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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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attn those who have (or are planning to) buy a house between april 08 & july 09
our realitor just called DH last night & let him know that George W just approved something called the "homeowners incentive"
if you purchased a house between April 15th, 08 and july 9th 09 (dont quote me on the actual days in the month... but its def april 08 & july 09) than you are eligible to recieve $7500 from the federal gov't. here is the catch:
it must be paid back over the course of 15 years... $500 a year - they will take it out of your tax return... so if you were supossed to get back lets say $1500, you will only get back $1000. we spoke to our accountant last night who says its totally legit & he reccommends us doing it!
just figured i'd pass along the info... not many ppl know about it. 
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Posted 10/31/08 8:32 AM  |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Yup, I posted about this a while ago... definitely doing it! 
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| Posted 10/31/08 8:37 AM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
 I'd like to take it but don't want to pay it back. 
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| Posted 10/31/08 8:38 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by CaMacho
Yup, I posted about this a while ago... definitely doing it!
oh great! we just found out about it last night
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| Posted 10/31/08 8:40 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Here's a good link: First Time Home Buyer Tax Credit
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| Posted 10/31/08 8:47 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
awesome!!!
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| Posted 10/31/08 8:54 AM |
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TreAnt427
-
Member since 8/06 8652 total posts
Name:
Tracy
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Yes - we are planning to do this too!
It's basically an interest free loan. We are going to use it to pay off all our debt!
I think it's so easy that they take it right out of your return every year - you won't even notice it!
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| Posted 10/31/08 9:38 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Thank you!
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| Posted 10/31/08 9:40 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Yeah we are going to take advantage of this also.
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| Posted 10/31/08 9:46 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by TreAnt427
I think it's so easy that they take it right out of your return every year - you won't even notice it!
YES! exactly!!! i feel the same way!
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| Posted 10/31/08 9:59 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by AnaMaree77
I'd like to take it but don't want to pay it back.
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| Posted 10/31/08 10:02 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
This sounds like a great idea!
wish we could take advantage of this we bought in 2006
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| Posted 10/31/08 10:31 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Well, we bought in '07, so too bad for us. That sucks.
What happens though if you don't get anything back on your taxes or you owe money? Do you then have to pay each year?
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| Posted 10/31/08 11:07 AM |
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MeeshMosh
last month on leave!
Member since 6/08 4551 total posts
Name:
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by SweetTooth
Well, we bought in '07, so too bad for us. That sucks.
What happens though if you don't get anything back on your taxes or you owe money? Do you then have to pay each year?
hmmm... thats a good question - im not sure
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| Posted 10/31/08 11:36 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by SweetTooth
Well, we bought in '07, so too bad for us. That sucks.
What happens though if you don't get anything back on your taxes or you owe money? Do you then have to pay each year?
Then you pay $500 (or an additional $500 besides what you owe in taxes) to the government starting on your 2010 tax return.
Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
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| Posted 10/31/08 11:39 AM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Damn....I missed it by two months...NOT FAIR! 
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| Posted 10/31/08 11:59 AM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Does anyone know if there is an income cap (i.e. a number where they phase out the benefit)?
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| Posted 10/31/08 3:03 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Posted by banda61007
Does anyone know if there is an income cap (i.e. a number where they phase out the benefit)?
nm - I found it.
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| Posted 10/31/08 3:04 PM |
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Lizzy
Carson's Mama
Member since 2/08 2430 total posts
Name:
Elisabeth
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
For those of us who bought in '07....
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| Posted 10/31/08 3:38 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
thats cool but im not into doing it.. i in no way feel like having to pay that back in my tax returns
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| Posted 10/31/08 6:38 PM |
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kspags
LIF Adult
Member since 6/08 1228 total posts
Name:
Kelly
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
I guess that's pretty good. I mean now that you own a house, you will most likely be getting money back every year. I have to speak to my accountant about this! Maybe I can get a new fence!
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| Posted 10/31/08 6:52 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: attn those who have (or are planning to) buy a house between april 08 & july 09
Ok, that just freaking figures. We closed on April 1, 2008, but you had to have closed on April 9 or later. to that!
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| Posted 11/1/08 8:07 AM |
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