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Posted on 2/18/09 at 11:48 am to Croacka
thanks!
Posted on 2/18/09 at 12:56 pm to TheDoc
Be aware that this credit "phases out" if your modified adjusted gross income is above a certain amount. More specifically, if your MAGI is above $75k single or $150k married filing jointly the credit begins to phase out. At $95k MAGI for single filers and $170k for married filers the credit is completely phased out.
Yet another example of penalizing Americans for economic success...
Yet another example of penalizing Americans for economic success...
This post was edited on 2/18/09 at 12:57 pm
Posted on 2/18/09 at 1:43 pm to jglass3lsu
quote:
if your MAGI is above $75k single or $150k married filing jointly the credit begins to phase out.
well, I don't have to worry about that
Posted on 2/18/09 at 1:54 pm to TheDoc
If I buy now, this would be claimed on my 09 taxes right? Or can you amend 08 and get it now?
Posted on 2/18/09 at 2:04 pm to Awful Me
quote:
amend 08 and get it now
Posted on 2/18/09 at 4:32 pm to TheDoc
I just checked the irs website and they don't have the form up to claim it yet, it may take a couple of weeks before they have the correct form to file for the new credit.
Posted on 2/18/09 at 5:06 pm to Croacka
thanks man...
so what's the update with you?
so what's the update with you?
Posted on 2/19/09 at 6:40 am to TheDoc
but if you buy in 09, how can you use it for 08?
Posted on 2/19/09 at 6:56 am to Croacka
quote:
it may take a couple of weeks
Motha. fricka.
Do you think the online tax places like TaxSlayer, TaxACT, etc. will have the updated ($8K) credit within the next week or so?
Posted on 2/19/09 at 8:29 am to Ziggy
quote:
Do you think the online tax places like TaxSlayer, TaxACT, etc. will have the updated ($8K) credit within the next week or so?
I would think they would have it very soon after the irs's website has it. Keep checking irs.gov and search homebuyer. They have a form now, but only the old one.
Posted on 2/19/09 at 8:30 am to Awful Me
quote:
but if you buy in 09, how can you use it for 08?
They allow you to do it this way for some reason. I guess they just want you to get that money sooner so you can start stimulating.
Posted on 2/19/09 at 10:54 am to Croacka
I have already filed my taxes and received my refund.
So i would need to get the house and close before april 15th, and file the amendment right?
So i would need to get the house and close before april 15th, and file the amendment right?
Posted on 2/19/09 at 11:21 am to Awful Me
I think it could be after April 15th, you can amend anytime, even after April 15th.
The credit ends on December 1st
The credit ends on December 1st
This post was edited on 2/19/09 at 11:22 am
Posted on 2/19/09 at 12:29 pm to The Dude
quote:
Here's a good explanation of the deal. LINK
I think there is a mistake on the qualifying dates though. It says:
"To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009."
I thought you qualified if you purchsed in 2008?
Posted on 2/19/09 at 12:54 pm to Boudreaux35
quote:
I thought you qualified if you purchsed in 2008?
You qualified for the $7,500 credit (which must be paid back over 15 years) if you purchased in 2008. (I think it started in June or July of 2008).
Posted on 2/19/09 at 12:55 pm to Boudreaux35
quote:
I think there is a mistake on the qualifying dates though. It says:
"To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009."
I thought you qualified if you purchsed in 2008?
I read that the "free money," tax credit, was only granfathered back to houses purchased in 2009. before that it was still just going to be the zero interest 15 year loan.
This post was edited on 2/19/09 at 12:56 pm
Posted on 2/19/09 at 12:56 pm to Awful Me
Now i wonder if you amend your 08 taxes to include it, if it makes the loan and not the credit.
Posted on 2/19/09 at 1:37 pm to WikiTiger
quote:
You qualified for the $7,500 credit (which must be paid back over 15 years) if you purchased in 2008. (I think it started in June or July of 2008).
I see that now
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