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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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stimulus bill passed
so with this new stimulus bill passed to those of us who are buying a house in the next few months lose out on that tax credit.. I saw in the news they "wiped out" the tax credit??
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Posted 2/11/09 4:19 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: stimulus bill passed
Posted by jillee03
so with this new stimulus bill passed to those of us who are buying a house in the next few months lose out on that tax credit.. I saw in the news they "wiped out" the tax credit??
Yes the 15k credit is definitely gone. One less question i'll have to ask my CPA next month. 
What will happen with the older 7500 credit/loan/whatever is still up in the air. Nobody really knows yet what's going to happen to that. I am sure details will be out shortly.
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| Posted 2/11/09 4:28 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: stimulus bill passed
It's looking like the original $7,500 credit that people thought would be a loan will not have to be repaid back. They seem to be going this route which will only cost 3 billion, over the 15k for new purchases which will probably cost 35 billion.
But this can all change and nothing will be set in stone until Obama signs it on Friday or Monday.
WSJ Link
In the horse-trading, lawmakers zeroed in on a plan that would trim the cost of some Senate-approved tax cuts. An $11.5 billion tax break to spur auto sales would be scaled back to some $2 billion; it would still give car buyers a federal-income-tax deduction on local sales taxes, but not on the interest on loans, as was originally proposed. A $35 billion tax credit to support home sales was being jettisoned in favor of a more modest $2 billion to $3 billion proposal that would eliminate the repayment requirement in the existing $7,500 tax credit for first-time homebuyers.
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| Posted 2/11/09 4:33 PM |
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RocPin
Life's Beachy <3
Member since 2/08 6765 total posts
Name:
Heather
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Re: stimulus bill passed
Thanks for posting this. I have been wondering what was going to become of all this.
$15k sounded nice but I wont cry over $7500. Money is money and Im thankful to be getting anything 
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| Posted 2/11/09 4:39 PM |
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lcnac
LIF Infant
Member since 1/09 162 total posts
Name:
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Re: stimulus bill passed
is there a limit on your income in order to qualify for this?
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| Posted 2/11/09 5:22 PM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: stimulus bill passed
Posted by lcnac
is there a limit on your income in order to qualify for this?
good question! I don't know the answer, but I hope someone does.
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| Posted 2/11/09 5:33 PM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: stimulus bill passed
Posted by ave1024
It's looking like the original $7,500 credit that people thought would be a loan will not have to be repaid back. They seem to be going this route which will only cost 3 billion, over the 15k for new purchases which will probably cost 35 billion.
But this can all change and nothing will be set in stone until Obama signs it on Friday or Monday.
WSJ Link
In the horse-trading, lawmakers zeroed in on a plan that would trim the cost of some Senate-approved tax cuts. An $11.5 billion tax break to spur auto sales would be scaled back to some $2 billion; it would still give car buyers a federal-income-tax deduction on local sales taxes, but not on the interest on loans, as was originally proposed. A $35 billion tax credit to support home sales was being jettisoned in favor of a more modest $2 billion to $3 billion proposal that would eliminate the repayment requirement in the existing $7,500 tax credit for first-time homebuyers.
Does anyone know if you bought in Dec 08, if you would have to pay it back...does it just apply to people who bought in 09?
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| Posted 2/11/09 5:34 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: stimulus bill passed
Posted by jillee03
so with this new stimulus bill passed to those of us who are buying a house in the next few months lose out on that tax credit.. I saw in the news they "wiped out" the tax credit??
Ugh...I was looking forward to that credit! Oh well, we're still going to buy this year but that credit really made it feel like someone was looking out for us and not just the bankers. ( I know the bill is more than that - I am just sort of venting !!)
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| Posted 2/11/09 5:43 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: stimulus bill passed
According to the AP,
"Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. "
It said nothing of keeping the $7500 plan in place
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| Posted 2/11/09 6:12 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: stimulus bill passed
ill be happy with the 7500 and its nice if that doesn't have to be paid back. So as long as I get something ill be happy
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| Posted 2/11/09 6:12 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: stimulus bill passed
ah damn it! oh well.
can they please raise jumbo mortgage limits? that would help too!
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| Posted 2/11/09 6:20 PM |
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SUNSHINE
My LuLu <3<3
Member since 5/05 1372 total posts
Name:
T
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Re: stimulus bill passed
Did they change the dates to qualify for it, or is it still the same?
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| Posted 2/12/09 7:51 AM |
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