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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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First-Time Home Buyer Tax Credit
Has anyone heard an update on this?
Today my realtor (and good friend) told me in her meeting with the National Association of Realtors they hear there is a 90% chance that it will not have to be paid back now.
Has there been any new reports?
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Posted 1/21/09 11:38 AM  |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: First-Time Home Buyer Tax Credit
i read online that you could either have it deducted from your next 15 years of tax returns....OR you can pay it back when you resell your house
i would rather deduct it over 15 years
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| Posted 1/21/09 11:48 AM |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: First-Time Home Buyer Tax Credit
i also read that if you buy in 09...you can choose which year you want to claim it in your taxes...either 08 or 09 (assuming you buy before the tax deadline)
so if for example your combined income in 2009 is over 150K...but in 08 it is under 150K...then you can CHOOSE to claim in in 08 in order to qualify for the rebate
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| Posted 1/21/09 11:50 AM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Re: First-Time Home Buyer Tax Credit
Question I can't get an answer to.... If we owned a co-op and just bought a house do we qualify as first time home buyers?
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| Posted 1/21/09 12:11 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: First-Time Home Buyer Tax Credit
Posted by RocPin
Has anyone heard an update on this?
Today my realtor (and good friend) told me in her meeting with the National Association of Realtors they hear there is a 90% chance that it will not have to be paid back now.
Has there been any new reports?
It all depends on Obama's stimulus plan. On Yahoo news last week it was at the very end of the article that it was in the plan that it wouldn't have to be paid back. I'm guessing that it has pass Congress first.
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| Posted 1/21/09 12:35 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: First-Time Home Buyer Tax Credit
Posted by hotelcalie
Question I can't get an answer to.... If we owned a co-op and just bought a house do we qualify as first time home buyers?
I don't think so because as far as the government is concerned, you are pretty much taking the same tax breaks with the house as you are with the co-op (mortgage interest, real estate taxes, etc.)
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| Posted 1/21/09 12:37 PM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: First-Time Home Buyer Tax Credit
Posted by Newly1
i read online that you could either have it deducted from your next 15 years of tax returns....OR you can pay it back when you resell your house
i would rather deduct it over 15 years
You don't really have the "choice". You pay it back over the 15 years, but if you happen to sell the house before that, you have to pay it all back when you sell it.
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| Posted 1/21/09 12:43 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: First-Time Home Buyer Tax Credit
Posted by hotelcalie
Question I can't get an answer to.... If we owned a co-op and just bought a house do we qualify as first time home buyers?
I just spoke to my Realtor and she said that you have to look at a condo / coop the same as a home. So as long as you didn't own anything in the last 3 years you will still be considered a first-time home buyer and can claim the credit.
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| Posted 1/21/09 2:18 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: First-Time Home Buyer Tax Credit
I doubt it would be free money--would be irresponsible considering the debt we are in right now. A good incentive for sure but for long term where would they get money from if it doesnt have to be paid back---
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| Posted 1/21/09 2:50 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Re: First-Time Home Buyer Tax Credit
Posted by RocPin
Posted by hotelcalie
Question I can't get an answer to.... If we owned a co-op and just bought a house do we qualify as first time home buyers?
I just spoke to my Realtor and she said that you have to look at a condo / coop the same as a home. So as long as you didn't own anything in the last 3 years you will still be considered a first-time home buyer and can claim the credit.
That stinks!! When we bought the co-op we couldn't get any first time homebuyer loans bc they said it isn't technically a "home" but shares in a company
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| Posted 1/21/09 7:25 PM |
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