$15,000 first-time home buyers tax credit

[nobodyknows]

Originally posted by: Skoorb
Can I get this $15k if I refi my house? If not, can I just sell my house to my neighbor then buy it back and him do it to me? I want to figure out how to get my $15k.

Maybe you could buy another house and sell the one your in 6 months down the road.

Easy money, right?

 

[spidey07]

Originally posted by: nobodyknows

Originally posted by: Skoorb
Can I get this $15k if I refi my house? If not, can I just sell my house to my neighbor then buy it back and him do it to me? I want to figure out how to get my $15k.

Maybe you could buy another house and sell the one your in 6 months down the road.

Easy money, right?

I'm actually looking at buying a new house, have been for a year or two. This would incent me to sell and buy to upgrade.

15K is 15K and since I've been wanting a bigger house this would be enough to make my decision for me. Plus it would help those who wanted to buy my house.

Please, please pass this.

 

[RichardE]

Originally posted by: shinerburke

Originally posted by: sactoking
Added:

It appears the Senate passed their version yesterday. Their version was a NON-refundable tax credit of 10% of the purchase price (not to exceed $15000) to ALL homebuyers. The credit can be split and applied against two years' taxes, so if you pay $7500 per year you would effectively pay no taxes for two years. If you pay less than $15000 in taxes over two years you lose the extra credit. You do NOT get a check for the difference (though, assuming you don't change your withholding, you WOULD get a refund of all your withheld taxes for the tax year).

I do not believe the Senate version is the same as the House version. I believe the House version is the $15000 refundable to first time owners. If that's the case, and it passes, what gets signed into law will be some amalgamation of both.

Since we are handing out $ how about we do it TARP style and give everyone $15,000 if they have ever been inside or driven/walked by a house?

Can I get 15k for seeing some house when I went down to the duty free shop in Detroit?


pretty plz

 

[Oceandevi]

So I bought my house in feb of 08. Am I screwed?

 

[Zebo]

Is encouraging poor people to buy houses really a good thing, again. Didn't we do that once already? you do realize this credit has to be paid back right? What is going to happen when people have to start paying this back?

What a joke!


And even more funny is these righties in this thread wanting to suck on the government teet. We are so over.

 

[Zebo]

Originally posted by: Oceandevi
So I bought my house in feb of 08. Am I screwed?

No too early. There is already a $7500 credit for homes purchased between April 8, 2008 and July 1, 2009 ....

 

[PingSpike]

I'm not so sure you have to pay it back actually. Which is pretty nuts.

 

[JS80]

Originally posted by: Skoorb

Originally posted by: JS80

Originally posted by: spidey07

Originally posted by: JS80
so retarded. they should just do a tax holiday for H1 of 2009.

Yep. That would fix it immediately.

How about a prepaid Visa/amex gift card with a balance equal to your last 6 months federal tax payments which expires in 6 months. Non-transferable, must be used by holder. Can't use it to pay debt.

hmm that might not work, people will just shit debt repayment with current income. well i guess you can take that restriction off.

With your visa/amex idea I would just find something I feel will hold value well, maybe a particular console system or something similar and dump all the money into those, then resell on ebay to get the cash.

That would do the job, you'd be making a purchase and velocity increases.

 

[fleshconsumed]

Originally posted by: PingSpike
I'm not so sure you have to pay it back actually. Which is pretty nuts.

It would be insane. Fuck it. Why should renters subsidize buyers? WTF? You're taking money from renters who may be trying to save to buy and give it to someone else.

I would be fine with 15K loan, as long as loans are given out to people who can really afford them. However, just giving people 15K for buying a house? WTF?

I have no idea how deranged one must be to come up with a plan like this.

 

[Oceandevi]

Originally posted by: Zebo

Originally posted by: Oceandevi
So I bought my house in feb of 08. Am I screwed?

No too early. There is already a $7500 credit for homes purchased between April 8, 2008 and July 1, 2009 ....

serious? Oh man that sucks. I would use it to pay off both cars...

 

[spidey07]

Originally posted by: fleshconsumed

Originally posted by: PingSpike
I'm not so sure you have to pay it back actually. Which is pretty nuts.

It would be insane. Fuck it. Why should renters subsidize buyers? WTF? You're taking money from renters who may be trying to save to buy and give it to someone else.

I would be fine with 15K loan, as long as loans are given out to people who can really afford them. However, just giving people 15K for buying a house? WTF?

I have no idea how deranged one must be to come up with a plan like this.

So get out there and buy. That's the reason for 15 THOUSAND dollars, here it is. If that doesn't motivate you then I don't know what would.

The senator that is pushing for this was a real estate agent in the early 70s when housing went through something similar, he's brilliant with his idea IMHO. Gotta kick people in the pants to get out there and buy.

 

[Aimster]

If the $15,000 passes I am going to buy within the next 2 months. I am sure a handful of others will start to buy and the real estate market will be booming again.

 

[winnar111]

Buy your neighbors' house.

Sell him yours.

Profit!

 

[Aimster]

You have to be a first time home buyer.

 

[spidey07]

Originally posted by: Aimster
You have to be a first time home buyer.

NO. Not on this amendment. NO.

No first time buyer, it's not a loan, no income restriction, available to all those that wish to purchase a primary residence. REGARDLESS of income!!!!!!!!

GO-GO gadget republicans with common sense ideas! Incent what is needed, not prevent.

 

[WhipperSnapper]

Let me see if I understand this.

They're offering home buyers a 10%-of-the-purchase-price rebate in the form of a tax credit up to $15,000 (for a $150,000 home) and you don't have to pay it back?

It's better than nothing but I'm not sure that a savings of $6000 will motivate me to run out and buy a $60,000 condo if I weren't already considering it.

 

[Ozoned]

Originally posted by: Zebo
Is encouraging poor people to buy houses really a good thing, again. Didn't we do that once already? you do realize this credit has to be paid back right? What is going to happen when people have to start paying this back?

What a joke!


And even more funny is these righties in this thread wanting to suck on the government teet. We are so over.

Link

Home Buyer Tax Credit?s Price Tag: $35 Billion
Nick Timiraos reports:

Homebuilders are optimistic that Congress will add a $15,000 tax credit to the $900 billion stimulus package, and some builders are trying to take advantage of the offer by rolling out incentives of their own. Shea Homes? Trilogy division, which develops homes in California, Arizona and Florida for aging baby boomers, is already promoting a 3.875% fixed mortgage rate on new home purchases.

Senate Republicans added the buyer tax credit on Wednesday night, but the price tag of the measure, at $35 billion, is nearly double the $18.9 billion that was originally estimated.

The tax credit can only be used for primary residences and unlike the $7,500 tax credit passed last year, the money wouldn?t have to be repaid to the government. There?s also no income restriction on who can claim the credit. The credit is nonrefundable and can be claimed over two years, so buyers whose tax liability is less than $15,000 would have a second year to capture the credit. For example, a buyer who owes $10,000 in taxes would be able to take a $10,000 credit in the first year after their purchase, and a $5,000 credit for the year after that.

 

[spidey07]

Originally posted by: WhipperSnapper
Let me see if I understand this.

They're offering home buyers a 10%-of-the-purchase-price rebate in the form of a tax credit up to $15,000 (for a $150,000 home) and you don't have to pay it back?

It's better than nothing but I'm not sure that a savings of $6000 will motivate me to run out and buy a $60,000 condo if I weren't already considering it.

WTF!? Prices are at all time lows right now, coupled with almost never before seen interest rates. Do you want to build wealth or not?

What we have here is the trifecta of wealth building - rates low, prices low, gubment giving you money. You jump on this ship or kick yourself for not taking advantage of it.

I know I will sound like a bad person - but if you don't take advantage of the out of this world opportunities going on right now then don't whine that you can't afford a house or build your wealth. buy, buy, buy time.

-edit-
I'm so freaking giddy right now - it's like the reward for making good decisions financially for so long have finally come back to me. This is so freaking sweet.

 

[Ozoned]

Originally posted by: spidey07

Originally posted by: WhipperSnapper
Let me see if I understand this.

They're offering home buyers a 10%-of-the-purchase-price rebate in the form of a tax credit up to $15,000 (for a $150,000 home) and you don't have to pay it back?

It's better than nothing but I'm not sure that a savings of $6000 will motivate me to run out and buy a $60,000 condo if I weren't already considering it.

WTF!? Prices are at all time lows right now, coupled with almost never before seen interest rates. Do you want to build wealth or not?

What we have here is the trifecta of wealth building - rates low, prices low, gubment giving you money. You jump on this ship or kick yourself for not taking advantage of it.

I know I will sound like a bad person - but if you don't take advantage of the out of this world opportunities going on right now then don't whine that you can't afford a house or build your wealth. buy, buy, buy time.

-edit-
I'm so freaking giddy right now - it's like the reward for making good decisions financially for so long have finally come back to me. This is so freaking sweet.

It is very nice, to the extent that you have a tax liability. This won't do anything for a family with 3 children, making 45,000 a year.

 

[BarneyFife]

Originally posted by: spidey07

Originally posted by: Aimster
You have to be a first time home buyer.

NO. Not on this amendment. NO.

No first time buyer, it's not a loan, no income restriction, available to all those that wish to purchase a primary residence. REGARDLESS of income!!!!!!!!

GO-GO gadget republicans with common sense ideas! Incent what is needed, not prevent.

How long does it last though? I know I made too much money to qualify for the $7500 giveaway.

 

[BrownTown]

our country is so fucked up right now its not even funny. Oh well, I always liked the cold, so maybe Canada is the place for me.

 

[Ozoned]

Originally posted by: BarneyFife

Originally posted by: spidey07

Originally posted by: Aimster
You have to be a first time home buyer.

NO. Not on this amendment. NO.

No first time buyer, it's not a loan, no income restriction, available to all those that wish to purchase a primary residence. REGARDLESS of income!!!!!!!!

GO-GO gadget republicans with common sense ideas! Incent what is needed, not prevent.

How long does it last though? I know I made too much money to qualify for the $7500 giveaway.

1 year after recovery plan becomes law. Other restriction added was max 10% value of home, must maintain ownership as primary home for 2 years.

 

[BarneyFife]

Sweet. I'm definately going to pull the trigger this summer/fall with the $15k handout.

 

[mugs]

Originally posted by: Ozoned

It is very nice, to the extent that you have a tax liability. This won't do anything for a family with 3 children, making 45,000 a year.

Supposedly it's a refundable tax credit - even with zero tax liability, you'd get the $15k.

 

[aceO07]

Now to find a place for under $200k AND not get laid off for a few years...