15k tax credit for home purchase
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15k tax credit for home purchase

  1. #1
    "The" masheenist wsuwrhr's Avatar
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    Default 15k tax credit for home purchase

    I can't seem to find any information on the internet about this, mainly details.

    Does anyone here have more information.

    Do we get to deduct 15K from our fed taxable income? Is that how it works?

    Brian

    http://news.yahoo.com/s/ap/20090205/...gress_stimulus


    WASHINGTON – Historically huge to begin with, economic stimulus legislation is growing larger by the day in the Senate, where the addition of a new tax break for homebuyers sent the price tag well past $900 billion.

    "It is time to fix housing first," Sen. Johnny Isakson, R-Ga., said Wednesday night as the Senate agreed without controversy to add the new tax break to the stimulus measure, at an estimated cost of nearly $19 billion.

    The tax break was the most notable attempt to date to add help for the crippled housing industry and gave Republicans a victory as they work to remake the legislation more to their liking.

    Democratic leaders hope for Senate passage of the legislation by Friday at the latest, although prospects appear to hinge on crafting a series of spending reductions that would make the bill more palatable to centrists in both parties.

    Three swing-vote senators met with President Barack Obama at the White House on Wednesday to discuss possible cutbacks, but they declined to discuss details of their talks. Obama has made the legislation a cornerstone of his recovery plan.

    For their part, Senate Republicans signaled they would persist in their efforts to reduce spending in the measure, to add tax cuts and reduce the cost of mortgages for millions of homeowners.

    Officials figures were unavailable, but it appeared that the measure carried a price tag of more than $920 billion, making it bigger than the financial industry bailout that passed last year and as large as any measure in memory.

    Despite bipartisan concerns about the cost, Republicans failed in a series of attempts on Wednesday to cut back the bill's size.

    The most sweeping proposal, advanced by Sen. Jim DeMint, R-S.C., would have eliminated all the spending and replaced it with a series of tax cuts. It was defeated 61-36.

    Democrats also upheld a so-called Buy American provision that requires projects financed by the measure to be built with domestically produced iron and steel.

    But with Obama voicing concern about the provision, the requirement was changed to specify that U.S. international trade agreements not to be violated.

    Additionally, Democrats turned back an attempt to strip out a provision that Obama has said was essential. It would provide a tax cut of up to $1,000 for working couples, including those who do not make enough to pay income taxes.

    Isakson said the new tax break for homebuyers was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

    The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

    Isakson's office said the proposal would cost the government an estimated $19 billion.

    The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars.

    The House approved its own version of the bill last week.
    SB Products:Inspiring metal to change shape, one chip at a time.
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    Buy American made goods whenever you can, the job you save may be your own.


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  3. #2
    Senior Member Cdog's Avatar
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    I'm waiting to hear more myself. I think it's just an extension of the interest free loan that they put together last year. Earlier it was 7500 and you have to pay it back over 15 years on your taxes.

    I'm thinking of using it to do a solar system.
    Last edited by Cdog; 02-05-2009 at 06:50 AM.

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    Floatin dirty Lavey29's Avatar
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    I believe Cdog is right based on what I have read on the internet. Seems to only apply to homes purchased after a certain date and has to be primary house not vacation house. You will also be repaying the money over the years with like 500 added onto your taxes each year.

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    Senior Member Cdog's Avatar
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    Floatin dirty Lavey29's Avatar
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    Interesting, but does nothing to help me and I would suspect that it does nothing to help 100's of thousands of others around the country.

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    Senior Member BigBoyToys's Avatar
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    The $15k tax credit is not a done deal yet, maybe in a few weeks.
    However, the $7500 tax credit for FIRST Time homebuyers IS already in place and you claim it on your Income Tax this year and get back an extra $7500 (Max) you get 10% of the purchase price back for any home purchased Between April 8, 2008 and July 1, 2009.
    There are lots of people that I have heard of getting this extra $7500 back just by "Saying" that they are buying a house before July

    The new package which passed the Senate yesterday would increase the amount up to $15k and would take off the First Time Buyer Limitation, as well as extend the purchase dates throughout 2009.

    Here's the catch.....You have to pay it back. Something like $500 per year on each years income tax
    "That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government"
    Declaration of Independence, July 4, 1776

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    Senior Member Cdog's Avatar
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    Quote Originally Posted by BigBoyToys View Post
    The $15k tax credit is not a done deal yet, maybe in a few weeks.
    However, the $7500 tax credit for FIRST Time homebuyers IS already in place and you claim it on your Income Tax this year and get back an extra $7500 (Max) you get 10% of the purchase price back for any home purchased Between April 8, 2008 and July 1, 2009.
    There are lots of people that I have heard of getting this extra $7500 back just by "Saying" that they are buying a house before July

    The new package which passed the Senate yesterday would increase the amount up to $15k and would take off the First Time Buyer Limitation, as well as extend the purchase dates throughout 2009.

    Here's the catch.....You have to pay it back. Something like $500 per year on each years income tax

    I read on WSJ that the pay back has been eliminated as of the first of the year. So as of now it's a tax credit.

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    Senior Member PaPaG's Avatar
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    Quote Originally Posted by Cdog View Post
    I read on WSJ that the pay back has been eliminated as of the first of the year. So as of now it's a tax credit.
    That is what I read also, you just apply and file when you do your taxes for 09. 7500.00 tax credit if you are first time buyer, have not owned a home within the last 3 years, home is going to be primary home, dont have to pay the 7500 back simply a tax credit..have to make under 75k single 150k couple. would be nice if they bumped it up to 15k.....

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    Floatin dirty Lavey29's Avatar
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    Anything apply to second (vacation/rental) home purchases?

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    Senior Member PaPaG's Avatar
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    Quote Originally Posted by Lavey29 View Post
    Anything apply to second (vacation/rental) home purchases?
    Nothing from what I've read so far.

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    Senior Member Cdog's Avatar
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    Senior Member Cdog's Avatar
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    Here's the bill. Looks like as long as your buying a primary residence you're ok.

    http://isakson.senate.gov/Amdt_106.pdf

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    mach26 300's dschifan's Avatar
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    so are they gonna make this program extend past july 1st??? or is that the cut off date??

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    Senior Member HavasuSelect's Avatar
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    Quote Originally Posted by rIVERtRASH View Post
    The current guildlines (7,500) included vacation homes.

    As soon as I have more info, I will post it.
    No it doesn't. For the current guidelines check www.IRS.Gov.
    Quote Originally Posted by AZJD View Post
    The old days.........

    Where a boy became a man on his first trip to copper canyon.

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