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Tax Time Update - First Time Homebuyers

Discussion in 'Members' Lounge' started by reckedracing, Feb 26, 2009.

  1. reckedracing

    reckedracing TTIWWOP VIP

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    So the gov't is offering a refundable credit for first time home buyers.
    If you closed in 2008 you get $7500, which is paid back over 15 years interest free.

    As of February 25th 2009, you get an $8000 refundable credit, with no payback terms. Free money to try and boost the housing market(collapse).

    Go buy your house.
    You have till December to close.
     
  2. Briansol

    Briansol Admins Admin VIP

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    1st time ftl
     
  3. chestercheeto48

    chestercheeto48 Senior Member VIP

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    Unless they changed it - you are only elgible for the 7500 if you closes after April 8 2008. If I am wrong I need you to show me something in writing and I will have to amend my taxes.
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    oh, yea you closed in feb right?
    i think the rules stay the same for 2008, sorry
     
  5. eg6sir

    eg6sir Supa Mod Moderator VIP

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    damnit!... i was hoping they dropped the date back... i missed it by 2 weeks..
     
  6. chestercheeto48

    chestercheeto48 Senior Member VIP

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    Thats fine I just wanted to make sure I had the info correct. My brother is going to make out with the 8000.00 credit.
     
  7. BigJ

    BigJ I'm just about that action Boss. VIP

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    damn.... hmmm I doubt I'll get my credit score high enough to do this after I graduate.
     
  8. Airjockie

    Airjockie Watanabe Whore!!!

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    Slammed...
    you never know, when I got my first house, I didn't have decent credit..


    and if you buy right now, the market is highly in your favor.
     
  9. Briansol

    Briansol Admins Admin VIP

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    times are different now.

    you can't touch financing without 3% down. and that's FHA. I put 0 down on my place just a little over a year and a half ago. Times are way different.
     
  10. eg6sir

    eg6sir Supa Mod Moderator VIP

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    i put zero down basically.. well, not really.. but i got the money back
     
  11. Briansol

    Briansol Admins Admin VIP

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    you also did this months ago. i'm talking about TODAY.
     
  12. 90 accord

    90 accord Chicks dig the box Moderator VIP

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    so, i already filed with the 7500 and pay back.. whats my next step to get the 8k with no payback?
     
  13. eg6sir

    eg6sir Supa Mod Moderator VIP

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    you get the $8k if you buy after jan 1st '09- dec 31st '09 ... if you bought april 8th-dec 31st '08 you get $7500

    cant get both
     
  14. 90 accord

    90 accord Chicks dig the box Moderator VIP

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    oh, i misread it.. so do i still have to pay it back?
     
  15. chestercheeto48

    chestercheeto48 Senior Member VIP

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    Our loan that we got doesn't exist today either. We were sooooo lucky both with financing and the house that we bought. I would rather have the circumstances that we had then to try and buy today and get a credit. For once something worked in my favor. :rolleyes:
     
  16. reckedracing

    reckedracing TTIWWOP VIP

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    yes, you still have to repay
     
  17. eg6sir

    eg6sir Supa Mod Moderator VIP

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    if you bought last year, yes.. if you bought or buy this year, no
     
  18. phyregod

    phyregod !!YTINASNI

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    A little bird told me that part of the eleventy billion dollar bail out is a 15k tax credit for all home buyers. Or, that is what is proposed, anyway.
     
  19. reckedracing

    reckedracing TTIWWOP VIP

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    From what i understand the 15K got dropped down to 8k
     
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