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$7500 tax credit...is it worth claiming

Discussion in 'Off-Topic Discussion' started by headhunter247, Mar 25, 2009.

  1. Mar 25, 2009 at 11:17 AM
    #1
    headhunter247

    headhunter247 [OP] Well-Known Member

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    Ok, so Im a first time home buyer, and buying a home soon. Is it worth claiming this credit, if I have to repay? Let me know your guys thoughts...

    Take all this part back..I read an article from last year, and not this year. Please see below.
     
  2. Mar 25, 2009 at 11:19 AM
    #2
    blake1012

    blake1012 Go Braves!

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    Im currently in the process of buying a home......i think it was changed to $8000 and doesnt have to be paid back
     
  3. Mar 25, 2009 at 11:19 AM
    #3
    Bart

    Bart Well-Known Member

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    It's 8,000 and I dont think you have to repay it. Ask your bank's loan officer.
     
  4. Mar 25, 2009 at 11:28 AM
    #4
    headhunter247

    headhunter247 [OP] Well-Known Member

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    Ok, heres another one..aparently I was reading last years..
    First time's a charm

    $8,000 first-time home buyer tax credit now available

    By Amy Hoak, MarketWatch
    Last update: 1:10 p.m. EST Feb. 25, 2009




    CHICAGO (MarketWatch) -- First-time home buyers who purchase a home this year can now take advantage of the stimulus bill's $8,000 tax credit, the U.S. Department of the Treasury said in a news release on Wednesday.


    Unlike the previous $7,500 credit available to this group of buyers, the credit outlined in the American Recovery and Reinvestment Act of 2009 does not have to be paid back -- if the home remains the buyer's "main home" for at least 36 months after the purchase date, according to the Internal Revenue Service's Web site. First-time buyers, for the purpose of this credit, are those who have not owned a home in three years.
    Video: Obama Reveals Plan to Help Struggling Home Owners

    President Obama revealed his plan to help struggling home owners, but not those who were foolish in purchasing homes that they couldn't afford. Will this stop the downward spiral of home prices? Video courtesy of Fox News.

    Buyers have to purchase a home before Dec. 1 to be eligible, and the credit can be claimed on a home buyer's 2008 or 2009 tax return. Tax returns for 2008 are due by April 15, but most taxpayers can get automatic extensions to Oct. 15 without citing a reason. (You must pay any estimated tax liability at the time the extension is filed.) Filing an amended 2008 return after you buy would also be an option for getting the credit sooner.
    "For first-time home buyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman, in a news release. "This important change gives qualifying home buyers cash they do not have to pay back."
    Buyers can claim 10% of the purchase price, up to $8,000, or $4,000 for married individuals filing separately, according to the IRS' Web site. The credit starts to phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.
    The IRS has posted a revised version of the form required to claim the credit, Form 5405, on IRS.gov. Visit IRS.gov's first-time home buyer page.
    "The expansion of the first-time home buyer tax break as part of the president's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers," said Treasury Secretary Tim Geithner. "We view our economic recovery plan, our financial stability plan and now this homeowner affordability plan as three legs of the same stool -- an integrated whole that represents our immediate response to the current crisis.
    Last year, almost one out of two home buyers bought for the first time, according to the Treasury Department's news release. The addition of new homeowners helps reduce inventory by filling vacant homes and allowing the sellers of existing homes to move on to another home.
    Real-estate industry groups are hopeful that the new credit will have an effect on the housing market. Lawrence Yun, chief economist for the National Association of Realtors, said on Wednesday that the tax credit and other measures to stabilize mortgage rates and housing markets would probably boost home sales by about 900,000 this year. See Economic Report.
    The U.S. Department of Housing and Urban Development also announced on Wednesday that it will temporarily increase loan limits for Federal Housing Administration-backed mortgages, also in accordance with provisions in the stimulus. The new FHA limits now go up to $729,750 in high-cost areas. The new limit on FHA's reverse mortgage product also has been raised to $625,500.
    The higher limits are in effect until the end of the year. [​IMG]
     
  5. Mar 25, 2009 at 12:11 PM
    #5
    sliverworm

    sliverworm Well-Known Member

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    Awesome, I will be getting a house in a few months.. and that will help alot next year for some upgrades in the house and maybe the truck!
     
  6. Mar 25, 2009 at 12:25 PM
    #6
    headhunter247

    headhunter247 [OP] Well-Known Member

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    Yep...that will be my lift money right there..and maybe some new tires.
     
  7. Mar 25, 2009 at 12:34 PM
    #7
    raskal311

    raskal311 Well-Known Member

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    The $7500 is for last years buyer which does have to be repaid, this year its free and clear. I got the $7500 and will be using it to pay off a credit card that I’m paying 5.7% interest on. The credit is interest free so there is no real reason not to take it especially if you can pay off a loan.
     
  8. Mar 25, 2009 at 12:54 PM
    #8
    bobwilson1977

    bobwilson1977 Well-Known Member

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    In my opinion, home prices will probably continue to fall for awhile longer: The tax credit will likely be eaten up in the form of depreciation.
     
  9. Mar 25, 2009 at 12:57 PM
    #9
    jasonh

    jasonh tossed salad anyone?

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    my wife and i claimed it. its your call. could you use the money to get some new stuff for your new place.

    we used half of it to decorate our new house. then we are using the rest to take a bad ass honey moon.

    its an interest free loan that you have 15 years to pay back. wont get that deal any where else
     
  10. Mar 25, 2009 at 3:05 PM
    #10
    headhunter247

    headhunter247 [OP] Well-Known Member

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    Well the first article that I posted WAS from last year. This year, you dont have to pay it back, so Im definitely going to do it. Why would you turn down $8k credit?
     
  11. Mar 25, 2009 at 3:44 PM
    #11
    blake1012

    blake1012 Go Braves!

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    We were hoping to close before april 15th so we could ammend our return this year, and get the money now....but dont think we're gonna make it.

    either way....8k now, or 8k next year......:D
     
  12. Mar 25, 2009 at 5:34 PM
    #12
    headhunter247

    headhunter247 [OP] Well-Known Member

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    Supposedly you can file and extension, or an amended return after the fact...ask your tax person, or call one. Let me know, because I will probably do that too.
     
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