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Started By
Message
re: $7500 tax credit - clarification
Posted on 2/10/09 at 9:53 am to Croacka
Posted on 2/10/09 at 9:53 am to Croacka
quote:
The senate's plan is refundable, you get it no matter how much your taxes were.
The house is non-refundable, you can only get as much as you paid.
We'll have to see how they combine the plans, or which one passes?
Yeah we'll have to wait and see.
But if the house one passes, then it seems I get nothing at all, not even the original $7500.
2
Posted on 2/10/09 at 9:56 am to Ziggy
quote:
If you have to own the home before you can file it on your taxes, why is line C there? It’s very misleading…
I agree with this...
kinda confusing eh?
I hope that I won't have to pay back the 7500 I got, but if i do it's not a big deal since I was expecting to pay it back anyways.
it would def help out though with some home improvements to make my house worth more money.
Posted on 2/10/09 at 9:56 am to Ziggy
If you purchased in 2008, neither of the plans have any effect on you.
The senate plan is retroactive to Jan 1st.
The house plan is only active after enactment.
Plain and simple.
The senate plan is retroactive to Jan 1st.
The house plan is only active after enactment.
Plain and simple.
Posted on 2/10/09 at 9:58 am to Croacka
what about in my situation Croaka?
bought a house in 2009, before the new bill passes, and I already got 7500.
You think the senate bill is the one they are going to pass?
bought a house in 2009, before the new bill passes, and I already got 7500.
You think the senate bill is the one they are going to pass?
Posted on 2/10/09 at 9:58 am to TheDoc
quote:
I love this bill. I’m filthy rich, already bought a house, am paying cash for it, and closing in early March, and will now get $15k in free money from Obama. And I didn’t even vote for him! And I’m white!
what an arse!
Posted on 2/10/09 at 9:59 am to Croacka
quote:
If you purchased in 2008, neither of the plans have any effect on you.
The senate plan is retroactive to Jan 1st.
The house plan is only active after enactment.
Plain and simple.
I didn't purchase yet though, that's the thing.
My closing date is set for a few weeks away (Feb 27th). And after running through my taxes a week or so ago (but not filing), I don't OWE any federal tax, I'm actually getting a few hundred dollar refund.
Posted on 2/10/09 at 10:00 am to TheDoc
quote:
You think the senate bill is the one they are going to pass?
No idea, I'm interested in money, not politics.
Posted on 2/10/09 at 10:01 am to Ziggy
quote:
My closing date is set for a few weeks away (Feb 27th). And after running through my taxes a week or so ago (but not filing), I don't OWE any federal tax, I'm actually getting a few hundred dollar refund.
All you can do is pray for the refundable option. You can't claim the old credit if the new one passes, it'll be too late for you.
I'm scheduled to close next week.
ETA: I probably owe very little tax also, so I'm with you.
That's what I don't understand, the only people who owe 15K in taxes should already make enough to buy a home. Why not help the ones who need it more?
This post was edited on 2/10/09 at 10:03 am
Posted on 2/10/09 at 10:05 am to poboydressedplease
quote:
The only question that remains does anybody that already took the $7500 have to pay it back or just 08 homebuyers?
08-not effected, still pay it back
09-Depends on if its retroactive. You should be able to amend taxes if you purchased in 09 and the bill is retroactive.
Posted on 2/10/09 at 10:05 am to Croacka
quote:
All you can do is pray for the refundable option. You can't claim the old credit if the new one passes, it'll be too late for you.
That's what fricking blows. And yes, I've heard you CAN claim the $7500 credit early, i.e. before the actual closing date (ask TheDoc, he did it).
quote:
ETA: I probably owe very little tax also, so I'm with you.
quote:
That's what I don't understand, the only people who owe 15K in taxes should already make enough to buy a home. Why not help the ones who need it more?
Good point.
Posted on 2/10/09 at 10:07 am to Ziggy
The Senate bill takes effect upon signature by Obama. Like me, you are just waiting to see if the House Bill is what gets inacted which forgives the pay-back requirement.
Posted on 2/10/09 at 10:07 am to TheDoc
update:
quote:
"And adding to the confusion is in the house version of the stimulus package, they voted to remove the requirement to repay the $7500 first time homebuyer credit. Assuming the stimulus package passes the senate today, the house and senate will then work to reconcile their differences. What comes of that is anyones guess."
Posted on 2/10/09 at 10:09 am to TheDoc
quote:
they voted to remove the requirement to repay the $7500 first time homebuyer credit.
That would help a lot of people, but I don't know why they should do it, because it won't influence the market, like I stated earlier.
Posted on 2/10/09 at 10:09 am to TheDoc
If the House version or the senate version of the new Bill gets adopted, you won’t have to pay the 7,500 back, if you bought a house in jan-feb 2009.
Posted on 2/10/09 at 10:09 am to Croacka
This does not specify but 'sounds like' no one that took the 7500 credit has to pay it back?
LINK
quote:
Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on the market. The stimulus bill now under consideration would make that tax credit a true credit that doesn't need to be repaid.
LINK
Posted on 2/10/09 at 10:11 am to Croacka
quote:
because it won't influence the market
they are hoping people are going to go out and spend it on house stuff, helping to improve the economy AND improving their own home.
so far, things are looking good for 2009 buyers.
2008? I think they will still have to pay back the money.
Posted on 2/10/09 at 10:11 am to TheDoc
quote:
If the House version or the senate version of the new Bill gets adopted, you won’t have to pay the 7,500 back, if you bought a house in jan-feb 2009.
But you will still have to claim the credit BEFORE Obama signs something to get the guaranteed $7500, yes?
Posted on 2/10/09 at 10:12 am to poboydressedplease
poboy,
that's what I'm reading too.
either version passes, homebuyers in 2009 won't have to pay the 7500 back.
that's what I'm reading too.
either version passes, homebuyers in 2009 won't have to pay the 7500 back.
Posted on 2/10/09 at 10:12 am to TheDoc
quote:
so far, things are looking good for 2009 buyers.
Not if they do the $15K thing as a non-refundable.
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