Comments on: $15,000 Homebuyer Tax Break

By: nancy kelly

nancy kelly — Sun, 28 Jun 2009 19:29:00 +0000

I have ownership of a townhome for the past 28 years. My father originally put the downpayment down, and for several years I paid all of the mortgage payment. Then my father and I signed some papers making me the owner. Is my father the owner, and am I a first time buyer. I never bought the home to begin with, just make payments then I became the owner. I am trying to get to Vermont in 2010. Would I qualify for the $15000 om 2010? Or would I be disqualified from the tax break. I do have the papers signing the property over to me after a few years from my father’s name to mine. Please help and e mail me right away about these questions, and concerns. It will help me so much. Waiting in gratitude. Nancy Kelly

By: Rebeca

Rebeca — Thu, 04 Jun 2009 00:27:40 +0000

How do i apply for the $8000

By: jim

jim — Sun, 22 Feb 2009 00:04:25 +0000

can i apply for the 8,000 as well 7,500 or can you only get one ?

By: Tim

Tim — Sat, 14 Feb 2009 23:17:44 +0000

I closed on a new home in June 2008, but sold a condo i owned in August 2007. I am married and meet the AGI income requirements. UNDER the new law will it remove the “owning a primary residence in the last 3 years” requirement, even if i purchased in 2008 ?

THANKS !!

Tim

By: Greg

Greg — Fri, 13 Feb 2009 14:42:51 +0000

sorry correction on my last sentence.

“I find it very hard to believe that if they make in non-refundable for one that they won’t make it retroactive for the people qualified for $7500″

By: Greg

Greg — Fri, 13 Feb 2009 14:34:25 +0000

I read this article also. I qualified for the $7500 and have claimed the $7500, but the way I read this the whole credit is now non-refundable, for the people who claimed the $7500 and for the people who will claim the $8000.

I find it very hard to believe that they will make it non-refundable for everybody. What do you think????

By: Sumit

Sumit — Fri, 13 Feb 2009 13:49:45 +0000

Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit’s expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

The full credit is available to those making $75,000 or less ($150,000 for joint filers). Estimated cost: $6.6 billion.

By: Sumit

Sumit — Fri, 13 Feb 2009 13:48:02 +0000

If you bought the house in 2008 even on Dec 31st 2008. You are not part of the new Stimulus plan..New stimulus plan start from Jan 1 2009 thru Dec 31st 2009. Also, You don’t have to stay in the house for 3 years.

Also, $15000 has been cut down to $8000.

By: SH

SH — Fri, 13 Feb 2009 04:23:25 +0000

regarding tax breaks for home buyers:

Does this mean I can expect to actually receive money of up to $15,000? Supposing my home is valued at $190,000 when I purchased it last June 2008, how much am I suppose to receive as tax break? And again, will I actually receive the money?

can anybody please enlighten me on this?

By: Sumit

Sumit — Thu, 12 Feb 2009 17:05:41 +0000

All the detail should be here by Saturday or Friday Night..Let’s see who’s the Winner.

By: Greg

Greg — Thu, 12 Feb 2009 15:31:39 +0000

I wonder if they kept the provision on making the old and new credits non-refundable.

By: Sumit

Sumit — Thu, 12 Feb 2009 01:39:51 +0000

Negotiators all but eliminated the biggest tax cut for businesses, a provision that would let companies convert losses into tax refunds, Baucus said. He said the provision, which would have let companies claim an estimated $67.5 billion in tax refunds this year and next, was sacrificed to help keep the final package under $800 billion. A proposed $15,000 tax credit for homebuyers was reduced to $8,000, Baucus said.

By: Sumit

Sumit — Wed, 11 Feb 2009 22:23:10 +0000

Found this information on bloomberg:

Asked what a proposed $15,000 tax credit for homebuyers looks like in the compromise plan, Baucus laughed and said, “not much.” He said that proposal has largely been dropped, though he didn’t provide details.

By: saladdin

saladdin — Wed, 11 Feb 2009 15:52:44 +0000

How is that unfair?

So if I buy a car for 20K last year and now that same car is 10K I should get 10K back from the dealer?

saladdin

By: I'm with RS

I'm with RS — Wed, 11 Feb 2009 15:12:24 +0000

I’m with RS on this one. There has to be a cut off date for this $15,000 (even the $7,500) otherwise where do you stop? If you start allowing people who bought their home a month prior to either break going into effect then the people who bought their home one month and 1 day before will be complaining.

Think of it this way, if you got the $7,500 and don’t get the $15,000 then you’re way ahead on people who bought their homes and received no break.

It pisses me off when people bitch that someone else got the better deal when there are others out there who got no deal what-so-ever.

Oh and if I buy a laptop, return it and find that all the people behind me are getting free laptops – sorry that I’m not a whiny little kid like you think I am – I accept that I missed out on a good deal because I wasn’t in the right place at the right time.

Life isn’t always fair – suck it up and deal with it.