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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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1st time home buyers credit
They might be voting on whether to extend it today!!!!!
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Posted 10/27/09 10:03 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 1st time home buyers credit
 Do you have a link to this? I don't see this news anywhere.
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| Posted 10/27/09 10:31 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: 1st time home buyers credit
It was on channel 4 news this morning and I saw something on CNBC's website. THey are trying to bundle it with other things.
I'll try and find the link....CNBC Article
Here is one of them...there was another that I cant find now
Message edited 10/27/2009 11:00:04 AM.
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| Posted 10/27/09 10:54 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: 1st time home buyers credit
that would be great if it actually went through.... although i have to say, this deadline has been causing FH and I a headache. We've been getting into all these bidding wars recently for a house since everyone was trying to get in before the 8k deadline credit. we're hoping there will be less "competition" when the deadline passes. but it would still be great if it was available!
Message edited 10/27/2009 12:12:09 PM.
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| Posted 10/27/09 12:11 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 1st time home buyers credit
Interesting that the article says they are possibly looking to extend it and open it up to all buyers.
However I just don't see it happening. I could be wrong though, and if they open it up to all buyer I HOPE i'm wrong.
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| Posted 10/27/09 12:31 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: 1st time home buyers credit
Posted by ave1024
Interesting that the article says they are possibly looking to extend it and open it up to all buyers.
However I just don't see it happening. I could be wrong though, and if they open it up to all buyer I HOPE i'm wrong.
I don't even see how that would be possible? What do you mean by ALL buyers? All first time buyers, regardless of income? They better extend it to people that already closed!!!!!!!
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| Posted 10/27/09 12:44 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 1st time home buyers credit
Posted by ave1024
Interesting that the article says they are possibly looking to extend it and open it up to all buyers.
However I just don't see it happening. I could be wrong though, and if they open it up to all buyer I HOPE i'm wrong.
the article says:
That bill would cost nearly $17 billion, which is why we expect the amendment to be defeated.
about offering it to all buyers and raising the income requirements.
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| Posted 10/27/09 3:51 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: 1st time home buyers credit
the latest news is that the Dems and Repubs are in agreement and that a vote in the senate will be done tonight.....
WHat the details are I havent heard yet but who cares...if it is at least 8K im happy.
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| Posted 10/27/09 4:12 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: 1st time home buyers credit
Posted by alli3131
the latest news is that the Dems and Repubs are in agreement and that a vote in the senate will be done tonight.....
WHat the details are I havent heard yet but who cares...if it is at least 8K im happy.
where did you get this info from?? I can't seem to find anything on the web about it
either way please keep us posted if you can 
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| Posted 10/27/09 4:14 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: 1st time home buyers credit
they are constantly updating on CNBC.
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| Posted 10/27/09 4:16 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: 1st time home buyers credit
I know that the Republicans wanted to increase income limits last year and extend the credit to all home buyers (whether it be a first home or a second/third home) but that effort failed. Maybe this time, it will go through though.....
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| Posted 10/27/09 4:35 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: 1st time home buyers credit
bimp for update, i don't see one that says anything of importance...
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| Posted 10/27/09 8:05 PM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
Name:
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Re: 1st time home buyers credit
Found this on USA Today:
Update at 5:08 p.m. ET: Because of fraud and administrative snafus, the IRS handed out $620 million in credits last year to filers who weren't eligible. As a result, the IRS will review by hand the tax returns of all filers claiming the first-time-buyer's credit for 2009 or amending their 2008 returns, MarketWatch reports. That means a long wait for your $8,000.
Yikes. A lot of people were counting on that money to help with all the expenses of first owning a home, and it's apparently going to be a long time before people who closed in time even get to see it.
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| Posted 10/27/09 9:14 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: 1st time home buyers credit
Posted by rkoenke
bimp for update, i don't see one that says anything of importance...
Here is the latest.....if anyone wants to find updated info...go on financial news cause the regular mews outlets won't update as often
CNBC
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| Posted 10/27/09 9:38 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 1st time home buyers credit
Posted by DavaDay
Found this on USA Today:
Update at 5:08 p.m. ET: Because of fraud and administrative snafus, the IRS handed out $620 million in credits last year to filers who weren't eligible. As a result, the IRS will review by hand the tax returns of all filers claiming the first-time-buyer's credit for 2009 or amending their 2008 returns, MarketWatch reports. That means a long wait for your $8,000.
Yikes. A lot of people were counting on that money to help with all the expenses of first owning a home, and it's apparently going to be a long time before people who closed in time even get to see it.
I'm fine with that and it's nice to see them examining these transactions with more scrutiny. There was plenty of fraud involved with this program.
If your house purchase was legit, you will get your 8k in time. Frankly if the 8k was such life and death that you needed it "right away"... you may have bought a little too much house in the first place.
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| Posted 10/28/09 12:33 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: 1st time home buyers credit
todays update
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| Posted 10/28/09 1:38 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: 1st time home buyers credit
Posted by DavaDay
Found this on USA Today:
Update at 5:08 p.m. ET: Because of fraud and administrative snafus, the IRS handed out $620 million in credits last year to filers who weren't eligible. As a result, the IRS will review by hand the tax returns of all filers claiming the first-time-buyer's credit for 2009 or amending their 2008 returns, MarketWatch reports. That means a long wait for your $8,000.
Yikes. A lot of people were counting on that money to help with all the expenses of first owning a home, and it's apparently going to be a long time before people who closed in time even get to see it.
Good! Not for people that have to wait legitimately, but I know a couple that took the credit, and did not qualify. If there was a way I could report them, I would. I hope the IRS figures them out.
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| Posted 10/28/09 1:50 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: 1st time home buyers credit
update again
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| Posted 10/28/09 7:53 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 1st time home buyers credit
First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.
They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.
yeah! now if only someone would buy our house!!!!
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| Posted 10/28/09 9:43 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: 1st time home buyers credit
this is the most recent update i could find...
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| Posted 10/29/09 9:07 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: 1st time home buyers credit
Home Buyer Tax Credit: Final Deal?
Published: Thursday, 29 Oct 2009 | 11:18 AM ET
By: Diana Olick
CNBC Real Estate Reporter
For those of you keeping score on the first time home buyer tax credit extension, here is the latest:
— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).
— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.
— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.
— The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.
— Cost of the home may not exceed $800,000 to be eligible.
— For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.
— Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.
— The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.
— The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit.
AND supposedly, sometime after 11a, the Treasury and HUD Secretaries will officially call on Congress to extend the credit and the higher conforming loan limits.
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| Posted 10/29/09 2:27 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: 1st time home buyers credit
update
Message edited 10/29/2009 9:15:43 PM.
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| Posted 10/29/09 9:15 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: 1st time home buyers credit
this can't be true. a home purchase of up to $800,000, no way!! I think we all need to wait till its offical, and a done deal. when that happens it will appear on www.irs.gov with all the details.
while i'm all for it passing and passing for everyone who could really use it (income levels that put you in middle class or lower), a purchase price of $800,000 is excessive!!
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| Posted 10/29/09 9:42 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 1st time home buyers credit
Why the 5 yr rule for move-up buyers? This makes no sense. I don't understand why the government constantly tries to tool around with things.
What about somebody that lived in a house for four years, sells their property and moves to a rental. What if they want to buy again?
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| Posted 10/29/09 9:59 PM |
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