Tax guys I have a question

**walterchang** · 04-04-2010, 08:51 AM

So I decided to buy my first house in 2008, after months of looking I found a nice house for a good price. I bought the home on 2/2/2009. So I was jazzed that I would get the housing credit. Based on my last years income I was concerened about qualifying for the full credit, it would be close. Anyways flashforward to when the white house increased the income limits. I was golden, I was going to get my full credit. Then I got my taxes done. Since I purchased my house before nov 8 2009 I do not qualify for ANY credit. What are my options here? I lost my job in Novemeber 2009. I made a killing in 2009, now I am on a top ramen diet and could really use the credit to get back on my feet. I poured a ton of money into my house it was a bank owened property that was stripped. I don't live lavishly, I bought the essentials kitchen appliances since the last owner took them all, light fixture, blinds, toliets, etc.

What are my options?

**iam_dale** · 04-04-2010, 09:13 AM

Something is not right with your date. I bought my house on April 1, 2009. I've already gotten my refund, w/ the tax rebate. Why does November of 2009 matter?

dale

**walterchang** · 04-04-2010, 10:34 AM

Income limits before nov 8-9 are 75k for single. After nov 8-9 limits are 125k. I fall in between. Novemeber is when the white house expanded and uped the income limits.

**walterchang** · 04-04-2010, 10:35 AM

The increase in income limits are not retroactive, thus I got Fu**ked.

**02transamce** · 04-04-2010, 10:41 AM

thank the government! sucks man,hope everthing works out for you.

**Mr.C&I** · 04-04-2010, 01:16 PM

Making a 100k? I'd say you'll be alright

**Mr.C&I** · 04-04-2010, 01:17 PM

Originally Posted by Mr.C&I

Making a 100k? I'd say you'll be alright

Oops just now noticed you live in L.A., so 100k doesn't mean what it does here. my bad

**KahanaReef** · 04-04-2010, 03:26 PM

Originally Posted by Mr.C&I

Oops just now noticed you live in L.A., so 100k doesn't mean what it does here. my bad

You got that right!

**86 IROC-Z** · 04-04-2010, 07:26 PM

Originally Posted by Mr.C&I

Making a 100k? I'd say you'll be alright

Originally Posted by Mr.C&I

Oops just now noticed you live in L.A., so 100k doesn't mean what it does here. my bad

Also if you read his original post you'll also notice that he lost his job.

**iam_dale** · 04-04-2010, 08:09 PM

Originally Posted by walterchang

Income limits before nov 8-9 are 75k for single. After nov 8-9 limits are 125k. I fall in between. Novemeber is when the white house expanded and uped the income limits.

Damn, man. I didn't know that. Sux for sure.

**walterchang** · 04-04-2010, 09:58 PM

Yup I am getting shafted. I am slowly blowing through my savings. Luckily i was saving for a new truck down payment and engagement ring for the gf. That money is gone.

Anyone have any creative ideas for tax planning?