$ 15,000 Gift to home buyer!!
- Thread starter kayakangler
- Start date
C
czygvtwkr
Guest
,
Correction next two, all Congressmen and 1/3 of the Senate is up for re-Election.
:fixed:
R
RadioPatrol
Guest
BoyGenius
Cyber Bully Victim
gee can I get a Mortgage bailout after I move in .........
That does raise an interesting question: say you take the bait and buy a $300,000 house now. Then eighteen months from now the economy has continued to worsen, job losses grew more, and home prices dropped another 25%. So now your $300k house is worth $225,000. What then? Do we start the process all over again?
Caveman314
New Member
Easy... buy a house when you're ready for one, can find one in your target price, and when you're willing to ignore whether it goes up or down in value in the near term.
My husband and I bought 7 months ago. We knew perfectly well the housing market wasn't anywhere near the bottom, but we found something we liked that we could buy for the price we offered, and were willing to accept losing value in the short term.
And for the record, that tax credit has me tremendously upset. Philosophically because the housing market has to find its own bottom, and personally because hubby and I could spend that 8000 pretty darn quick if they gave it to _us_. We have a list half a mile long of things we want to do... but no money to do it with (we just bought a house, y'know... not like money grows on trees)... Instead, we're getting a crummy _loan_ from the gumment. If all they're giving _ME_ is a loan, I'll take that money, toss it in a CD for a few years, and give it back after it earns me some of my own money - good for me... but totally worthless for what they intended to happen.
/Caveman314
See, that's what it sounds like to me: didn't we already go through this and isn't this what helped bring about the mortgage collapse?
somdrenter
Sorry, I'm not Patch...
Yep.
Prices were over inflated, propped up by loose lending and toxic mortgages. Take away the funny money and….well….I guess we see the outcome.
Either prices return to fundamentals, or we keep pumping more funny money into one of the largest ponzi schemes in history, thus prolonging any downturn.
somdrenter
Sorry, I'm not Patch...
anyone know if this is true: (pulled from a website)
Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.
The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit’s size was still subject to negotiation.
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i just purchased a home, filed my taxes on saturday and had my home put in for the 7500 tax free loan, but i have been trying to figure out for sure or not if it would indeed become a 8000 no-repay tax credit
Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.
The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit’s size was still subject to negotiation.
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i just purchased a home, filed my taxes on saturday and had my home put in for the 7500 tax free loan, but i have been trying to figure out for sure or not if it would indeed become a 8000 no-repay tax credit
itsbob
I bowl overhand
You know I've been watching with much amusement how the same die-hard Republicans in here that preach all the tough love, pull yourself up by your bootstraps, you don't deserve chit from the Government, go work for it crowd, have been salivating over the thought of getting the $15 tax money and other goodies.
It seems when the timing is right for them it's OK to bankrupt the country, and when not, you're a lazy piece of chit welfare queen.
So me getting an extra $15 from the >$20,000 in taxes I pay a year is GREEDY and is going to bankrupt the country more so than someone that rakes in >$20,000 a year sitting on their ass watching Oprah every day??
You're a friggin genius alright..
BoyGenius
Cyber Bully Victim
Well Bob, let me ask you these "friggin ingenious" questions: if you buy a car at or near the sticker price and a few months later the manufacturer introduces a large rebate on the vehicle, what does that do to the price of your used car? If you answered that it lowers the price of your car as a trade-in, do you believe that analogy would apply to your next door neighbor's house? If the game rules are going to keep getting changed and sweeter with each change, what would lead me to believe that I should act now and not wait for a bigger pot of taxpayer gold? Next, if many of the people such as yourself that claim they are paying $20,000 of income tax per year all get a $15,000 tax credit to buy an unneeded house, who exactly is paying the country's bills that are paid with those tax dollars? Can we just borrow some money from China to cover the difference? Last, as previously mentioned in all the $15,000 homebuyer credit threads, by the smart folks, anything that creates a false bottom to the housing market is just delaying the inevitable and critical fix that housing really needs, which is home prices need to match the incomes of the people that live in the respective areas. Homes also need to get back to being first and foremost a place to live and not investments. If businesses can get cheaper housing for their workers, is that not the equivalent of a tax cut for their employees?
Tilted
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If you purchased the home before January 1, 2009, then the credit still has to be repaid. If you purchased it on or after January 1, 2009, then it no longer has to be repaid. In either case, the credit is now $8,000 instead of $7,000. I'm pretty confident that is the case, but frankly the tax code is so convoluted that it is easy to get lost tracing down the various section references in amendments.
itsbob
I bowl overhand
I would be paying the bills, as I make too much money to qualify for ANY of the proposed stimuli..
It could be 8K it could be 15k. either way at least it would actually be going back into the economy, and not into some CEO's pocket.
Besides, people sit on their ass all day and don't work, have NEVER added any thing to the tax system yet take home 15- 20K a year (easily).. it's time a working stiff gets something in return for the MILLIONS he's going to give up in taxes during their lifetime.
Besides, if we're going to spend a TRILLION dollars of the taxpayers money (whether we have it to spend or not), it would be nice if they threw the actual taxpayers a bone.
itsbob
I bowl overhand
Next, if many of the people such as yourself that claim they are paying $20,000 of income tax per year all get a $15,000 tax credit to buy an unneeded house, who exactly is paying the country's bills that are paid with those tax dollars? Can we just borrow some money from China to cover the difference?
And it's an easy solution.. for every house bought using the 15K tax credit remove ONE person from the welfare roles.. I'm not particular as to which one, just chose one.
It would pay for itself the first year and pay HUGE diveidends for the remainder of the former-recipients life.
Caveman314
New Member
Yeah, sorry hokie, if you bought before the 1st of January, you're in the same boat I am. We only get up to 7500, and we get to repay it....but hey, until it's fully repaid, there's always a chance they'll cut us some slack later.... The Powers That Be might just be dumb enough to forgive the loan once the repayment kicks in... they've done stupider things....
/Cave
i got lucky, i actually purchased mine just last week. i just read on one of the FAQs that if you purchased afater jan1st, you can file an amended return and get all that 8000 w/o repayment.
one of my friends got ####ted on, he closed on dec 23rd and won't get any help on this
would be nice to see him and all those who bought before jan 1st get the 7500 let gobutterfly08
New Member
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions