Senate approves $15,000 tax credit for homebuyers (apartments, to rent, condos)

[sholden]

Originally Posted by block911

15K per house. It’s a flippers subsidy.

4% fixed rates will allow most to refinance and that will put a band aid on foreclosures.

If you are renting on SI and paying $1,200 rent and have 15 thousand in savings. You could get into that 150K Coop with mortage of $644 per month(135K @4.0%).

you add a 15K free money bonus and you’d be a retard not to take it.

Bottom of the chain is fixed it will work itself up in no time.

It could help form a bottom in nominal terms. It could be the mustards seeds that we need.

Who pays $1200/month rent for something that sells for $150,000 currently?

[NatasNJ]

Originally Posted by SweepTheLeg

They weren't entitled to it anyway, either being misinformed or whatever.

As you would be by not buying in 2009 or whenever this bill allows you to claim the credit.

[SweepTheLeg]

Originally Posted by NatasNJ

As you would be by not buying in 2009 or whenever this bill allows you to claim the credit.

What I'm saying is this...

People who were eligible for the first credit should be eligible for the new credit. It's not that hard to understand.

[frankgn87]

and along the same lines, you are not entitled to the 15k credit either.

Originally Posted by SweepTheLeg

They weren't entitled to it anyway, either being misinformed or whatever.

[mikieguns]

i am gonna have to disagree with some of you here, like sweep. i understand your concern. but i don't think these stimulus programs are out to make EVERYONE happy. it's impossible. there has to be a start and end date for this kind of stuff. can't make everything retroactive. this is life! it's just like playing the interest rate game. some win. some lose.

nevertheless, this sounds like a great program. i am hoping to take advantage as i am getting closer to choosing a house.

[Scott99999]

I've actually been fuming about this , since my wife and I made just over the income limits this year, which is hardly being "rich" in this NY Metro area. They should have either removed the income cap OR made it vary by area.

We've both worked multiple jobs and lots of OT for many years to save money for a home and still owe $5k on taxes this year. We could have scaled back and gotten a $15k freebie - that's six months or more of savings.

Since you lose so many deductions in the $100k-$200k range, and you jump into a higher tax bracket, it's like you've suddenly been catapulted into the "rich" category, which is utter nonsense, considering how expensive things are in this area.

[frankgn87]

how about maybe looking at $300k houses instead of $500-600k houses and not spending $700 a month on food for 2 then? I'm sorry but I don't feel bad that your mad you don't get the $15k back when you can afford a $600k house. No offense against you personally.. We also worked hard for many years..

Originally Posted by Scott99999

I've actually been fuming about this , since my wife and I made just over the income limits this year, which is hardly being "rich" in this NY Metro area. They should have either removed the income cap OR made it vary by area.

We've both worked multiple jobs and lots of OT for many years to save money for a home and still owe $5k on taxes this year. We could have scaled back and gotten a $15k freebie - that's six months or more of savings.

Since you lose so many deductions in the $100k-$200k range, and you jump into a higher tax bracket, it's like you've suddenly been catapulted into the "rich" category, which is utter nonsense, considering how expensive things are in this area.

[NatasNJ]

Originally Posted by SweepTheLeg

What I'm saying is this...

People who were eligible for the first credit should be eligible for the new credit. It's not that hard to understand.

I understand.

ME ME ME... I want the credit. ME ME ME...

Does that sum it up?


My point was if you bought during the LAST credit there was surely a group of people who just missed that one who were probably saying the same thing. So get over it.

[NatasNJ]

Originally Posted by Scott99999

I've actually been fuming about this , since my wife and I made just over the income limits this year, which is hardly being "rich" in this NY Metro area. They should have either removed the income cap OR made it vary by area.

We've both worked multiple jobs and lots of OT for many years to save money for a home and still owe $5k on taxes this year. We could have scaled back and gotten a $15k freebie - that's six months or more of savings.

Since you lose so many deductions in the $100k-$200k range, and you jump into a higher tax bracket, it's like you've suddenly been catapulted into the "rich" category, which is utter nonsense, considering how expensive things are in this area.

You are on the bubble area and yeah you lose out on many things. But really overall you have to appreciate that you are doing well. Sure it sucks landing on their imaginary line of being "rich" but think how much more it woudl suck to land right above the line of being on "welfare" and making enough to be middle class.

[tahiti]

Originally Posted by NatasNJ

You are on the bubble area and yeah you lose out on many things. But really overall you have to appreciate that you are doing well. Sure it sucks landing on their imaginary line of being "rich" but think how much more it woudl suck to land right above the line of being on "welfare" and making enough to be middle class.

This is EXACTLY how I look at it. Sure, we miss out on things like the child tax credit and writeoffs for child care, but would I trade my financial position with someone who struggles (or not even struggles per se) but gets these credits? No.

Having this perspective adds years to your life, LOL.