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JPbabylove
LIF Zygote
Member since 7/10 7 total posts
Name:
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Tax Refund Extended..not FAIR!
I just needed to vent...i read in the paper that they decided to extend the $8000 tax credit for first time home buyers til September 30th. Which is great since my husband and I are closing on September 15th on our first home. To get it you need to close by the 30th so we would have qualified.
BUT you still had to have been in contract by April 30th! Which was the original guidelines.
What about the poor first time home buyers who went to contract in May, June or July but will be closing by September 30th. I think its so unfair...especially since trying to buy your first house in today's economy on Long Island is so financially insane!
Anyone else frustrated by this news?
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Posted 8/25/10 10:09 PM  |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
that is what they said all along, they were extending it, but only for those who already met the April 30th deadline. There was never talk about extending it for those who went into contract after April 30th...
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| Posted 8/25/10 10:12 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
the market is tanking right now, they should extend for everyone. I think last month was the worst in sales in 15 years?
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| Posted 8/25/10 10:16 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Tax Refund Extended..not FAIR!
Posted by maybesoon
the market is tanking right now, they should extend for everyone. I think last month was the worst in sales in 15 years?
the tax credit is just a band-aid for the economy.....its not really helping it.
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| Posted 8/25/10 10:36 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tax Refund Extended..not FAIR!
Posted by maybesoon
the market is tanking right now, they should extend for everyone. I think last month was the worst in sales in 15 years?
June was one of the biggest months
alot of sales that normally would have closed in July/August got pushed up to June b/c of the tax credit
the market is NOT tanking- houses are more affordable then they have been in 30 years! rates are at 4.5%!
don't believe all the media hype
if the market is tanking I wouldn't still be working at 10:30 on a wednesday!
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| Posted 8/25/10 10:39 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tax Refund Extended..not FAIR!
Posted by alli3131
Posted by maybesoon
the market is tanking right now, they should extend for everyone. I think last month was the worst in sales in 15 years?
the tax credit is just a band-aid for the economy.....its not really helping it.
exactly- all it did was trade sales for July and August into June
more people didn't buy b/c of it- they just bought sooner
in the grand scheme of things- $8k is hardly a reason to buy a house on LI
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| Posted 8/25/10 10:40 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
I think many people have been frustrated by this entire refund scheme and its ever changing rules! We bought in 2009 just before they increased the income cap, so we did not qualify at the time. Had we waited, we would have qualified. Those that bought in 2007 (ish) got the money as a loan but have to pay it back in yearly installments, had they waited, they would have also received the money with no strings attached!
I think it was a great program - just wish they had been consistent from the get-go!
Message edited 8/25/2010 10:46:40 PM.
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| Posted 8/25/10 10:45 PM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Tax Refund Extended..not FAIR!
Posted by staceyums81
that is what they said all along, they were extending it, but only for those who already met the April 30th deadline. There was never talk about extending it for those who went into contract after April 30th...
Correct
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| Posted 8/26/10 8:05 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Tax Refund Extended..not FAIR!
Posted by Beth
in the grand scheme of things- $8k is hardly a reason to buy a house on LI
ITA--it was nice to offer, but if it was making/breaking your ability to buy, you probably weren't in the position to purchase a home. $8K won't cover closing costs!
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| Posted 8/26/10 8:17 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
Posted by Katareen
Posted by Beth
in the grand scheme of things- $8k is hardly a reason to buy a house on LI
ITA--it was nice to offer, but if it was making/breaking your ability to buy, you probably weren't in the position to purchase a home. $8K won't cover closing costs!
True True. What saddens me is that there are many who fall into this braket. They have enough to put down on a house and look at the 8k as a cushion--which really doesnt go far in this economy when people have been out of work for YEARS. Not even months.
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| Posted 8/26/10 9:24 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Tax Refund Extended..not FAIR!
eh, it's only fair to the people who benefit from it. The government should have been consistent from the beginning..
We bought our house on the program that we have to PAY BACK our 7500 to the government. We missed the cut off by 13 days. And yes, it was a recession then too.
What about the people before me, who were never offered any money?
I'm tired of the whole thing. If they were going to give money as an incentive, either make everyone pay it back, or no one pay it back.
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| Posted 8/26/10 10:27 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Tax Refund Extended..not FAIR!
Posted by neener1211
eh, it's only fair to the people who benefit from it. The government should have been consistent from the beginning..
We bought our house on the program that we have to PAY BACK our 7500 to the government. We missed the cut off by 13 days. And yes, it was a recession then too.
What about the people before me, who were never offered any money?
I'm tired of the whole thing. If they were going to give money as an incentive, either make everyone pay it back, or no one pay it back.
Us too. That's what's not fair. I'd like free money as well instead of having to pay it back.
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| Posted 8/26/10 11:18 AM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
It's never been fair in my opinion. We bought a home from my mother, no discount price, used an attorney and have a mortgage and yep we couldn't receive either. We did everything right and by the book... and because it's in the terms that you can not buy from a relative we were out of luck too. It stinks. But what can you do.
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| Posted 8/26/10 11:48 AM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: Tax Refund Extended..not FAIR!
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
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| Posted 8/26/10 12:07 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tax Refund Extended..not FAIR!
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
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| Posted 8/26/10 12:14 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: Tax Refund Extended..not FAIR!
Posted by Beth
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
First of all I wasn't trying to encourage anyone to commit fraud so please don't accuse me of doing so. It was a simple question RELAX..DH is an accountant, trust me I wont be committing fraud.
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| Posted 8/26/10 12:47 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
Posted by JoJo2010
Posted by Beth
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
First of all I wasn't trying to encourage anyone to commit fraud so please don't accuse me of doing so. It was a simple question RELAX..DH is an accountant, trust me I wont be committing fraud.
On the form itself it asks if you bought the home from a family member. I could not lie, I did not want to owe the IRS that 8k back one day.
But Beth is right, that is why the clause was in there for buying from relatives. Many people were doing this for a write off and not living in the homes etc. I just feel if you buy the home and the person you bought the home from no longer lives there, you should be able to prove that somehow and it shouldn't matter who the sale was from. In my case, my mother sold us the home and moved to PA. So it's very annoying.
Message edited 8/26/2010 12:51:19 PM.
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| Posted 8/26/10 12:50 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: Tax Refund Extended..not FAIR!
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
They can ask for it afterwards. They asked me for more information on my return that I had to fax them.
I would imagine that they are going to start asking for the contract of sale as the deadline draws closer.
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| Posted 8/26/10 1:15 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: Tax Refund Extended..not FAIR!
Posted by ave1024
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
They can ask for it afterwards. They asked me for more information on my return that I had to fax them.
I would imagine that they are going to start asking for the contract of sale as the deadline draws closer.
Thank you for answering my question! I knew it had to be something, they aren't just going to believe everyone. I was reading online everything you had to submit and was like  when I didnt see the contract on there.
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| Posted 8/26/10 1:31 PM |
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Re: Tax Refund Extended..not FAIR!
Posted by Beth
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
That was uncalled for.
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| Posted 8/26/10 1:43 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
Posted by Beth
Posted by maybesoon
the market is tanking right now, they should extend for everyone. I think last month was the worst in sales in 15 years?
June was one of the biggest months
alot of sales that normally would have closed in July/August got pushed up to June b/c of the tax credit
the market is NOT tanking- houses are more affordable then they have been in 30 years! rates are at 4.5%!
don't believe all the media hype
if the market is tanking I wouldn't still be working at 10:30 on a wednesday!
well I hope you are right I hope it's not tanking bc I'm in contract to buy a house now 
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| Posted 8/26/10 2:44 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
Unless you give it to every taxpayer, these programs are always "unfair" to someone. It's got to stop somewhere...
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| Posted 8/26/10 3:05 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Tax Refund Extended..not FAIR!
How about a tax credit if your home is worth a third/half of the loan owed 
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| Posted 8/26/10 3:18 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Tax Refund Extended..not FAIR!
Posted by CookieMomster
Posted by Beth
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
That was uncalled for.
what is uncalled for? not breaking the law? I am confused?
nothing I said was uncalled for- committing fraud is!
when people comimt fraud - guess who pays for it...the tax payers! us!
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| Posted 8/26/10 3:36 PM |
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JoJo2010
Happy Family
Member since 8/09 6266 total posts
Name:
JO
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Re: Tax Refund Extended..not FAIR!
Posted by Beth
Posted by CookieMomster
Posted by Beth
Posted by JoJo2010
...but you don't have to send in your contract of sale with your tax return.....
So how do they know when you signed the contract.
that is easy enough to find out- Please don't encourage people to commit fraud!
they will be checking b/c fraud has become very common
if people didn't commit fraud maybe the government could have continued it!
That was uncalled for.
what is uncalled for? not breaking the law? I am confused?
nothing I said was uncalled for- committing fraud is!
when people comimt fraud - guess who pays for it...the tax payers! us!
It was uncalled for...bc I didn't encourage anyone to commit fraud like you accused me of trying to do, but I guess my response above goes out the window.
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| Posted 8/26/10 3:49 PM |
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