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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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$7500 tax credit again - new development
Just read the following in a Yahoo article regarding this credit. Looks like only homeowners in who buy in 2009 won't have to pay it back.
Enhancing the first-time home buyers’ credit, which was enacted last year. Under current law, the credit, which is capped at $7,500 and applies to purchases of primary homes after April 8, 2008, and before July 1, 2009, must be repaid over 15 years, starting two years after the credit is claimed. In the House and Senate proposals, folks who buy homes in 2009 don’t have to pay back the credit as long as they don’t sell the house within three years.
Linky
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Posted 1/28/09 8:19 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: $7500 tax credit again - new development
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| Posted 1/28/09 8:28 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: $7500 tax credit again - new development
Man - that s*cks for me! 
I will still claim it though. 
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| Posted 1/28/09 8:34 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: $7500 tax credit again - new development
thats not fair! i bought in july 2008!
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| Posted 1/28/09 8:45 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: $7500 tax credit again - new development
That really doesn't seem fair, but whatever we were going to take it either way.
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| Posted 1/28/09 8:54 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: $7500 tax credit again - new development
Wait...Can you still claim it on this years taxes though? We are closing next month and planned on claiming it but we will wail til next year if we have to.
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| Posted 1/28/09 9:05 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: $7500 tax credit again - new development
AWESOME!!!!!! Thanks for posting this!!!!
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| Posted 1/28/09 9:28 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: $7500 tax credit again - new development
Wow....We are closing next week, and will benefit from this, but I do agree with some of the others..it really isn't fair to those who purchased before 2009.
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| Posted 1/28/09 9:33 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: $7500 tax credit again - new development
Posted by Sandy55
Wow....We are closing next week, and will benefit from this, but I do agree with some of the others..it really isn't fair to those who purchased before 2009.
and it can be said that the whole credit is unfair for those who bought in 2006...
we'll take it and pay it back gladly! it's still an interest free loan!!!
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| Posted 1/28/09 10:12 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: $7500 tax credit again - new development
That really stinks!!
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| Posted 1/28/09 10:30 AM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: $7500 tax credit again - new development
We bought in Dec!
UGHHHH!
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| Posted 1/28/09 10:32 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: $7500 tax credit again - new development
Posted by luckysmom
Wait...Can you still claim it on this years taxes though? We are closing next month and planned on claiming it but we will wail til next year if we have to.
I would wait to claim it for 2009. Better yet, ask your accountant.
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| Posted 1/28/09 11:05 AM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: $7500 tax credit again - new development
swwwweeeetttt!!!
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| Posted 1/28/09 11:13 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: $7500 tax credit again - new development
Posted by VickiC
Posted by luckysmom
Wait...Can you still claim it on this years taxes though? We are closing next month and planned on claiming it but we will wail til next year if we have to.
I would wait to claim it for 2009. Better yet, ask your accountant.
Hehe! DH is our accountant. He just heard about this yesterday and is looking into it today. I just figured maybe someone would know about it already 
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| Posted 1/28/09 11:50 AM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: $7500 tax credit again - new development
Posted by Ophelia
Posted by Sandy55
Wow....We are closing next week, and will benefit from this, but I do agree with some of the others..it really isn't fair to those who purchased before 2009.
and it can be said that the whole credit is unfair for those who bought in 2006...
we'll take it and pay it back gladly! it's still an interest free loan!!!
I agree. I purchased the last house in late 07.
Never know...could be something they move towards too.
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| Posted 1/28/09 11:52 AM |
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Pumpkin
LIF Adult
Member since 5/05 3353 total posts
Name:
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Re: $7500 tax credit again - new development
That would be fantastic!
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| Posted 1/28/09 12:23 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: $7500 tax credit again - new development
Question--where is the funding coming from?
Sounds good but if we are up the creek where is the money coming from--I still havent found the answer so if anyone knows please tell me. So again-- Sounds good but seems too good to be true without some kind of ramification for later like the stimulus checks
Message edited 1/28/2009 12:32:40 PM.
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| Posted 1/28/09 12:32 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: $7500 tax credit again - new development
wow!!!!
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| Posted 1/28/09 1:45 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: $7500 tax credit again - new development
So if we are closing next month we have to apply for it then, or when we do our taxes? if it's when we do our taxes then we should prob wait till we buy the house to do our taxes right?
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| Posted 1/28/09 4:38 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: $7500 tax credit again - new development
oh man.....we bought in july of 08.
But an interest free loan WILL come in handy!!!!!
Message edited 1/28/2009 8:26:00 PM.
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| Posted 1/28/09 8:24 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: $7500 tax credit again - new development
Posted by jen919ifer
So if we are closing next month we have to apply for it then, or when we do our taxes? if it's when we do our taxes then we should prob wait till we buy the house to do our taxes right?
I think you would claim it next year for your 2009 taxes. Ask your accountant.
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| Posted 1/29/09 8:59 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: $7500 tax credit again - new development
man!!!!!!
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| Posted 1/29/09 9:35 AM |
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Re: $7500 tax credit again - new development
And of COURSE i closed in 12/08!!!!!!! GRRRR!
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| Posted 1/29/09 3:06 PM |
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