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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 03/04/2009 : 17:19:40
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If you are a first time home buyer or as I understand it, if you have been out of home ownership for at least three years, and you buy before November, you may be entited to a tax credit of 10% of its price up to $8,000. That is a tax credit and not a deduction.
This is a part of the economic stimulus bill.
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Think positive. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 03/04/2009 : 17:22:38
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| Is that like 10% of the closing cost tax? Or something different? |
Trolling is an art. |
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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 03/04/2009 : 17:28:19
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quote:
Originally posted by Neckro
Is that like 10% of the closing cost tax? Or something different?
No, that's 10% of the cost of the home up to $8,000. So if you are buying an $80,000 home you can get a tax credit of 10% or $8,000. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 03/04/2009 : 18:06:31
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quote:
Originally posted by Ardent Listener
quote:
Originally posted by Neckro
Is that like 10% of the closing cost tax? Or something different?
No, that's 10% of the cost of the home up to $8,000. So if you are buying an $80,000 home you can get a tax credit of 10% or $8,000.
I wonder how diligent they are in determining if you are indeed a first time buyer? I'm already a homeowner, but I feel like I should be entitled to this, you know, do my little part to stimulate the economy.
I've got my eye on a little place... , $8k would be over ten percent of the purchase price..... Hmmmm.
Hey, if I'm going to be forced to bailout people with liar loans (no doc mortgages), well then....
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/04/2009 : 18:17:25
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quote:
Originally posted by Delawhere Jack
quote:
Originally posted by Ardent Listener
quote:
Originally posted by Neckro
Is that like 10% of the closing cost tax? Or something different?
No, that's 10% of the cost of the home up to $8,000. So if you are buying an $80,000 home you can get a tax credit of 10% or $8,000.
I wonder how diligent they are in determining if you are indeed a first time buyer? I'm already a homeowner, but I feel like I should be entitled to this, you know, do my little part to stimulate the economy.
I've got my eye on a little place..., $8k would be over ten percent of the purchase price..... Hmmmm.
Hey, if I'm going to be forced to bailout people with liar loans (no doc mortgages), well then....
I don't know. Do you have a trusted loved one who would qualifiy? |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 03/05/2009 : 18:30:40
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quote:
Originally posted by Ardent Listener
quote:
Originally posted by Delawhere Jack
quote:
Originally posted by Ardent Listener
quote:
Originally posted by Neckro
Is that like 10% of the closing cost tax? Or something different?
No, that's 10% of the cost of the home up to $8,000. So if you are buying an $80,000 home you can get a tax credit of 10% or $8,000.
I wonder how diligent they are in determining if you are indeed a first time buyer? I'm already a homeowner, but I feel like I should be entitled to this, you know, do my little part to stimulate the economy.
I've got my eye on a little place..., $8k would be over ten percent of the purchase price..... Hmmmm.
Hey, if I'm going to be forced to bailout people with liar loans (no doc mortgages), well then....
I don't know. Do you have a trusted loved one who would qualifiy?
Hmmmm.... They're all home owners already...., but that's an idea to ponder.
In the meantime, I'm rolling a small IRA from a previous job into my current account, and them I'm going to take a loan against the balance. Hey, I'd rather have cash on hand than in the market, whether it goes towards the downpayment on a second home or PM's...., or seeds, beans, bandaids....
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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HOME BUYING? tax credits may be available
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