing me over
IRS says that a family of four making less than $92,000 won't get the full $15,000.
If you give the money to people who can barely afford a house then we will be in the same foreclosure mess in a couple of years. If you give it to people who make enough money but are too scare to buy a home now they will go an buy.
Quote:
Originally Posted by Dopo
I would reply to that, but I'll just leave it alone.
I'll just say that I don't think the government should help people based on how much they paid on taxes.
It should be on "who needs help"
BTW, that's called "Patriotism"
And who does exactly need the help? The economy is what needs help and to help the economy you have to get the people that have money saved up to go an spend it.
JMHO
Is it official that there will not be a credit? I am in the process of selling a house and I would want the buyers to stall.
The Senate version did include the 15,000 tax break for first time home buyers
News is that the compromised new version of the stimulus that includes $789 B- cuts out the 15,000 tax break. It also cuts out the tax break for taxpayers to write off interest on car loans.
The Senate version did include the 15,000 tax break for first time home buyers
News is that the compromised new version of the stimulus that includes $789 B- cuts out the 15,000 tax break. It also cuts out the tax break for taxpayers to write off interest on car loans.
Good. I could not believe the government was seriously considering giving an individual $15,000 for just buying a house. Not even having to pay it back. WTF.
Good. I could not believe the government was seriously considering giving an individual $15,000 for just buying a house. Not even having to pay it back. WTF.
The objective was to "stimulate" the housing market. I had told my DD, who would be in the market within the next year or so, that she would probably want to buy something before the end of the year (to qualify for the credit). Multiply that times the thousands (millions?) of potential buyers out there (first-time or moving up)...maybe we could've worked out of the slump!
I know many more house-buyers than I do road builders. I firmly believe they cut out the part of the package that could have had the most beneficial impact to us "common" people!!
Of course this is the same Congress that spent YOUR tax dollar looking into steroid use by baseball players (who really cares?)...maybe time would have been better spent investigating the surge of foreclosures and bank CEO bonuses before everthing spiraled out of control...
Good. I could not believe the government was seriously considering giving an individual $15,000 for just buying a house. Not even having to pay it back. WTF.
They weren't GIVING anyone anything. They were saying that, if you bought a house, your tax obligation would be reduced by as much as $15,000 over two years.
It's not the governments money to give. (I happen to think that a major problem in America is tht government, government programs, and politicians of both parties have effectively convinced so many people that it is governments money, and we citizens should feel thankful when we are the beneficiaries of the governments largesse, bestowed upon us through various spending programs. But that's a different discussion.)
It's our money, and the government takes it, becasue we've agreed to this voluntary tax system we have that lets them take it. This tax credit measure was acknowledging that when you purchase a house, and can use that $15,000 to change or improve your new house, and in the process purchase goods & services from local businesses, you benefit the economy in ways that are more immediate, local and efficient than letting the government have that $15,000. Apparently Congress & the President disagree with that notion. I guess helping some government department (the specific one escapes me at the moment) move to a new building in DC is more important.
I heard its back down to $7500 and its restricted to first time home buyers only. Unsure if the other restrictions such as income have been lifted. Can anyone confirm whether is this:
1) $7500 tax credit meaning your AGI is reduced by $7500
or
2) $7500 tax credit meaning your total taxes owed is reduced by $7500
I heard its back down to $7500 and its restricted to first time home buyers only. Unsure if the other restrictions such as income have been lifted. Can anyone confirm whether is this:
1) $7500 tax credit meaning your AGI is reduced by $7500
or
2) $7500 tax credit meaning your total taxes owed is reduced by $7500
AFAIK it's #2, if it were #1 it would be a tax deduction not a tax credit
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