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Anyone know the details regarding the 8,000 tax credit? (now that the 15,000 credit is off the table

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Income limits? First time buyers only? Good from Jan. 1- Aug. ?

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February 12 - Buckhead

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Ardell DellaLoggia, "ARDELL DellaLoggia"
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Ardell DellaLoggia, "ARDELL DellaLoggia"

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This link should have everything you need to know about the 2009 credit:

http://www.federalhousingtaxcredit.com/2009/faq.php#1

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March 04

deshmukh
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Some of the criteria to qualify for the $8000 Tax credit for first time home buyers are as follows: (1) The house must be bought between Jan 1, 2009 and Dec 1, 2009, (2) Buyer's Modified Gross Income should be less than $75,000 (single) or $150,000 (Married filing jointly), (3) The house should be primary home (4) Buyer must live in the home for at least 3 years after purchase date (5) The cost of the home should be $80,000 or more.
You will find much details information on this website: http://www.ehow.com/how_4789981_buy-home-using-tax-credit.html

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March 04

Ardell DellaLoggia, "ARDELL DellaLoggia"
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Ardell DellaLoggia, "ARDELL DellaLoggia"

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We should have more and final details within the next week, I hope, but here's what I think I know as to the present: Note NOTHING is final until the bill is signed by President Obama.

1) The Bush version of the credit effective for homes purchased on or after 4/9/08 is not expected to change at all for any 2008 purchases. That being a FULL $7,500 amount, regardless of the buyer's total Federal Taxes for the year, to be repaid at the rate of $500 per year for 15 years without interest. There are more provisions regarding the year one could take the credit, and they had the option to take it on the 2009 OR the 2010 return, but that may change. That version, the only one existing as of today, was due to expire on June 30, 2009.

2) The $8,000 credit was not to be a loan but was expected to be LIMITED to the amount of tax for the year. So if your total tax liability is only $4,500, then you would only get $4,500 and not $8,000. In the $15,000 version, the home buyer could spread that over two years. I'm waiting to see if the $8,000 version can be spread over two years, as that would be a significant benefit to many taxpayers, given the "cap" provision.

Because of #2, it is very important to wait for the final version, as there are many important questions. If the cap is $8,000, but you are really only going to get $3,500 of it, that is a HUGE difference. So my caution here is to not specualate at this point, and wait for writings based on the actual provisions after signed by President Obama.

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February 16

Susanne Novak, "ColumbusOhioHUDHomes"
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The proposal would elimiate the repayment requirement in an existing tax credit for FIRST TIME home buyers, and RAISE the credit from $7,500 to $8,000. The exact amount is still subject to negotiation.

Legislation also extends the effective date from 6/30/09 to 9/1/09. Households that purchase in 2009 using finance assistance from state and local mortgage bonds will be permitted to use the credit as well.

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February 12

sammie08
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According to a WSJ.com blog:
"The $15,000 homebuyer tax credit didn’t survive the final negotiations on the stimulus bill. Instead, Congress slightly increased to $8,000 an existing $7,500 credit for first-time homebuyers and eliminated repayment provisions. Congressional negotiators said that $8,000 number isn’t yet finalized.
The move was sure to disappoint those who had favored a more generous $15,000 credit for all home buyers in the Senate bill.
The new credit is retroactive to Dec. 31, 2008, which means that anyone who buys a house this year, through August, won’t have to repay it.
First time buyers who used the credit in 2008 still have to pay it back over a 15-year period."
Link

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February 12

flash389
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These are the details about the current $7500 tax credit. Hopefully the $8000 amount won't have to be repaid, as the $7500 credit currently does, over a span of 15 years. It is important to note how a FIRST TIME HOME BUYER is actually defined:
The Tax Adviser January, 2009 publication states: "To be eligible, a taxpayer must be a first time home buyer, defined as someone whoa has not had a present ownership interest in a principal residence during the 3-year period ending on the date the principal residence is purchased". Also, taxpayers who purchase in 2009 (before 7-1-09) may elect to treat the purchase as having taken place on 12-31-08, for purposes of the credit.

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February 12

sunnyview
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Here is a link to more info. It looks like "A new tax credit of as much as $7,500 is available to first-time home buyers. To qualify, the home must be the first you've owned in the past three years and your income can't exceed $75,000 if you are single or $150,000 if you are married. The credit applies for homes purchased after April 8, 2008 and before July 1, 2009. The credit must be repaid over 15 years, starting two years after you claim it." They are still hammering out the agreement and it's not a done deal yet.

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February 12

projectmatt
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It is only for first time buyers. Not sure of income limits. It does last until the end of August.

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February 12

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