Posted on 02/25/2009 9:10:28 AM PST by rawhide
First-time home buyers can take immediate advantage of an $8,000 tax credit for homes purchased this year before Dec. 1, the Internal Revenue Service said Wednesday. Buyers can take the credit on either their 2008 or 2009 taxes. Forms are available on the IRS website or through IRS offices. The tax credit is available to first-time buyers with incomes under $75,000 for singles or $150,000 for couples. It covers 10% of the purchase price, up to a maximum of $8,000. Unlike last year's tax break, it does not need to be repaid if the buyer remains in the home, "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.
(Excerpt) Read more at marketwatch.com ...
Incredible that following a housing crisis brought on by risky loans to unqualified buyers, the solution is seen as getting everyone into a house.
frickin bullshit....
CNN is comparing that ******* to Ronald Reagan!!! What a bunch of BS. This country’s gone insane!
The city of Houston is already considering this. See "Houston to consider taxpayer-funded debt relief" from yesterday..
That’s not going to help someone that got a house 10 years ago. How soon will it be until I can no longer claim intrest paid on my mortgage?
Ultimately, the gov’t is going to own every one of these houses. This is how the abolish private property... by giving it to people who can’t keep it. Our Republic in microcosm.
idiots
This is nothing but vote buying of the welfare crowd.
The IRS takes 500 a year out of your taxes till you repay the 8000. If you sell the house you owe ALL the money back at once.
I believe the payback provision was ammended by Porkolus and it DOES NOT need to be paid back.
You’re thinking of the $ 7500 homebuyer credit that was in effect for 2008. That’s the one you have to pay back $ 500/yr. over 15 years. Yeah, like anyone would really do that.
The $ 8,000 tax credit is a real credit for the full amount that does not get paid back. It was in the porkulus bill.
If you buy a house now, the article is saying the IRS will allow you to take the credit against 2008 taxes (i.e. current tax return) rather than waitng til 2010 to take the credit against your 2009 taxes.
So, if you are buying a house and will complete the sale before you need to file (April 15th) you can use the credit against last year’s taxes. Or, I guess you could file for an extension to your 2008 taxes and apply for the credit if you don;t complete the sale prior to April 15th.
Is there even the slightest reasonable doubt that Obama’s henchmen precipitated the financial crisis in September to ensure his election and create the conditions for massive government intervention in the form of socialistic wealth redistribution and stealth “reparations”?
20 So Joseph bought all the land in Egypt for Pharaoh. The Egyptians, one and all, sold their fields, because the famine was too severe for them. The land became Pharaoh’s, 21 and Joseph reduced the people to servitude, [c] from one end of Egypt to the other. 22 However, he did not buy the land of the priests, because they received a regular allotment from Pharaoh and had food enough from the allotment Pharaoh gave them. That is why they did not sell their land.
23 Joseph said to the people, “Now that I have bought you and your land today for Pharaoh, here is seed for you so you can plant the ground. 24 But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children.”
Those qualified for this are least able to afford the losses that will come from owning a house during the next 5 years. Add in job instability and they are much better off staying renters. Why is the government giving an incentive to young families to make a really stupid move?
Why just first home buyers? Why the favoritism ALL THE TIME?
Sigh.
Good question. I wonder why my family is always the "target" of higher taxes but never the "target" of any government largess.
Do I get an $8,000 tax break for paying my mortgage on time very month?
Stupid question. I know.
“Incredible that following a housing crisis brought on by risky loans to unqualified buyers, the solution is seen as getting everyone into a house.”
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Everything the government is doing lately reminds me of a doctor who has a patient come to the emergency room due to terrible side effects from the doc’s latest prescription so he advises the emergency room doctors to administer a triple dose of the same medicine.
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