The key, of course, is that the newly purchased home needs to be a primary residence—no rental properties or vacation homes, thank you. Current homeowners within the income guidelines can receive a $6,500 credit after purchasing a new home—new homeowners will still receive $8,000.
Expanded First-Time Home Buyer Tax Credit Becomes Law [U.S. News & World Report]
(Photo: nicolas.boullosa)
]]>Why is it too late for them? The current credit is good until 11-30-09. It's not 11-30-09 yet.
]]>except for that pesky rule that states you must stay in your home for "X years" or forfeit the rebate.
]]>Yet another BS scheme by the Obamunists that only applies to people who can't afford the additional debt."
Yeah, preach on brother! If you're not making more than $125K/yr (the new upper limit) You shouldn't be buying a house. (BTW Less than 5% of american workers make more than $100,000/year)
"(think of how many had a clunker for a reason, eh?)"
It could be the ppl who bought SUV's during the boom and now are siting junk that nobody wants to buy because they get 12mpg.
The number one car traded in...The Ford Explorer.
You are probably some bitter Kiyosaki acolyte who bough at the peak, and now has negative equity.
More Haterade® will not quench your thirst.
]]>Yet another BS scheme by the Obamunists that only applies to people who can't afford the additional debt.
Cash for Clunkers (think of how many had a clunker for a reason, eh?)
New House Tax Credit (but not for those of you who actually worked hard and have a good salary; let's just give it to people who might have a harder time paying).
This is like offering vinegar to the parched.
]]>In most places, not a big deal, but I live in the D.C. area, where it's enough salary to live in a 50-year-old townhouse.
Oh well. I hope everyone enjoys my salary subsidizing *YOUR* home purchases.
]]>@Stephmo: Find a good friend that wants to split 8k minus sale and sell back costs with you?
]]>@pot_roast: You didn't have to take the money. The government was not holding a knife to your neck, demanding, "Take this interest free loan, OR ELSE! muahahahahaha!" ... or were they?
Dun-dun-duuuuuuun!
]]>[Citation needed]
]]>Until that happens, we're screwed and get to pay it back $500 per year. And since the tax tables for married couples are so screwed up, we're likely to wind up *owing* despite buying the house.
]]>@Shappie:
You don't have to pay it back.
]]>I imagine if
a) Your state has no domestic partnership law/recognition
b) You've taken no advantage of anything that previously required you to declare your domestic partnership (i.e. insurance benefits through a company)
c) Your state doesn't recognize same-sex marriage
Of course, though, she offers the caveat of saying that it's all first-blush yes and not in concrete, blah blah.
]]>In more expensive coastal areas it makes sense because you couldn't really buy a house on the old $150k limit without stretching your finances according to the classical debt to income ratios.
]]>of course if you are going to be a while raising construction funds you could probably also build a
[small-scale.net]
to live in on site while building the tumbleweed [although cob building is not fast]
I had the exact same question; early adopters are always screwed. Enjoy your free money everyone, while I'm paying mine back @ $500/year.
]]>The rule basically says this:
If you have owned and lived in a home for at least five consecutive years of the last eight years, you could qualify for a $6,500 tax credit, if you buy a new home between now and April 30.
I'm not sure why it wouldn't count if you'll be in 5 years by April 30th, but who knows? The LA Times article had that quote.
]]>I'm not sure if they could make you do it, but it's one of those things they keep track of...so as I think out loud, I think they'd probably say the same thing if you tried to do it to an immediate relative (parent/child/sibling) as well.
Ah - found an article on fraudulent claims - under who does not qualify:
They are purchasing residences from close relatives, including spouses, parents, grandparents, children or grandchildren.]]>
@laserjobs: You realize that it has similar tax treatment to the interest on a mortgate. It needs to be your primary residence.
]]>Does 5 consecutive years mean 5 years, to the day, or am I safe if I filed as a homeowner on 5 consecutive years of tax returns? I think I'm just a month shy of 5 years, but I did file on 5 years of tax returns...
]]>It's a substantial distinction and one that disqualifies many home buyers.
]]>Wow!!! More free money from the government. Working is for idiots when you can just buy houses.
]]>Husband owns house they need some quick cash. Husband sells house to wife for exact amount owed on it, no lawyers needed no inspection in most cases, simply a brokerage fee (which many banks don't even charge) no Realtor's fee. Just a sale and transfer. can the wife then receive the first time credit of 8k. (incomes are lower than required).
]]>