- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 2/9/09 at 4:22 pm to Glock17
This is my situation.
I am going to be finished building my house in April 09. So my preparer told me I was qualified to receive the 7500 tax credit. If this bill passes am I going to be able to pick up the additional 7500 since my purchase date is going to be 09? If so how will I be able to get it?
I am going to be finished building my house in April 09. So my preparer told me I was qualified to receive the 7500 tax credit. If this bill passes am I going to be able to pick up the additional 7500 since my purchase date is going to be 09? If so how will I be able to get it?
Posted on 2/9/09 at 4:26 pm to The Darrow Kid
Probably on your 2009 income tax returns 
That's how I got my 7500 refund.
That's how I got my 7500 refund. 
Posted on 2/9/09 at 9:11 pm to The Cable Guy
So I close on my house in March, and applied on my taxes for the 7500 loan, where are y'all hearing that we don't have to pay it back?
Posted on 2/9/09 at 9:17 pm to josh336
I haven't heard that about the 7500, the poster on page 1 said he thinks people from 2008 that qualified might not have to repay it. But I have heard on the radio that the 15k stimulus credit more than likely will not have to be repaid.
I bought in 08 and I got the 7500 already from federal tax returns and am hoping to hear that I don't have to pay it back.
I bought in 08 and I got the 7500 already from federal tax returns and am hoping to hear that I don't have to pay it back.
Posted on 2/9/09 at 10:45 pm to The Cable Guy
quote:
I bought in 08 and I got the 7500 already from federal tax returns and am hoping to hear that I don't have to pay it back.
i'm thinking we're safe from paying it back...
shite, it's looking like were going to get ANOTHER 7500 as a gift
Posted on 2/9/09 at 11:04 pm to TheDoc
quote:
i'm thinking we're safe from paying it back...
shite, it's looking like were going to get ANOTHER 7500 as a gift
I seriously don't know what I am going to do if another 7500 hits my checking acct. Sensory overload. Really all I want is a free pass, just no payback on the original stimulus incentive.
Posted on 2/10/09 at 7:54 am to sug314
Found a good link
Also:
As the current package stands, they have included a “Waiver of repayment” of the $7,500 tax credit for those who purchase in 2009. As Jay said, things could change, but the bills in their current form would set up three groups of people:
1. Those who purchased before January 2009 who are eligible for the $7,500 tax credit (loan) -who get $7,500 and have to repay over 15 years.
2. Those who purchased between January 1, 2009 and before the stimulus bill gets signed into law. They will get (as it currently stands) $7,500 free and clear, and not have to repay it. GRANTED things could (and most likely will) change - and this provision could be removed. Even if they remove the “waiver of repayment” clause, these people would STILL get $7,500 tax credit (loan).
3. Those who purchase AFTER the stimulus package gets signed into law. They will get the $15,000 non-refundable tax credit up to the amount they pay in taxes each year.
Also:
As the current package stands, they have included a “Waiver of repayment” of the $7,500 tax credit for those who purchase in 2009. As Jay said, things could change, but the bills in their current form would set up three groups of people:
1. Those who purchased before January 2009 who are eligible for the $7,500 tax credit (loan) -who get $7,500 and have to repay over 15 years.
2. Those who purchased between January 1, 2009 and before the stimulus bill gets signed into law. They will get (as it currently stands) $7,500 free and clear, and not have to repay it. GRANTED things could (and most likely will) change - and this provision could be removed. Even if they remove the “waiver of repayment” clause, these people would STILL get $7,500 tax credit (loan).
3. Those who purchase AFTER the stimulus package gets signed into law. They will get the $15,000 non-refundable tax credit up to the amount they pay in taxes each year.
Posted on 2/10/09 at 8:02 am to TheDoc
quote:
3. Those who purchase AFTER the stimulus package gets signed into law. They will get the $15,000 non-refundable tax credit up to the amount they pay in taxes each year.
So, most people won't be getting $15K then like the $7500 deal right, unless they paid $15K in taxes last year?
I thought it was supposed to be up to 10% of the home purchase price?
Posted on 2/10/09 at 8:12 am to Ziggy
the details are still really fuzzy.
we'll have more when this thing passes.
Posted on 2/10/09 at 8:15 am to TheDoc
Red X for me...
You aint kiddin. I've heard about 5 versions of this same shite the past few days.
quote:
the details are still really fuzzy.
You aint kiddin. I've heard about 5 versions of this same shite the past few days.
Posted on 2/10/09 at 8:19 am to Ziggy
LINK
this one is good too:
FAQ: Senate Stimulus Bill’s Home Buyer Tax Credit
Nick Timiraos reports:
Readers are posing lots of different questions about the proposed $15,000 home buyer tax credit that’s in the Senate version of the economic stimulus bill. It’s important to remember that the proposed credit is far from a done deal. The bill still has a couple of big hurdles, including tomorrow’s scheduled vote in the Senate. (Read the Senate version.)
If it passes, it will have to be reconciled with the House version of the stimulus bill, which modifies an existing $7,500 home buyer credit, repealing a provision that requires buyers to pay it back.
There are some big differences between those two versions. The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you don’t owe income tax. And the current credit applies to first-time home buyers, defined as anyone who hasn’t bought a house in three years. The Senate version is open to existing homeowners.
Here are some more Frequently Asked Questions. Please note that the answers may change as the Senate bill changes:
If I bought a home and used the $7,500 home buyer tax credit, can I retroactively receive $15,000 credit if it becomes law? No.
Are there any income restrictions on the tax credit? The Senate version currently has no income limits. The current $7,500 tax credit phases out on buyers with incomes exceeding $75,000 for individuals and $150,000 for married couples.
When will the new tax credit go into effect? The Senate version would take effect when the bill is signed by the president into law, and it would last for one year.
Can I take the tax credit this year? Yes. The Senate proposal would allow buyers — even those who purchase in 2009 — to claim the credit on their 2008 taxes.
The proposed tax credit is nonrefundable. What does that mean? You can only receive the credit to the extent that you owe federal income taxes. The Senate proposal would give home buyers two years to claim the credit, so buyers could claim a $7,500 credit in 2009 and a $7,500 credit in 2010. A family of four that makes less than $82,000, for example, could have a tax liability of less than $7,500 and they would not receive the full value of the credit.
Are there any repayment requirements on the tax credit? No. The Senate proposal does not require the credit to be paid back. The House proposal eliminates a 15-year repayment provision on the existing $7,500 tax credit.
If I am eligible for the current $7,500 credit, am I also eligible for the $15,000 credit? While the $15,000 credit has fewer restrictions than the existing credit, there is one big difference: because the credit is nonrefundable, if you have a low federal income tax liability, you could end up receiving more money with the current credit than the larger, proposed credit.
Are there any increased down payment requirements on the proposed tax credit? No. A separate measure has been introduced in the House that would expand the tax credit to $15,000 but would require a 5% down payment on mortgages. The Federal Housing Administration currently requires a minimum 3.5% down payment.
Can I use the tax credit to buy a second home? No.
How long do I have to live in my home after I purchase it with the tax credit? The Senate version requires buyers to pay back the credit if they sell the house less than two years after they buy it.
this one is good too:
FAQ: Senate Stimulus Bill’s Home Buyer Tax Credit
Nick Timiraos reports:
Readers are posing lots of different questions about the proposed $15,000 home buyer tax credit that’s in the Senate version of the economic stimulus bill. It’s important to remember that the proposed credit is far from a done deal. The bill still has a couple of big hurdles, including tomorrow’s scheduled vote in the Senate. (Read the Senate version.)
If it passes, it will have to be reconciled with the House version of the stimulus bill, which modifies an existing $7,500 home buyer credit, repealing a provision that requires buyers to pay it back.
There are some big differences between those two versions. The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you don’t owe income tax. And the current credit applies to first-time home buyers, defined as anyone who hasn’t bought a house in three years. The Senate version is open to existing homeowners.
Here are some more Frequently Asked Questions. Please note that the answers may change as the Senate bill changes:
If I bought a home and used the $7,500 home buyer tax credit, can I retroactively receive $15,000 credit if it becomes law? No.
Are there any income restrictions on the tax credit? The Senate version currently has no income limits. The current $7,500 tax credit phases out on buyers with incomes exceeding $75,000 for individuals and $150,000 for married couples.
When will the new tax credit go into effect? The Senate version would take effect when the bill is signed by the president into law, and it would last for one year.
Can I take the tax credit this year? Yes. The Senate proposal would allow buyers — even those who purchase in 2009 — to claim the credit on their 2008 taxes.
The proposed tax credit is nonrefundable. What does that mean? You can only receive the credit to the extent that you owe federal income taxes. The Senate proposal would give home buyers two years to claim the credit, so buyers could claim a $7,500 credit in 2009 and a $7,500 credit in 2010. A family of four that makes less than $82,000, for example, could have a tax liability of less than $7,500 and they would not receive the full value of the credit.
Are there any repayment requirements on the tax credit? No. The Senate proposal does not require the credit to be paid back. The House proposal eliminates a 15-year repayment provision on the existing $7,500 tax credit.
If I am eligible for the current $7,500 credit, am I also eligible for the $15,000 credit? While the $15,000 credit has fewer restrictions than the existing credit, there is one big difference: because the credit is nonrefundable, if you have a low federal income tax liability, you could end up receiving more money with the current credit than the larger, proposed credit.
Are there any increased down payment requirements on the proposed tax credit? No. A separate measure has been introduced in the House that would expand the tax credit to $15,000 but would require a 5% down payment on mortgages. The Federal Housing Administration currently requires a minimum 3.5% down payment.
Can I use the tax credit to buy a second home? No.
How long do I have to live in my home after I purchase it with the tax credit? The Senate version requires buyers to pay back the credit if they sell the house less than two years after they buy it.
Posted on 2/10/09 at 8:21 am to TheDoc
quote:
If I am eligible for the current $7,500 credit, am I also eligible for the $15,000 credit? While the $15,000 credit has fewer restrictions than the existing credit, there is one big difference: because the credit is nonrefundable, if you have a low federal income tax liability, you could end up receiving more money with the current credit than the larger, proposed credit.
hmmmm
Posted on 2/10/09 at 8:23 am to TheDoc
quote:
There are some big differences between those two versions. The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you don’t owe income tax.
Well that fricking blows.
Looks like I'll be better off claiming the $7,500 credit then.
Posted on 2/10/09 at 8:28 am to Ziggy
Does that mean if you OWE federal let's say $1K, you only get a non-refundable UP TO $1K for that year?
Posted on 2/10/09 at 8:32 am to Ziggy
think thats what it says
Posted on 2/10/09 at 8:34 am to Ziggy
I also read this as an answer to one of the questions on that link:
Jared - The proposal for the $15k takes effect the day the law is signed, so which one you get depends on when you close on the house. The $7500 proposals are all dated April 2008-July 2009 (so you must close in that timeframe). When you FILE your taxes doesn’t matter for either one, since you have to have closed on the house before you can file for the credit.
---
So, from this answer it seems that when I go to get the credit AFTER this new bill gets signed/passed, I'll still be elligible for the $7500 (and not have to pay it back). Yes?
ETA: I will be closing at the end of this month.
Jared - The proposal for the $15k takes effect the day the law is signed, so which one you get depends on when you close on the house. The $7500 proposals are all dated April 2008-July 2009 (so you must close in that timeframe). When you FILE your taxes doesn’t matter for either one, since you have to have closed on the house before you can file for the credit.
---
So, from this answer it seems that when I go to get the credit AFTER this new bill gets signed/passed, I'll still be elligible for the $7500 (and not have to pay it back). Yes?
ETA: I will be closing at the end of this month.
This post was edited on 2/10/09 at 8:35 am
Posted on 2/10/09 at 8:34 am to Ziggy
I paid 11,000 in income tax last year...
I don't feel bad at all getting 7500 of that back.
I don't feel bad at all getting 7500 of that back.
Posted on 2/10/09 at 8:38 am to Ziggy
that's what i'm thinking too.
Posted on 2/10/09 at 8:40 am to Ziggy
quote:
So, from this answer it seems that when I go to get the credit AFTER this new bill gets signed/passed, I'll still be elligible for the $7500 (and not have to pay it back). Yes?
?
Page 2 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News