first time homebuyer credit?

LS3C6

LS3C6

Forum Member
Am I understanding this correctly... the NEW stimulus package changes the first time homebuyer credit to $8000 that doesn't have to be paid back? I bought January 17, 2009 and have learned I can include this on my 2008 taxes, but they're just going to give me $8000 to go buy a blower and never pay it back?
 
it "replaces" the existing $7500 you had to pay back if you bought between july 1 2008 and extends to end of 2009, I haven't filed for the $7500 yet.

So does that mean either this year or next year they're giving me $8000 i don't ever have to give back?!?!
 
it is a tax credit, not a deduction.

the 7500 credit was if you purchased the home between 2006-2008.
the 8000 kicks in for 2009
 
LS3C6 said:
why not take it if i'm entitled to it? the new provisions read that you dont' have to pay it back and that sounds unbelivable.
Click to expand...

The last i know you have to pay it back...If not take the money and run.

If you have to pay the money back don't take it becuse you have to pay it back and deal with the IRS.
 
As she explained it to me, you dont have to pay it back, But I think you need to claim it as income? I'll be sure tomorrow.
 
It does not have to be paid back.

You have to make less than $95k a year (single).

Must be your first primary residence (no other home < 3 years)

oh, save the money :)
 
It is only a credit if you itemize your dedutctions (which normally you do with a house), then it is split up into two equal amounts for the next two tax years. Nobody cuts you a check, and nobody says you don't have to pay normal taxes until you file. You will just get a bigger refund next year.

-Geoff
 
I believe there is other existing criteria strapped to the new tax credit.

I dont see how you can use it this year (2008 taxes) if you bought a house this year then how could you claim it on this years taxes?
 
I just want to know if there is a min amount you had to pay for the house. Because we're transfering my Grandma's house to me, and I'll probably be paying a penny for it or something silly.
 
Here are all the facts:

You must buy the home after April 8, 2008, and before July 1, 2009
The credit is 10 percent of the purchase of the home, with a maximum available credit of $7,500

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

This is whats currently on the IRS site. The rules may have changed with the new adjustments to it, but, I don't think they have been published on the IRS website yet.
 
lethalss said:
Here are all the facts:

You must buy the home after April 8, 2008, and before July 1, 2009
The credit is 10 percent of the purchase of the home, with a maximum available credit of $7,500

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

This is whats currently on the IRS site. The rules may have changed with the new adjustments to it, but, I don't think they have been published on the IRS website yet.
Click to expand...

The new provisions go into law when the brother man signs it tommorow, which is $8000 but i'm unclear if it has to be paid back because it says it doesn't which is odd
 
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