First time home buyers tax credit

[98Camarod]

I'm supposed to be closing on our new home in Kings bay, GA on the 31st of March. I'm curious to know if anyone has utilized the tax credit and what you actually got back for your return. It's supposed to be an 8,000 dollar tax credit

[coonrod]

i got back 8k as long as you keep your house for 3 years you dont have to pay it back its not credit towards a write off its 8k

[MonteC]

You get eight thousand dollars back. We closed last year on our house in feburary and were able to get that 8k back the same year at tax time. Its a nice chunk of change.

[LXtasy]

yes , i got a check for 8ooo plus interest. took 6 weeks to get after we filed. we did it last year after we closed

[KRYPTONITE]

yea i got $8000 when i got my house and it also took about 6weeks to come

[1iron]

More of our government throwing our money away. When will this shit end. Term limits now!

[KRYPTONITE]

More of our government throwing our money away. When will this shit end. Term limits now!

you must have not got your check:hide:

[AverageJoe]

You get eight thousand dollars back. We closed last year on our house in feburary and were able to get that 8k back the same year at tax time. Its a nice chunk of change.

Lots of flashlights.

[1iron]

you must have not got your check:hide:

You are correct. No check for me.

[04ctd]

our new home in Kings bay, GA on

we loved KBay, our youngest daughter grew up there.

where did you move into?

sugar mill had a hateful HOA when we were there.

we lived up Elliott's Bluff by boat landing.

paid 110k for a house, sold it for 220k

spent some money on hot women, fast cars, and cool bikes.


musta wasted the rest..... :hysterical:

[98Camarod]

we loved KBay, our youngest daughter grew up there.

where did you move into?

sugar mill had a hateful HOA when we were there.

we lived up Elliott's Bluff by boat landing.

paid 110k for a house, sold it for 220k

spent some money on hot women, fast cars, and cool bikes.


musta wasted the rest..... :hysterical:

We picked a house off of Shadowlawn Drive; Natchez Ct. We picked it up for 115,000. It's our first house and it's pretty nice.

Now I'm stoked, 8k will be nice. I can put that towards my truck and have once less payment:mrgreen:

[98Camarod]

One question though. Someone said that you can amend your 2009 taxes for the purchase of the house in 2010 and get the 8k back this year. It doesn't seem right to me, but has anyone done this?

[Blubird]

You are all welcome from those of us who actually pay taxes.:roll:

[MonteC]

You are all welcome from those of us who actually pay taxes.:roll:

I pay my taxes. Probably more than most, being self employed. :cheers

[98Camarod]

You are all welcome from those of us who actually pay taxes.:roll:

I pay my taxes too. We were going to buy a house regardless, its just a bonus now.

[bwelch]

I think everybody on here has payed way more than 8k in taxes. If I could afford to buy a house right now I would.

[Magoo]

One question though. Someone said that you can amend your 2009 taxes for the purchase of the house in 2010 and get the 8k back this year. It doesn't seem right to me, but has anyone done this?


Yes you can ammend your taxes. I ammend my 08 tax return last year and got the $8k plus interest in a couple of weeks.

[1BAD4DR]

Cant wait for mine, im closing in April :)

[Ballaholic29414]

I closed on a house in September 09' and I still dont have the 8k yet.....

[LXtasy]

I closed on a house in September 09' and I still dont have the 8k yet.....

Did you file it or just excepting the government to go "OH hey, these people bought a house?"

I amended my 08 taxes with my accountant and got it back last year. Same thing Magoo did. Was great. It paid off all our little debt.

I think it was actually a GOOD IDEA from the government. Housing market was down and this helped people like me who were renting to actually buy a place at a low interest rate and a less inflated housing market pricing. I had been looking for over 2 years. And this really helped because I knew now that I could use it to pay off debt which also helped put back into my home and give me a cushion.

Plus many people are proud of what they have even if it is just a shack that needs 50k worth of work to even make it livable and the home wont be worth it.

Sorry if you think it was a bad idea. But it worked for me and actually helped me. But than again I didn't get a home I knew I couldn't afford. FIXED interest for me.

[MonteC]

5% 30 year fixed FTW!

[LXtasy]

I think that is the same as ours. If not 5% it might be 5.1325. But it is FIXED

[Ballaholic29414]

4.0% Fixed (Good Timing)

[Magoo]

Cant wait for mine, im closing in April :)


Fingers crossed........

[MonteC]

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea.

I think getting 8 grand back for buying a house was a good idea.

[Mike]

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea..

It's not the best thing in the world, but it's a lot better than welfare. You have to actually work to get money from EIC. Although just like anything, people find loopholes.

It is difficult to measure the cost of the EITC to the Federal Government. At the most basic level, federal revenues are decreased by the lower, and often negative, tax burden on the working poor for which the EITC is responsible. In this basic sense, the cost of the EITC to the Federal Government was more than $36 billion in 2004.

At the same time, however, this cost may be at least partially offset by several factors: 1) any new taxes (such as payroll taxes paid by employers) generated by new workers drawn by the EITC into the labor force, 2) any reductions in entitlement spending that result from individuals being lifted out of poverty by the EITC (the poverty line is sometimes a watermark for eligibility for state and federal benefits), and 3) taxes generated on additional spending done by families receiving earned income tax credit.

[Blubird]

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea.

I think getting 8 grand back for buying a house was a good idea.

Yup great idea. Lets incentivize home buying by those who in many cases are not ready financially to own a home in a crippled housing market created by people owning homes that shouldn't. We fund this program by taking from the haves and giving to the have nots. :bigthumb:

EIC is similar except it's probably never going to go away. Reward for bad decisions.

[DTSVT03]

I just bought a house 2 weeks ago and did an amendment to my 2009 taxes and will be getting the $8k back as well. I will have a nice man cave/media room thanks the this tax credit lol

[Silver-Dollar]

http://taxprof.typepad.com/taxprof_blog/2010/03/tax-foundation--1.html

[MonteC]

Yup great idea. Lets incentivize home buying by those who in many cases are not ready financially to own a home in a crippled housing market created by people owning homes that shouldn't. We fund this program by taking from the haves and giving to the have nots. :bigthumb:



LOL! I wish i had time to argue how retarded that comment is but the economy around here is booming and i have a ton of work to do. :yourock:

[LXtasy]

its also harder to get qualified for a home than in the past. they arent handing mortgages out like you think

[Blubird]

LOL! I wish i had time to argue how retarded that comment is but the economy around here is booming and i have a ton of work to do. :yourock:

Enlighten me genius.