$8000 tax credit deadline approaching

Qualifications for $8,000 tax credit:
  • Must purchase a home (close and receive title) on or after January 1, 2009 and before December 1, 2009.
  • Must be a first-time home buyer, which means you cannot have owned a home -- and used it as your primary residence -- for the past three years prior to purchase.
  • Home you purchase must be used as a primary residence. The home cannot be used as a vacation home or rental property.
  • Cannot purchase a home from a close relative such as your spouse, parent, grandparent, child or grandchild.
  • Must make less than $75,000 for a single taxpayer or less than $150,000, if filing jointly. 
  • September 21 2009 - Saratoga
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Answers (8)

Actually you can make more than $75k / $150k but after that income level you would no longer be able to collect the full Tax Credit.

The Tax Credit goes to zero once you are making greater than $95k/$170k married couple.

And the home must be your primary residence AND REMAIN your primary residence for 3 years (36 months) or the credit needs to repaid in the next tax year.

If you made less than $75k/$150k in 2008 but will exceed the limit in 2009, you can file an amended 1040x along with form 5405 to claim the credit against last years taxes.
  • September 21 2009
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Profile picture for Blue Nile

Looking at the housing value trends, what the deadline really means is that people are paying more and more for the same property, and that will continue until the deadline is over.  Then values will continue to drop again, until the Congress passes the 2010 tax credit for buyers, at which time the values will temporarily stabalize again, and remain fairly stable until it starts looking like the deadine will pass them up again so that there will be another "rush to buy".

There is no reason to hurry.  Buying at the inflated prices means you will pay $20k EXTRA in order to get $8k from the other tax payers.  What kind of deal is that ????  Throw $12k away for NOTHING????  In some areas in some price ranges, you will throw away $50k  !!!!

The "deal of a lifetime"; be underwater on your loans in less than 12 months.  And the lenders and realtors are happy to help rip you off.  The realtors will pocket approximately 6% of your purchase price, and the loan officer will pocket about 1.5% of your purchase price.

As for complaints against Michael, he hasn't bothered to read the Zillow policy regarding "self promotion"  linked at the bottom of the right bar of every discussion, and also next to the "submit" button for the post entry box every time one posts.
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  • September 22 2009
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Profile picture for klarek the realist
Actually, Michael, prices in a lot of areas are UP because of the credit.  You have to wonder the amount of stupidity it takes for someone to think an $8,000 bribe from the govt is worth paying $30,000 more for a house.  People are really f***ing stupid.
  • September 22 2009
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Profile picture for sunnyview
Mr. Rocco I am impressed. That is the longest single piece of spam I have EVER seen on the board. You might benefit from a look at the spam/self promotion policy here. Answering questions really can help people, spamming doesn't do more than make you look a bit unprofessional in my opinion. Oh well to each his own.
  • September 22 2009
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I loved Mr. Rocco's spam. I am sorry to see it disappear. It was truly a work of art.

Oh and folks, if you are going to do pieces about the Homebuyers Credit make sure you are either 100 percent correct,  that you spell it out clearly and that you leave a link to the IRS site to give folks further information.

Here's a link for more info. Feel free to cut and paste.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

  • September 22 2009
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Profile picture for xarfox
I agree with Pasadenan and Klarek.

I have been monitoring homes in a fairly hot area since the spring. Most everything is bought up by now, the houses left over are the "ugly stepbrothers".

After analyzing about 50 homes in a very small circumference I have found the following generalizations:

Homes are entering the market $30,000 above market value.
Homes are selling on average, $5,000 - 10,000 less than asking.
In some cases, people are fighting over houses and paying more than asking. In very few cases was a house price reduced more than $10,000.

In general, people are paying 20k over asking price. Whether or not they are claiming the credit I don't know. These houses are however in first-time buyer price range 200k-300k.
  • September 22 2009
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Profile picture for Blue Nile
As they say, there are plenty more foreclosures coming where those came from.  "Incentive" alone cannot dry up the supply of houses.
  • September 22 2009
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