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Started By
Message
$15k Home Buyer's Credit - Example and question
Posted on 2/10/09 at 7:25 pm
Posted on 2/10/09 at 7:25 pm
Guys ... a little help on this $15,000 tax credit, assuming it passes as is and I buy a house valued at over $150k in 2009.
My federal income taxes for 2008 were approximately $10,000. If we assume my taxes stayed the same for 2009 and 2010, does that mean in 2009 I would owe ZERO in taxes and get all $10,000 back that I paid in throughout the year? ... and in 2010 I would only owe $5000, getting $5000 back from money I had paid in throughout the year?
Am I interpreting all of this correctly? Seems too good to be true, and it also seems like if this passes I would be stupid not to buy a house in 2009. What am I missing and what are the negatives?
ETA: After researching, this is the best article I've read on the credit CNNMoney article on Home Buyer's Credit
My federal income taxes for 2008 were approximately $10,000. If we assume my taxes stayed the same for 2009 and 2010, does that mean in 2009 I would owe ZERO in taxes and get all $10,000 back that I paid in throughout the year? ... and in 2010 I would only owe $5000, getting $5000 back from money I had paid in throughout the year?
Am I interpreting all of this correctly? Seems too good to be true, and it also seems like if this passes I would be stupid not to buy a house in 2009. What am I missing and what are the negatives?
ETA: After researching, this is the best article I've read on the credit CNNMoney article on Home Buyer's Credit
This post was edited on 2/10/09 at 8:16 pm
2
Posted on 2/10/09 at 8:31 pm to JPLSU1981
This is one version of the plan.
We have to just wait and see what the House and Senate agree on. They have separate plans. We'll know more next week. This thread has a lot of questions and speculation:
Ignore the title, it's deceiving
We have to just wait and see what the House and Senate agree on. They have separate plans. We'll know more next week. This thread has a lot of questions and speculation:
Ignore the title, it's deceiving
Posted on 2/11/09 at 7:15 am to Croacka
I wonder if any of their plans will be retroactive b/c I purchased a foreclosed home in Dec. 2008??
Posted on 2/11/09 at 7:18 am to Hammond Tiger Fan
All this shite is still up in the air at the moment.
All we can do is speculate and wait right now, which really sucks.
All we can do is speculate and wait right now, which really sucks.
Posted on 2/11/09 at 7:19 am to Ziggy
pretty much
Posted on 2/11/09 at 7:24 am to TheDoc
Hopefully we hear new something relatively soon....
This post was edited on 2/11/09 at 7:25 am
Posted on 2/11/09 at 7:27 am to JPLSU1981
quote:
My federal income taxes for 2008 were approximately $10,000. If we assume my taxes stayed the same for 2009 and 2010, does that mean in 2009 I would owe ZERO in taxes and get all $10,000 back that I paid in throughout the year? ... and in 2010 I would only owe $5000, getting $5000 back from money I had paid in throughout the year?
Actually, if it holds as in the senate and you buy in 2009 you:
1) Can immediately file an ammendment to get the $10K you paid in 2008 all back right away; and
2) Whatever you have left ($5K in your example) you can use in 2009.
you would not have to wait to 2010
Posted on 2/11/09 at 7:41 am to igoringa
quote:
and you buy in 2009
jan 1st - dec 31st?
Posted on 2/11/09 at 7:45 am to TheDoc
quote:
jan 1st - dec 31st?
My bad, current bill written is from the day of enactment through 12 months (so Feb ___, 09 to Feb __, 10). Sorry about that.
Although the WSJ says OBama is pressing to have this credit reduced so he can provide more honey bee insurance, er I mean education spending.
Posted on 2/11/09 at 8:07 am to Hammond Tiger Fan
you do realize there is a separate $7000 tax credit for buying a foreclosure, correct?
Google $7000 tax credit
Google $7000 tax credit
Posted on 2/11/09 at 8:10 am to poboydressedplease
I may be wrong, but I dont think it ever became law
Posted on 2/11/09 at 8:24 am to igoringa
I bought a house last week, and got the 7500 for doing so.
i'm thinking that I'm not going to have to pay that back from what i've been ready.
i'm thinking that I'm not going to have to pay that back from what i've been ready.
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