$15,000 tax credit

[jeebuss31]

I know this was in another thread, but wanted to start a new one. Home buying bonus in the stimulus bill - Feb. 10, 2009.

"Another difference is that the Senate credit is good for one year following its enactment and is not retroactive. Homebuyers who make purchases before the credit takes effect cannot claim it; under the House bill, they can because the credit is retroactive to the start of 2009 and expires at the end of June. In both bills, buyers must live in the home for two years or forfeit the credit."

I just closed my home on 1/15/09. I did not take the $7500.00 credit bc I did not want to pay back the loan. But with this new bill,likely to pass, will I be honor this credit? It sounds like I will, but wanted to make sure.

[sweeps]

According to the San Francisco Chronicle, the stimulus plan includes:

-- Home buyer credit: $3.7 billion to repeal a requirement that an $8,000 first-time home buyer tax credit be paid back over time for homes purchased from Jan. 1 to Aug. 31, unless the home is sold within three years.

[TBH]

This is a good article. Most of the ones I've read haven't laid the bill's provisions out this clearly.

I was disappointed to see this, because this was the part of the bill that was going to help me the most:

A $15,000 tax credit for new home purchases, which home builders and real estate interests pushed to revive the housing market, was pulled from the bill.

But I think helping first-time buyers is more important.

It seems like those tax credits for 2009 and 2010 will take a long time to have an impact on the economy.

[jeebuss31]

Here is what Cnn had to say: "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)"

So this would apply to me since I bought the home on 1/15/09. Currently, we're not marrying until 5/30. Is this something we can claim this year or wait until 2010? Also, we normally make $130k-$145k together. Last year we made over $150k(I work OT to save up on a downpayment) would this affect me? My question is, is it for income earn 2008 or 2009?

[sweeps]

Followup: » How to Claim the First-Time Homebuyer Tax Credit

[swanson719]

Why do I feel like I've just been had by taking the $7,500 check? Wow I wish I had waited 5 more months to buy our house.

[rizzmo]

Wow this really upsets me . So let me get this straight since we bought our first home in October 2008 we get a $7,500 tax credit that has to be paid back. If we had purchased in 2009 or purchase before December 2009 we would have received a $8,000 tax credit that never has to be repaid provided we live in the home 36 months. So basically, we get screwed even though we bought when the economy was down. Hey good to know that my tax dollars will help lots of other people buy their new home ... I hear that they will most likely be able to do it with 0% down, with coming changes to legislation.

[swanson719]

Why don't we just pay a year's rent/mortgage for America? Giving 0% down and $8,000 free money is the equivalent for people in LCOL areas.

[red92s]

we get screwed even though we bought when the economy was down. Hey good to know that my tax dollars will help lots of other people buy their new home ... I hear that they will most likely be able to do it with 0% down, with coming changes to legislation.

I bet you didn't complain when someone else's tax dollars paid for your tax credit. Sounds like a gate-closer mentality.


That being said, I'd probably feel the same way in your shoes.

[autoxer]

Wow this really upsets me . So let me get this straight since we bought our first home in October 2008 we get a $7,500 tax credit that has to be paid back. If we had purchased in 2009 or purchase before December 2009 we would have received a $8,000 tax credit that never has to be repaid provided we live in the home 36 months. So basically, we get screwed even though we bought when the economy was down. Hey good to know that my tax dollars will help lots of other people buy their new home ... I hear that they will most likely be able to do it with 0% down, with coming changes to legislation.

I also just took the 7,500 tax credit for purchasing 05/2008, but I don't feel like I was screwed. I still got a 7,500 interest free 15 year loan. It's true that people buying in 2009 will get a better tax creit, but I'm glad that I cashed my stocks in last year and used them as a down payment before their value dropped.

[Snodog]

Too bad they got rid of the $15000 credit for everyone who bought a home. I was going to jump all over that.

[jeebuss31]

Thanks for the information guys! In my situation, do I still qualified for the credit even though we're not married yet? We're planning to file independently. I understand we can file it for 2008 and the house is under both of our names.