Home buyer credit

**ssgtcarroll** · 02-11-2009, 06:22 AM

Any of you guys know anything about this?

I closed on Jan 30th 09 and bought the house with my fiance.

Can we both apply for this and both get $7500? Or is only one file on a bought house?

I am really hoping that non-refunable senate version gets revised so I can recieve 15,000 refunable!

**Tide** · 02-11-2009, 07:29 AM

I don't think you can both apply.

And it's not a refund. It's a tax credit that lowers your taxable income.

**ssgtcarroll** · 02-11-2009, 07:31 AM

"The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed)."

So if I am already getting a refund would I just get it on top of?

**Spaz** · 02-11-2009, 07:50 AM

you have to pay it back though... in yearly $500.00 incriments... comes out of your tax-return at the end of the year...

**ssgtcarroll** · 02-11-2009, 08:02 AM

They just droped the pay back with the stimu passed yesterday. Dont have to pay it back now.

**gwballin** · 02-11-2009, 08:02 AM

Originally Posted by Tide

And it's not a refund. It's a tax credit that lowers your taxable income.

Tax deductions lower your taxable income.

Tax credits lower your tax liability.

There is a big difference.

**gwballin** · 02-11-2009, 08:05 AM

Originally Posted by ssgtcarroll

So if I am already getting a refund would I just get it on top of?

Yes

**ssgtcarroll** · 02-11-2009, 08:06 AM

I am just hoping that senate bill for a non-returnable credit doesnt pass. Atleast the way it is now.

I am hoping it stays at 15,000 and makes it refundable. Im buying everyone beer if that happens.

**gwballin** · 02-11-2009, 08:18 AM

Originally Posted by ssgtcarroll

I am just hoping that senate bill for a non-returnable credit doesnt pass. Atleast the way it is now.

I am hoping it stays at 15,000 and makes it refundable. Im buying everyone beer if that happens.

The House passed their version of the bill and the Senate passed their version. Now the bill will go to committee and compromises will be made. We will just have to wait and see what those compromises will be.

**ssgtcarroll** · 02-11-2009, 08:19 AM

Keep my fingers crossed. Is there a website that ocntains uptodate info on subjects like this?

**98formy** · 02-11-2009, 09:38 AM

I am waiting also, I got the 7500 back already. Hoping not to repay it, but time will tell. Does anyone know if they pass it at 15000, can I claim the other half that I did not get?

**Grimpala** · 02-11-2009, 10:16 AM

Originally Posted by ssgtcarroll

Any of you guys know anything about this?

I closed on Jan 30th 09 and bought the house with my fiance.

Can we both apply for this and both get $7500? Or is only one file on a bought house?

I am really hoping that non-refunable senate version gets revised so I can recieve 15,000 refunable!

You have to have bought the house before 12-31-08 to claim it this year. I think that there is a way to file an amended return however and claim it after the fact. Might want to check with an accountant.

**98formy** · 02-11-2009, 10:33 AM

Originally Posted by Grimpala

You have to have bought the house before 12-31-08 to claim it this year. I think that there is a way to file an amended return however and claim it after the fact. Might want to check with an accountant.

I remember reading somewhere that you could use the credit after the first of the year, but I dont remember how far into though. I agree, check with an accountant

**Mr.C&I** · 02-11-2009, 10:38 AM

I'm getting ready to file my taxes and am gonna get the credit too. Did you guys do your taxes yourself or have someone else do it for you.

**bmyers** · 02-11-2009, 01:53 PM

Originally Posted by ssgtcarroll

They just droped the pay back with the stimu passed yesterday. Dont have to pay it back now.

serious?

**00z28bubba** · 02-11-2009, 02:16 PM

op i dont think you qualify for this current tax return to get the 7500 at least. i think you have to claim it on the returns a year from now since you closed in 09. the sutff going on now is for 08 stuff. at least it doesnt make sense to me if you do qualify. and the next tax season the credit is double the 7500 from what i hear also. i think you should be claiming the 15k next season not the 7500 this season.

**FORD RECOVERY EXPERT** · 02-11-2009, 03:55 PM

**ssgtcarroll** · 02-12-2009, 06:25 AM

Ok so the 15,000 was cut from the bill, but is the "do not have to pay back the 7500" still standing? Whys this shit so cunfusing.

**Midnight02** · 02-12-2009, 02:24 PM

As it stands now, the $7,500 credit is still essentially a 15-year interest free loan (since you will repay the $7.5K in $500 increments for the next 15 years).

Even though you purchased in 2009, you can still amend your 2008 return to include the $7.5K credit -- this is clearly noted in the code.

As for you and your fiance getting $15k -- under the current bill you can only get one $7.5K credit for the property (assuming the property price is over $75,000).

Hope this helps...

**bmyers** · 02-12-2009, 05:13 PM

Originally Posted by 98formy

I am waiting also, I got the 7500 back already. Hoping not to repay it, but time will tell. Does anyone know if they pass it at 15000, can I claim the other half that I did not get?

move to canada.