Report: $8,000 Homebuyer Credit Finds Its Way Into Stimulus

LETS GET THIS STRAIGHT PEOPLE:

The devil is in the details..

First off, this housing “credit” isn't stimulus at all. Don't be upset. You thought you were going to get 15K right off the bat? Think again.

Assuming you qualify (buyers in 08 will get the shaft),

1) The sum of WHATEVER the housing credit is (they seem to change it everyday) will BE SPLIT into two tax returns. Hence, two years.

2) The biggest catch of em all is, YOU MAY NOT BE ELIGIBLE for that full credit!! IT depends on your TAX LIABILITY. So the higher your income, the closer you will be to getting the full credit.

3) You can claim this credit in the 2008 tax return (even though you've purchased in 09)

4) You do not have to repay this credit.

5) You do not have to be a first time home buyer for this credit.

Remember that the old $7500 credit was recaptured (had to be repaid) where the new credit will not. This is something they were considering prior to the stimulus package anyway. The $15k deal basically was completely cut out.

The coment before mine says you don't have to be a first time home-buyer. That is incorrect from everything I've read, including an email from the lobbying group that was sent to me about the agreement reached.

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From what I understand, check out the link below, the credit is only for 1st time home-buyers and does not have to be paid back. (The $15,000 would have been for all home buyers.) I have also read articles that if you don't qualify for the full $8,000 this time, then you may receive the rest next year. If you do qualify, then you can get the full refund on the 08 tax return. Most of the articles say to qualify the house must be purchased by Aug. 31, 2009. One article I found said that it goes retro to Jan 1, 2009. I'm anxiously awaiting more details.

http://www.fivecentnickel.com/2009/02/12/8000-h…

Is the credit refundable?

Good luck tracking anything down….after ACORN get this bozo reelcted (the first Kenyan President), and we start giving aid to illegal aliens…..game over. No need to track anything down except your place in line for bread and water ;)

You will not have to pay the credit back from what I understand. The bill already passed in the House and the Senate vote starts in an hour or so.

More wrong info…12.31/08 to 12/1/09 is the purchase time frame

Also note that the package says: 8.000,- OR 10 % of the homes value wichever is less. not sure if some houses has a value above 80.000,-. And don't forget: its just for the 2008 and 2009 taxes.

serious stuff… plaster topics are pretty sobering. In case you're interested, here's some neat information about Student Credit Cards I found helpful

I managed to find comprehensive info on this issue from here

http://www.techbanyan.com/3613/8000-tax-credit-…

From what the above site says, this is only for first time home buyers and that too in a limited given period. Also, its not really a tax credit as much as a tax deduction because whatever amount you spent based on the purchase, that same amount you can claim from your next years tax return.

I managed to find comprehensive info on this issue from here

http://www.techbanyan.com/3613/8000-tax-credit-…

From what the above site says, this is only for first time home buyers and that too in a limited given period. Also, its not really a tax credit as much as a tax deduction because whatever amount you spent based on the purchase, that same amount you can claim from your next years tax return.

Thanks for this interesting post,i like it.

We would like know about the $6500 second home buyer tax incentive and do we receive a check at closing?
We are closing on a house next week and we are wondering how we receive the $6500 tax incentive. Is it a check at closing or do we receive it filing our taxes next year?