question for new homeowners who did their taxes this year
FutureMrsC614
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question for new homeowners who did their taxes this year
anyone out there who is a new homeowner who did their 2008 taxes? did anyone apply for the $7500 tax credit?????
lawoman11177
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Re: question for new homeowners who did their taxes this year
I am a new homeowner, however I am still waiting on my lovely bank to send me the 1099. I will be asking my accountant if I qualify. Do you know what it intails. Thanx for the info.
FutureMrsC614
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Re: question for new homeowners who did their taxes this year
Posted by lawoman11177
I am a new homeowner, however I am still waiting on my lovely bank to send me the 1099. I will be asking my accountant if I qualify. Do you know what it intails. Thanx for the info.
yeah now that i am reading about it, it's not what it sounds like. it's a tax CREDIT : up to $7500 interest free over 15 years. But, it's not a lump sum loan like I thought it was. It's if you owe lots of money to the IRS, they will credit you the amount of money up to $7500, and you pay it back over 15 years interest free. I was thinking to myself, oh nice i can get this lump sum no interest loan, and pay for the wedding. But, nope! too good to be true!!!! you also have to qualify for it: if you file as a married couple, you have to make less than $150,000. single file =less than $75000. good for people who owe lots of money to the IRS.
FutureMrsC614
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Re: question for new homeowners who did their taxes this year
actually, i think it works both ways, as a credit if you owe, and also if you are using it as a loan.
FutureMrsC614
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Re: question for new homeowners who did their taxes this year
look at this: http://www.federalhousingtaxcredit.com/index.html
FutureMrsWildes
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Re: question for new homeowners who did their taxes this year
I'm taking it!! Here's all the info directly from the irs website..
Re: question for new homeowners who did their taxes this year
Posted by FutureMrsC614
Posted by lawoman11177
I am a new homeowner, however I am still waiting on my lovely bank to send me the 1099. I will be asking my accountant if I qualify. Do you know what it intails. Thanx for the info.
yeah now that i am reading about it, it's not what it sounds like. it's a tax CREDIT : up to $7500 interest free over 15 years. But, it's not a lump sum loan like I thought it was. It's if you owe lots of money to the IRS, they will credit you the amount of money up to $7500, and you pay it back over 15 years interest free. I was thinking to myself, oh nice i can get this lump sum no interest loan, and pay for the wedding. But, nope! too good to be true!!!! you also have to qualify for it: if you file as a married couple, you have to make less than $150,000. single file =less than $75000. good for people who owe lots of money to the IRS.
Thanx for the info.. yeah that would have come in handy!!!
bkbaby4life
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Re: question for new homeowners who did their taxes this year
if you qualify for it you can get up to $7500 from the government. if you owe $1000 in taxes to the government you can get $6500 from the government, etc. etc. then you payback this loan interest free over 15 years thru ur yearly tax returns.
EmiNoa628
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Re: question for new homeowners who did their taxes this year
I don't qualify!! Even though I bought a house last May.. I bought a home in 07', too!!! I'm upset!! I could of used that money for the wedding!!
MLAngelo
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Re: question for new homeowners who did their taxes this year
Did you read about it, I am under the impression that this is a loan, not an actual credit. FH and I decided we would rather pay that money now while we have it then later (god forbid in this economy he loses his job.)
Debrian2009
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Re: question for new homeowners who did their taxes this year
It's probably a little technical (Tax Code is hard to interpret sometimes)...
BUT, here is the link to the information from the IRS....
If you are using an accountant, make sure you inform them of buying a home during this time frame and they should be able to advise you further on this credit.
If you think about it, paying back $7,500 over 15 years is $500 bucks per year....it may pay to use the credit now (in 2008) then you don't start paying back the money until 2010....
Use the money now for the wedding, then put aside a little each month after the wedding to start paying it back in two years.
