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Replies (9)
- Michael Emery, "MikeEmery"
- Contributions:7286
I have attempted to post a reply to this message three times without success.. Zillow hates me!
Hopefully I am not violating Zillows Terms of Use by including this link to a blog where I have posted the information Zillow has prevented me from posting.
http://tcliving.blogspot.com/2009/02/proposed-amendments-to-first-time.html
Hopefully I am not violating Zillows Terms of Use by including this link to a blog where I have posted the information Zillow has prevented me from posting.
http://tcliving.blogspot.com/2009/02/proposed-amendments-to-first-time.html
- Tap012
- Contributions:277
Senate just passed the bill with 60 votes. It has passed both houses of Congress and will be signed by Obama on Monday. It is official and the wording of the credit is pretty much law now.
- sammie08
- Contributions:8
dvracer,
Thanks for posting this.
Thanks for posting this.
- Tap012
- Contributions:277
No problem. I found this other article that seems interesting. It seems the 8000 credit is fully refundable meaning if you owe less tax liability, you'll get the rest as a refund. The 15K was not like this. This is a plus.
http://www.elpasotimes.com/ci_11702592?source=most_emailed
"
http://www.elpasotimes.com/ci_11702592?source=most_emailed
"
- A federal tax credit of 10 percent of a home's sales price, or $8,000, whichever is less, will be provided to first-time homebuyers who buy a house from Jan. 1, 2009 to Nov. 30, 2009.
- A first-time homebuyer is someone who hasn't owned a principal residence for at least three years.
- Any of the tax credit not needed to reduce taxes will be refunded to the purchaser."
- matthewinaz
- Contributions:4
Question. I sold a property on May 10 2006. Does anyone know is it 3 years from that sales date which would be May 10 2009. Or does it mean I have to wait 3 years after the end 2006. So then I could buy something beginning 2009?
- Justin McHood, "justinmchood"
- Contributions:13
Here is my *best* attempt at giving a complete/easy to understand synopsis of the $8,000 tax credit...
http://www.zillow.com/blog/mortgage/2009/02/14/8000-tax-credit-replaces-proposed-15000-tax-credit/
http://www.zillow.com/blog/mortgage/2009/02/14/8000-tax-credit-replaces-proposed-15000-tax-credit/
- Tap012
- Contributions:277
Hey Justin,
That pretty much sums it up. However, you forgot to add that there is no tax credit if you make more than 75K if you're single and 150K as a couple. My question is, is that income your adjusted gross income after deductions? I'm assuming it is.
Edit: I just saw this on some other website.
"Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000)."
So I guess it is after deductions.
http://www.phoenixrealestateguy.com/government_affairs_tax_credit_chart_021308.pdf
That pretty much sums it up. However, you forgot to add that there is no tax credit if you make more than 75K if you're single and 150K as a couple. My question is, is that income your adjusted gross income after deductions? I'm assuming it is.
Edit: I just saw this on some other website.
"Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000)."
So I guess it is after deductions.
http://www.phoenixrealestateguy.com/government_affairs_tax_credit_chart_021308.pdf
- sowhatami2
- Contributions:1
Does anyone know if you are able to get it this tax session or is this only for 2009 taxes. I am about to buy before april and wanted to know if it was possible to use on taxes for 2008.
- NTETS, "Mr Caveat"
- Contributions:6436
if you buy in 09, you get your taxes in 09
if you buy in 06, you aren't eligible for the tax break in any form
now my question is
since the bill reads "strike x replace with y" does that mean that people who already bought are gonna get $500 more than they bargained for?
and
which agent will be the first to pull an "H&R block" and sell your house for free(and just take their money out of your taxes?)
if you buy in 06, you aren't eligible for the tax break in any form
now my question is
since the bill reads "strike x replace with y" does that mean that people who already bought are gonna get $500 more than they bargained for?
and
which agent will be the first to pull an "H&R block" and sell your house for free(and just take their money out of your taxes?)
Actual details of the $8,000 tax credit as written in the stimulus bill
http://i.cdn.turner.com/c ... lus.b.pdf
It's on pages 24-27. I couldn't copy it because it's an image file in a pdf so you'll have to open the file and read it from there.
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