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Started By
Message
$8,000 homebuyer tax credit
Posted on 2/17/09 at 9:25 am
Posted on 2/17/09 at 9:25 am
3 questions:
Did Obama sign this thing yet?
If you are closing on a house within the next couple months, can you claim the credit for 2008?
Secondly, will websites like TurboTax have it increased from $7,500 to $8,000 soon?
Did Obama sign this thing yet?
If you are closing on a house within the next couple months, can you claim the credit for 2008?
Secondly, will websites like TurboTax have it increased from $7,500 to $8,000 soon?
This post was edited on 2/17/09 at 9:26 am
5
Posted on 2/17/09 at 10:38 am to josh336
1) Signing later today
2) Yes
3) Not sure
I hope this is your first home or you can forget about this tax credit.
2) Yes
3) Not sure
I hope this is your first home or you can forget about this tax credit.
Posted on 2/17/09 at 10:39 am to uscpuke
it is, appreciate the help
Posted on 2/17/09 at 10:59 am to josh336
quote:
Secondly, will websites like TurboTax have it increased from $7,500 to $8,000 soon?
Does it apply to this year's taxes or last year's? I assume it's not retroactive, so they still have a long time to update their system.
Posted on 2/17/09 at 11:17 am to go ta hell ole miss
You can apply to 2008, but only after you close, you can't claim it until you close if that's what you were asking about? You will have to amend your 2008 taxes if you close after you do your taxes.
Posted on 2/17/09 at 11:24 am to Croacka
I'm scheduled to close on March 6th, what should I do?
Posted on 2/17/09 at 11:25 am to josh336
quote:
I'm scheduled to close on March 6th, what should I do?
File your taxes on March 7th.
Posted on 2/17/09 at 11:26 am to josh336
quote:
Secondly, will websites like TurboTax have it increased from $7,500 to $8,000 soon?
I'm curious about this as well...
Posted on 2/17/09 at 11:28 am to Ziggy
appreciate the help guys, is this 8,000 tax credit definitely going to be a done deal now?
Posted on 2/17/09 at 11:36 am to josh336
as long as he signs it
Posted on 2/17/09 at 12:12 pm to Croacka
Anyone know what time today he's supposed to sign?
Posted on 2/17/09 at 12:14 pm to Ziggy
Is it still for all homebuyers? Or did they scale it back to first timers again?
Posted on 2/17/09 at 12:15 pm to ehidal1
quote:
Or did they scale it back to first timers again?
I believe it is just for first time homebuyers.
Also, from what I understand it doesn't have to be repaid as long as you stay in the house for 3 years.
Posted on 2/17/09 at 12:55 pm to Ziggy
ziggy,
so as I understand it, i'm still good right?
buy a house jan 1st 2009 to dec 1st 2009, you don't have to pay it back?
so as I understand it, i'm still good right?
buy a house jan 1st 2009 to dec 1st 2009, you don't have to pay it back?
This post was edited on 2/17/09 at 12:56 pm
Posted on 2/17/09 at 1:10 pm to josh336
4.) what if you are not a first time home buyer, but your co-borrower is. does it apply?
Posted on 2/17/09 at 11:03 pm to mydadbeatupyourdad
anything happen yet?
Posted on 2/17/09 at 11:25 pm to GeauxBroke
Does it matter if you buy your house from a relative?
Posted on 2/18/09 at 1:41 am to Ziggy
nm
This post was edited on 2/18/09 at 2:20 am
Posted on 2/18/09 at 8:04 am to mydadbeatupyourdad
quote:
4.) what if you are not a first time home buyer, but your co-borrower is. does it apply?
quote:
What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
If you are not married to the co buyer, you can allocate the credit amount to them.
Posted on 2/18/09 at 8:12 am to jmtigers
I still would like to know what happens to you if you bought a house this month, BEFORE the bill passed, but you got the 7500...?
if I stay in my house for at least 3 years, do i have to pay the 7500 back if I bought a house in 2009, but before the bill passed?
I'm thinking I don't have to, as I read it.
if I stay in my house for at least 3 years, do i have to pay the 7500 back if I bought a house in 2009, but before the bill passed?
I'm thinking I don't have to, as I read it.
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