Buy a home, get $8,000?

#1
volmanic

volmanic

JUST WIN
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Mar 31, 2008
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#1
I am in the works of signing the paper to be a homeowner. From my understanding, when I file my taxes next year ( if I owe nothing) I will be cut an $8,000 refund check. Right?
 
#2
#2
Before you sign make sure your info is correct especially if it's coming as part of closing or assurances from your lender.

Grants have always been available for first time home owners.From what I have read,with the latest 75 billion mini bail-out.It was intended to forgo interest rates for home owners.

Their is so much out their if you don't feel comfortable with who your reps are hire a specialist in that area.however you would think mortgage lenders would know.But who in their right mind would trust them anymore,really?
 
#3
#3
You might check the whitehouse or Congress sites to find the language of the plan.

I doubt the IRS language has been written yet.
 
#6
#6
I never qualify for gov't handouts. I bought a home 3 weeks ago. But, since I'm not a first time buyer, I miss out.

They need a goes to work/pays taxes/lives within their means/ responsible person's tax credit.

:cray:
 
#7
#7
volmanic said:
I am in the works of signing the paper to be a homeowner. From my understanding, when I file my taxes next year ( if I owe nothing) I will be cut an $8,000 refund check. Right?
Click to expand...

Guidelines to be released on March 4th. Income restrictions apply so you'll need to check those. Also, if you are buying now and haven't filed your 2008 returns you can claim it on your '08 return (even though you bought in '09).
 
#8
#8
I know this has nothing to do with buying a home or politics but I need help from the Vol Nation. The company I work for announced a 4th qtr loss yet payed a 10 cent dividend to stockholders. They also gave bonuses to people from 85K-125K. We employees get 6% profit quarterly. The company keeps 25% of that as a hold back which we get at years end. They owe us our hold back from 4th qtr 07,1st,2nd and 3rd qtr 08. They say we get nothing due to 4th quarter 08 loss yet they pay a stock dividend and give a bonus to upper management. Either of these amounts are more than the loss reported(531K). Are we getting screwed? Can we go to the SEC? Any help or info will be more than appreciated.
 
#16
#16
From what I read, there is going to be this tax credit. That is unless the family makes over like $120,000 per year. I am safe!
 
#17
#17
Also one more important thing it is for "1st time buyers" which also includes buyer who have not had a home deeded in their name in the past 3 years. I am a realtor so I guess I am kind of up on all this. I don't like the giant wad of cash the govt. threw at this problem but this is a great benifit for 1st time buyers.
 
#19
#19
yeah I do too, I just hate the stim. package as a whole. It just feels like they threw an economical nuke at this target and hoping to solves it.
 
#20
#20
volmanic said:
I am in the works of signing the paper to be a homeowner. From my understanding, when I file my taxes next year ( if I owe nothing) I will be cut an $8,000 refund check. Right?
Click to expand...

you'll have to pay it back. i asked my financial adviser about it. he said that they will take it out of your future tax returns. he basically said it's an interest free loan.
 
#21
#21
joevol320 said:
you'll have to pay it back. i asked my financial adviser about it. he said that they will take it out of your future tax returns. he basically said it's an interest free loan.
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my understanding is they changed it from a loan to a tax credit.
 
#22
#22
droski said:
my understanding is they changed it from a loan to a tax credit.
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which gets liquefied at the filing of the first tax return, rather than carrying over to future returns like typical tax credits that you might be granted.
 
#23
#23
joevol320 said:
you'll have to pay it back. i asked my financial adviser about it. he said that they will take it out of your future tax returns. he basically said it's an interest free loan.
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According to everything I've read, you do not have to pay it back.
 
#24
#24
droski said:
i support first time buyers getting a tax credit.
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As do I but does this really stimulate housing demand?

Given we are at record home ownership, there's probably a decreasing number of first time buyers out there.

Make it for anyone that buys a house next year and move some inventory!
 
#25
#25
volinbham said:
As do I but does this really stimulate housing demand?

Given we are at record home ownership, there's probably a decreasing number of first time buyers out there.

Make it for anyone that buys a house next year and move some inventory!
Click to expand...

i think it will help certainly. many people like myself didnt' buy a home because we thought that housing prices were massively overpriced and the rent to buy ratio was way off in terms of investment purposes. this combined with the lowest mortgage rates in 30 years has to help to some degree. at least it makes more sense than 90% of the rest of the bill.
 
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