$8,000 tax credit for first time home buyers in 2009 only.

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PyroHoltz

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Hey everyone, I just heard details of a credit to first time home buyers that purchase between Jan 1, 09 and Dec 31, 09. Those who qualify get $8,000 as a refundable tax credit that does not require repayment :eek: This is unlike the $7,500 credit (no interest loan) for those of us who purchased during the last half of 2008. :rolleyes:

http://www.federalhousingtaxcredit.com/2009/glance.php

Now go get your cash from the Gov't. :p
 
FU....


I got a house and paying for the whole thing, damnit. :(
 
Wife & I were planning on buying a house this year anyhow. This is a good deal. Now if only I could find something I could afford (sub 200k, chicago area) that isn't 1+ hours from work.

My wife was looking in plainfield and conservatively it's 1.5 hours by metra each way. BLAH.
 
I would live in a trash can before I live 1.5 hours away from work again spending 280 hours a year in traffic not fun.
 
Might as well just lock this now and save everyone the headache. Even better, how about a no tax refund related deals policy anymore?
 
Yeah I got screwed with this unfortunatley, I was hoping for the retroactive date which was initially proposed.

Anwyays, I hope this deal gets some of these forclosed homes off the market.
 
I heard you have to stay at the home for 3 years, and if you don't you have to pay the credit back?
 
According to the lady and HR Block office where I got my taxes done California is also offering a 9k credit (although doled out over 3 years) for 2009 Brand new home purchases. We got the $7,500 credit since I was a first time buyer.
 
Robstar said:
Wife & I were planning on buying a house this year anyhow. This is a good deal. Now if only I could find something I could afford (sub 200k, chicago area) that isn't 1+ hours from work.
My wife was looking in plainfield and conservatively it's 1.5 hours by metra each way. BLAH.
Click to expand...
go to metrarail.com and look at the maps and schedules. Some stops have better service with the express trains. I'm in the northwest burbs (UP-NW line) with a 5 minute walk to the metra station, 40-45 minutes on the train, then a short walk to work. It's 60-70 minutes door to door. As for 280 hours "in traffic", you can easily read a book, listen to music, surf the web or play a game on a laptop on metra, so you can make good use of the time.
 
Does this mean you pay $8000 less in taxes, or your taxable income goes down $8000? I am tax noob.
 
Take this now, pay exorbitant taxes later. The national debt is going to keep tripling if we keep this up.
 
DudeItsMe said:
Does this mean you pay $8000 less in taxes, or your taxable income goes down $8000? I am tax noob.
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It's an $8000 tax rebate which does not have to be repaid.

Example:

You were getting a $500 tax refund and qualify this program. Nowyou will get a $8500 refund. If you owed $500 in taxes, you'd get $7500.
 
DudeItsMe said:
Does this mean you pay $8000 less in taxes, or your taxable income goes down $8000? I am tax noob.
Click to expand...

This is known as a refundable tax credit, meaning it is NOT a deduction of your income AND, it is not to be paid back.

john600rr said:
It's an $8000 tax rebate which does not have to be repaid.

Example:

You were getting a $500 tax refund and qualify this program. Nowyou will get a $8500 refund. If you owed $500 in taxes, you'd get $7500.
Click to expand...

Like John says, it can cover an amount owed in taxes and you keep the difference, or you can take it in addition to any other federal refunds.

Bottom line, its pretty much the best thing since sliced bread. ;)

The way I look at it is, if the Gov't is going to offer it, you might as well get yours because if not, someone else will.
 
I find it easier not to sugar coat things which creates a false sense of reality.
 
w1retap said:
I find it easier not to sugar coat things which creates a false sense of reality.
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One man's sugar coating is another man's spin doctoring. This thread will eventually spiral out of control and be locked.

No more tax based deals imho.
 
Silly me. I can't afford a house, so I'm not buying one.

I wish a lot of stupid people in the last few years had done the same.
 
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