Home buyers' tax credit can be turned into cash at closing
- Thread starter Anonymous_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Ha! I wish ANY NEW home buyer would have been eligible to begin with! Any buyer (new or old) looking for anything with a price tag of $700k or more (which currently buys you a very small and modest SFR in Irvine by any standards) is out of luck, since the household income should normally be above $170k to justify that purchase price and you get $0 of this tax credit at that income level. This thing was never supposed to help out people in overpriced markets like Irvine anyway, just as many other programs like loan modifications, etc do not apply here.
Senate Renews Push to Expand Homebuyer Tax Credit to $15,000
http://www.bloomberg.com/apps/news?pid=20601087&sid=alfbV3LXPE_E
Senator Johnny Isakson, a Georgia Republican, plans to introduce a bill today that increases the tax credit to $15,000 and removes income and other restrictions on who can qualify for the credit, according to his spokesman, Sheridan Watson.
Geez-not only are the extending it, they are expanding it greatly. Too bad it's not retroactive. Looks like it has a good chance to pass the Senate-wonder if the House will follow.
The eight grand comes in the form of a larger tax refund. Say, if you normally get one thousand dollars back come April 15th, you would get nine grand if you purchase a house and meet all the other requirements. The are no restrictions on what you can do with the money.
Adam Ginsberg_IHB
New member
My only frustration with the recent $8k tax credit is the simple fact the .gov is only looking at first time home buyers. My TX home sale in Feb, and eventual home purchase in CA (date TBD) will generate more revenue than a first time home buyer.
ANY home buyer should be eligible for the tax credit.
ANY home buyer should be eligible for the tax credit.
Mazy_IHB
New member
Adam Ginsberg said:
Ha! I wish ANY NEW home buyer would have been eligible to begin with! Any buyer (new or old) looking for anything with a price tag of $700k or more (which currently buys you a very small and modest SFR in Irvine by any standards) is out of luck, since the household income should normally be above $170k to justify that purchase price and you get $0 of this tax credit at that income level. This thing was never supposed to help out people in overpriced markets like Irvine anyway, just as many other programs like loan modifications, etc do not apply here.
Soylent Green Is People_IHB
New member
No one really has structured one of these successfully yet, although there are a few in BofA's pipeline right now. Essentially they provide a 2nd TD that is paid off once you file your return. Very risky and something I tell people to avoid.
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Soylent Green Is People
My 02c
Soylent Green Is People
Anonymous_IHB
New member
Mazy said:
Senate Renews Push to Expand Homebuyer Tax Credit to $15,000
http://www.bloomberg.com/apps/news?pid=20601087&sid=alfbV3LXPE_E
Senator Johnny Isakson, a Georgia Republican, plans to introduce a bill today that increases the tax credit to $15,000 and removes income and other restrictions on who can qualify for the credit, according to his spokesman, Sheridan Watson.
Geotpf_IHB
New member
Anonymous said:
Geez-not only are the extending it, they are expanding it greatly. Too bad it's not retroactive. Looks like it has a good chance to pass the Senate-wonder if the House will follow.
usctrojanman29_IHB
New member
Not again, so we get to increase the subsidy for homes that much more.Anonymous said:
Shadax_IHB
New member
Someone I was talking to was taking this to mean that a participant could conceivably use this $8k for anything. I didn't see anything about that in the article, but I wouldn't be surprised. I'm sure Louis Vuitton and Louis Roederer are hoping it is true. Can anyone here comment on this? Thanks
Geotpf_IHB
New member
Shadax said:
The eight grand comes in the form of a larger tax refund. Say, if you normally get one thousand dollars back come April 15th, you would get nine grand if you purchase a house and meet all the other requirements. The are no restrictions on what you can do with the money.
angdeer_IHB
New member
Just saw this todayhttp://speakingofrealestate.blogs.r...ting-the-tax-credit-extended-outlook/#respond
, looks like that tax credit might not go through again. Congress is too involved in the health care reform right now.
, looks like that tax credit might not go through again. Congress is too involved in the health care reform right now.