Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

new home buyser tax credit question!!!(piog)

ok so ive posted this bb4 with noo respnse. . .
what exactly doing this tax credit mean????
from what i understand it mean that lets say in our case we are going to(hopefuly)be buying a 126,000 dollar house. soo we qualify for 1,260 tax credit(10%). meaning that when tax times rolls around that we would get that EXTRA, w/o having to pay it back. like free cash???as long as we close b4 april 2010.

 
sandraberke

Asked by sandraberke at 10:15 AM on Nov. 12, 2009 in Just for Fun

Level 17 (4,168 Credits)
This question is closed.
Answers (9)
  • Are you talking about the $8000 first time homeowners tax credit?

    You get $8000 or 10% of the price of your home. Our house cost $72,000 so we are getting $7,200. If you buy a $126,000 home you would get $8000, not 10% which would be $12,600. $8000 is the max you can get.

    We have been waiting for about 10 weeks for our check to come. You get a check in the mail and you can use it how you wish. Free cash! If you owe the IRS any money they will deduct that. You can file right away, you don't have to wait until tax time.
    Gailll

    Answer by Gailll at 10:25 AM on Nov. 12, 2009

  • now i assume you have to fill out some froms yes?>where do you go to do it? abviously you have to purchase the home first.but do u do it at the relators or on your own>?
    sandraberke

    Answer by sandraberke at 10:27 AM on Nov. 12, 2009

  • Not free cash taxpayers are footing the bill for this. If you actually paid in that amount in taxes you are getting a refund. If you are the type that gets all you pay in and then some at tax time you are getting welfare.

    We pay in about 20k in taxes each year we got 8k so for the first time in a long we got a refund. We will put it in savings so not really stimulating the economy and we were going to buy right now anyway. We were waiting to the bubble to burst and home prices to come down and it paid off. Got a house that sold for 700k 2 years ago for 230k.
    Anonymous

    Answer by Anonymous at 10:28 AM on Nov. 12, 2009

  • Is the money this person might get coming out of your personal pocket? Is it causing YOU to not feed or kids or pay your bills? Then quit complaining & quit calling it "welfare"! Quit whining & move to another country if you dont like how they run this one. If you can afford a 230k house you are apparently a republican.
    Anonymous

    Answer by Anonymous at 11:01 AM on Nov. 12, 2009

  • You get the forms from the IRS. Here is one website.

    http://www.federalhousingtaxcredit.com/

    This is about the extension

    http://www.realtor.org/HOME_BUYERS_AND_SELLERS/2009_FIRST_TIME_HOME_BUYER_TAX_CREDIT

    And here is the IRS tax form to file

    http://www.irs.ustreas.gov/pub/irs-pdf/f5405.pdf

    All you have to do to find info is go to google and type in what you want like 'tax form first time homeowners tax credit' and search and there it is!
    Gailll

    Answer by Gailll at 11:17 AM on Nov. 12, 2009

  • Thanks for posting the link for the extension, Gailll. I talked to a realtor less than a week ago, and she didn't even know about it!
    kitkabob

    Answer by kitkabob at 1:17 PM on Nov. 12, 2009

  • Is the money this person might get coming out of your personal pocket? Is it causing YOU to not feed or kids or pay your bills? Then quit complaining & quit calling it "welfare"! Quit whining & move to another country if you dont like how they run this one. If you can afford a 230k house you are apparently a republican.

    Someone is jealous and no I am not a Republican I am a Democrat.
    Anonymous

    Answer by Anonymous at 5:50 PM on Nov. 12, 2009

  • Still trying to figure out how Gailll is buying a home when she is literally starving and only gets a little over 600 in disability to live on.lol
    Anonymous

    Answer by Anonymous at 5:52 PM on Nov. 12, 2009

  • Jealous? of? You dont have a clue you ninny.
    Anonymous

    Answer by Anonymous at 9:33 PM on Nov. 12, 2009

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN