The Federal Tax Credits Blog

Archive for the ‘Tax Credit Stimulus’ Category

Lawrence Summers Gets Pressed On Small Tax Credits In Stimulus Bill

The Emerging Building Performance Industry (pt 5) (HERS CBPCA Class)- buildaroo.com

Question: Will I receive the $7,500 first time home buyer credit for 2008 or the $8,000 credit?

My husband I purchased a home after we did our 2008 taxes. We ammended it and submitted it on February 11, 2009. We want to get the $7,500 first time home buyers credit, which is a loan and we pay have 15 years to pay it off. Obama just signed the stimulus package and it states that They are throwing out the $7,500 first time homebuyer loan and instead are going to provide an $8,000 credit for first time homebuyers of 2009. Will I get both, the loan and credit? or will I just get one? If so, which one?

Answer: If you qualified for the $7500 and the IRS accepts your amended return you will get the $7500. This new amount for the home buyer’s credit is too new for the IRS to have it in their system. You would only get the $7500 or the $8000 but not $7500 plus another $8000.

Now, I am assuming that you purchased the house in 2008 and not in 2009. If you bought it in 2009 then it is too early to file and if you bought it in 2009 and tacked it onto your 2008 taxes then the IRS will most likely disallow it if you accurately reported the date of the purchase.

Sam Wilson’s Stimulus Package for Denver Area Home Buyers

Question: Regarding changes to the $7,500 tax credit, in the 2009 stimulus bill?

This is really confusing and a bit agrivating. My wife and I bought our first house last April so we claimed the $7,500 tax ‘credit’ on our 2008 returns we filed today. We then come to find out, this is not a credit at all but a 0% interest loan! So we are now indebted to the government $7,500.

Icing on the cake is that in the new stimulus signed this month, this tax credit provision will be updated to $8,000 and will NOT have to be repaid for home buyers that qualify for the credit.

Will the revision doing away with the repayment apply to my credit, or am I pretty much screwed?

Answer: You’re NOT getting “screwed.” You got an interest free 15 year signature loan with a 2 year deferment on the first payment. The imputed interest on that is between $7,000 and $8,500. I’ll happily take that off your hands and cover the payments with a $50 kicker for you if you wish!

You are not eligible for the new credit as it applies only to purchases in 2009.

WEEKEND ECONOMIST: Altered states

Economic analysis of the individual Australian states shows the Western Australian economy is surging again, while Queensland is still recovering from floods, and growth conditions in Victoria, NSW and Tasmania are less positive. 25 Jun 2011 11:08 AM

$8000 2009 Tax Credit Expiration COMING SOON!!!

Question: Can a first time home buyer get the tax credit under the latest stimulus plan if its considered a second home?

I bought my first home last month. It is considered a second home and not my primary residence. Under the new plan for first time home buyers, would I be eligible for the tax credit?

Answer: No.

Will Silver become money like Gold again?

The following are some snippets from the most recent issue of the International Forecaster. For the full 29 page issue, please see subscription information below.

2009 Housing Stimulus Tax Credit Overview