15,000 first time home buyer credit

[Jeff]

looks like this law may be passed. and can be used for 2008 taxes.. does ne one know if i am a coborrower on a loan that i am about to buy my house with and i will be primary resident and it will be my house i just have to co-own with my dad in order to get loan and best interest rate if i can claim this new 15,000 dollar credit?

[eraser4g63]

its not $15,000. It is 10% or $7,500. And it is a loan (or what they are calling a tax credit) with no interest to be payed back over 15 years. and it comes out to $500 a year. And to be the recipient you must be the primary owner of the residents on the mortgage if i recall correctly.

[Jeff]

no that is the old bill. the new bill they are about to pass is 15,000 and you dont have to pay it back.

[eraser4g63]

if it is attached to the Bail out crap I hope it doesn't.

[SPOOLIN]

no that is the old bill. the new bill they are about to pass is 15,000 and you dont have to pay it back.

i believe it is now $15,000 or 10% of the purchase price, which ever is least.

[Sammich]

YEA I HEARD THE $15K THING PASSED OR WAS SUPPOSE TO PASS

[eraser4g63]

they offered to me yesterday while i was doing my taxes it was 10% or $7500.00, post a link for the $15,000 package cause i will linch my CPA for not mentioning it.

[Sammich]

u bought a new home last year? i thought they were suppose to give u taht money when you bought the home, not during the tax season.

i also heard it wasn't 'free' i heard u had to pay it back overtime

[eraser4g63]

Ok here is how it works. You must qualify for it by;
1-being a first time home buyer, or not have owned a house in the lats 36 months.
2- Buying a house for the first time last year with the above stipulation being met.
The way it works is you get 10% or $7500.00, which ever is less.
My house was $185,000.00 so 10% of that would be, $18,500.00 since $7,500.00 is less than $18,500.00 I can only get $7,500.00.I really did not want to have to take it but due to being laid off for a month and a half i had no choice so I could catch bills up. so I got the $7,500.00 that I will have to pay off over 15 years. Since i write off so much for work each year for training and equipment its a viable option for me. But remember you have to pay it off! the benefit is that it is a non-interest loan.

[eraser4g63]

u bought a new home last year? i thought they were suppose to give u taht money when you bought the home, not during the tax season.

i also heard it wasn't 'free' i heard u had to pay it back overtime

You have to do it when you do taxes

And after a bit of research it is 10 or 7,500 i don't know who told ya'll 15,000 but they were incorrect.

[Sammich]

WELL I HAVENT HEARD ABOUT THE 15K ON THE NEWS..JUST THRU THE GRAPEVINE...

BUT I THOUGHT IT WAS AT THE TIME OF BUYING THE HOUSE. O WELL

[eraser4g63]

WHY ARE YOU YELLING???

[Sammich]

I WORK W/ AUTOCAD...CALM UR NERVES HOMIE

[eraser4g63]

Oh Ok sorry, lol

[dorin48]

15k was all over the news yesterday. Let the linching begin.

[Jeff]

yeah all in the paper too. 15,000 or 10% and u dont have to pay it back.... im closing on my house and the end of this month so hopefully it passes b4 then.. plus they said if uve bought a house within a year.. so im not sure if that was including a year earlier or a year later... but u can use it for 2008 taxes. should be passin that bill within the next few days if it hasnt passed. ethier way its gunna save me this year in taxes bc im self employed and im gunna owe like 15-20 thousand

[dorin48]

w00t im gonna be purchasing very soon as well.

[eraser4g63]

GAWD FAWKING DAMN IT!!

[Jeff]

damn they cut it back to 8,000 for first time home buyers and then they added new car buyers not used car buyers can claim the sales tax.

[neon_ert3]

so u get 15k and dont have to pay nothing back now?????????? so do i still have to pay back the 7500 i got when i filed last month? they shoulda passed that b4 tax season started!!!

[Jeff]

yeah u will still have to pay it back if u filed for the 7,500... but u can use the new one on 08 taxes. and they just lowered it to 8,000 that u dont have to pay back. read my post above yours

[redphantom]

i got my 7500 on top of my other taxes......and you do have to pay back yearly...but if you decide to move or sell your house and dont make enough money then they throw the loan out and you dont have to pay back

[Kevykev]

My wife and friend capitalized on that.

I bought my first house back in '05 so...yeah, nothing for me!

[0p7!mu5]

Score I havent filed or closed yet! so booyah baby!! if this is true im all for it

[Halfwit]

yeah all in the paper too. 15,000 or 10% and u dont have to pay it back.... im closing on my house and the end of this month so hopefully it passes b4 then.. plus they said if uve bought a house within a year.. so im not sure if that was including a year earlier or a year later... but u can use it for 2008 taxes. should be passin that bill within the next few days if it hasnt passed. ethier way its gunna save me this year in taxes bc im self employed and im gunna owe like 15-20 thousand

i hope so.

i got the "7500 credit" on my taxes i jsut had done.

my tax preparer said taht it may turn into not having to be paid back, due to the new bills.

if so. that would be A-mazing. if not, 500 a year, that comes out of what i would get back wont be soo bad.

[$9ktt]

If they really want to help us...they should apply it to EVERYONE !!!! Not just first time
buyers !!!!! I'm a first time buyer....in GEORGIA !!! Does that count !?!?
I need a BAILOUT TOO !!!!

B

[Z33_kid]

If they really want to help us...they should apply it to EVERYONE !!!! Not just first time
buyers !!!!! I'm a first time buyer....in GEORGIA !!! Does that count !?!?
I need a BAILOUT TOO !!!!

B

i agree with you