Any chance of the gov increasing the tax credit to 15k?
- Thread starter NEWSVTGUY
- Start date
I wouldn't mind seeing it. I'm looking at buying a house too.
I don't mean to come off sounding like an ass (so I apologize if I do) but are you serious? They are already giving you $8,000 of other taxpayers money you don't have to pay back and your asking for more? Doesn't that seem silly to you? Take your 'free' money and be happy.
...thinks Travis should buy me a house too...
Actually its 7,500 and you Do have to pay it back over 15 years at 500.00 per year at tax time. I just got it thats how I know. The great thing is its interest free.
My point is still a valid one, even more so if you really have to pay it back.
97BlackCobra
New Member
Is this credit applicable toward manufactured/modular homes?
That Im not sure of you need to check with a tax person
That's a completely different program. The $8,000 tax credit was put into place with the last stimulus bill and is valid for a house purchased this year. The $7,500 loan program was initiated last year.
Don't give advice if you don't know what you're talking about.
The $8000 credit is. It's even valid for a house boat.
+1, our realtor mentions it every time he sends us an email. $8k and no payback if purchased 1-1-09 to 12-1-09. To answer the OP's question, the 15k bill did not pass, but it was amended to 8k and no payback.
**** i really need to buy a house now
i believe its only for first time home buyers though.. am i correct?
^^^^^^^^^^^^^^
Could be, Katie and Andrew bought a house in Hellam yesterday, and they qualified for this. Although they are first time buyers.
Could be, Katie and Andrew bought a house in Hellam yesterday, and they qualified for this. Although they are first time buyers.
Last edited:
No it's not basically a loan. The 8k is a CREDIT. You dont have to pay that back. It's available for homes purchased this year as stated above. I dont know if you have to be a first time home buyer. I think you might have to be, but regardless you DONT pay it back so NOT a loan.
William
William
i believe it was amended to any home buyer, not just first-time
This thread is full of bad info.
No, it wasn't amended. The $8,000 credit is only available to first time home buyers. First time is defined as someone who hasn't owned a home in the last three years. If a married couple is buying, and one partner has owned a home in the last three years, neither person is eligible for the credit.
Last edited:
Ok to cut and paste the email from our realtor on this for some "facts:"
Homebuyer Tax Credit Feature:
Revised Credit - Effective for purchases after January 1, 2009 and before December 1, 2009.
Amount of Credit:
Maximum credit amount increased to $8,000.
Eligible Property:
Any single-family home (includes condos, townhomes) used as a principle residence.
Refundable:
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit will be refunded to the purchaser.
Income Limit:
Yes. Adjusted gross income of $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First-Time Homebuyer Only:
Yes. Purchasers and purchasers spouse may not have owned a principle residence in the last 3 years previous to purchase.
Revenue Bond Financing:
Purchasers who use revenue bond financing can use credit.
Repayment:
No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture:
If home is sold within 3 years of purchase, entire amount is recaptured at sale. Applies only to homes purchased in 2009.
Maybe that will clear a few things up.
William
Homebuyer Tax Credit Feature:
Revised Credit - Effective for purchases after January 1, 2009 and before December 1, 2009.
Amount of Credit:
Maximum credit amount increased to $8,000.
Eligible Property:
Any single-family home (includes condos, townhomes) used as a principle residence.
Refundable:
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit will be refunded to the purchaser.
Income Limit:
Yes. Adjusted gross income of $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First-Time Homebuyer Only:
Yes. Purchasers and purchasers spouse may not have owned a principle residence in the last 3 years previous to purchase.
Revenue Bond Financing:
Purchasers who use revenue bond financing can use credit.
Repayment:
No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture:
If home is sold within 3 years of purchase, entire amount is recaptured at sale. Applies only to homes purchased in 2009.
Maybe that will clear a few things up.
William
Glad I am in the market now.
Users who are viewing this thread
