_{2. Letcha know in May.}

2/5/2009 2:46:27 PM

Looks like if the $15,000 tax credit passes, it will not have to be repaid like the $7,500 credit.

Quote :

"Isakson’s amendment would provide a direct tax credit to any homebuyer who buys any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid."

http://www.bizjournals.com/atlanta/stories/2009/02/02/daily76.html

2/5/2009 2:47:24 PM

I am going to be so fucking pissed if I missed that by 6 weeks

2/5/2009 2:49:07 PM

The sunset of the 7500 credit means....what exactly?

That it increases the credit to 10% or 15000 and extends it one year from enactment?

Or that it cancels the 7500 credit and only allows home purchases within a year from enactment?

2/5/2009 2:51:36 PM

$894. yeah baby.

2/5/2009 3:06:35 PM

Quote :

" ``(1) DATE OF PURCHASE.--The credit allowed under subsection (a) shall be allowed only with respect to purchases made-- ``(A) after the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009, and ``(B) on or before the date that is 1 year after such date of enactment. "

http://thomas.loc.gov/cgi-bin/query/F?r111:1:./temp/~r111vlD12X:e63029:

Amendment 106 to no 98

[Edited on February 5, 2009 at 3:26 PM. Reason : markup]

2/5/2009 3:26:18 PM

Quote :

"Subtitle C—First-Time Homebuyer Credit SEC. 121. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER CREDIT. (a) EXTENSION OF CREDIT.—Subsection (i) of section 36 (as redesignated by subsection (d)) is amended by striking ‘‘July 1, 2009’’ and inserting ‘‘January 1, 2010’’. (b) REPEAL OF FIRST-TIME HOMEBUYER REQUIREMENT.— (1) IN GENERAL.—Subsection (a) of section 36 is amended by striking ‘‘an individual who is a first-time homebuyer of a principal residence’’ and inserting ‘‘an individual who purchases a principal residence’’. (2) CONFORMING AMENDMENTS.— (A) Section 36(b)(1)(A) is amended by inserting ‘‘with respect to any taxpayer for any taxable year’’ after ‘‘subsection (a)’’. (B) Section 36(c) is amended by striking paragraph (1) and by redesignating paragraphs (2) through (5) as paragraphs (1) through (4), respectively. (C) The heading of section 36 (and the item relating to such section in the table of sections for subpart C of part IV of subchapter A of chapter 1) are amended by striking ‘‘firsttime homebuyer’’ and inserting ‘‘homebuyer’’. (c) REPEAL OF RECAPTURE RULES.— (1) IN GENERAL.—Paragraph (4) of section 36(f) is amended by adding at the end the following new subparagraph: ‘‘(D) WAIVER OF RECAPTURE FOR PURCHASES IN 2009.—In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008— ‘‘(i) paragraph (1) shall not apply, and ‘‘(ii) paragraph (2) shall apply only if the disposition or cessation described in paragraph (2) with respect to such residence occurs during the 36-month period beginning on the date of the purchase of such residence by the taxpayer.’’. (2) CONFORMING AMENDMENT.—Subsection (g) of section 36 is amended by striking ‘‘subsection (c)’’ and inserting ‘‘subsections (c) and (f)(4)(D)’’. (d) DOWNPAYMENT REQUIREMENT.—Section 36 is amended by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: ‘‘(h) DOWNPAYMENT REQUIREMENT.—No credit shall be allowed under subsection (a) to any taxpayer with respect to the purchase of any residence unless such taxpayer makes a downpayment of not less 5 percent of the purchase price of such residence. For purposes of the preceding sentence, an amount shall not be treated as a downpayment if such amount is repayable by the taxpayer to any other person.’’. (e) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to residences purchased after December 31, 2008. (2) DOWNPAYMENT REQUIREMENT.—The amendment made by subsection (d) shall apply to residences purchased after the date of the enactment of this Act."

looks to me like the amount increases starting 1/1/09, the payback stipulation stops after 12/31/08 and the down payment requirement starts after bill passage.....so people that buy between 1/1/09 and the day before bill passage get the best deal.

[Edited on February 5, 2009 at 4:11 PM. Reason : .]

2/5/2009 4:06:44 PM

yeah, that's screwed up

2/5/2009 4:30:30 PM

looks like about 2200 fed, 200 state.

Compared to last year where I made about 10% less and ended up owing a few hundred.

2/5/2009 4:35:41 PM

Marriage penalty

Fed: $362
State: $188

2/5/2009 10:15:51 PM

Federal - 652

haven't done NC yet. I fucking know what to expect. putting it off.

2/5/2009 10:57:32 PM

UGH, government should not be enticing people to buy their first home right now. especially not with 15K of our dollars. those who can get mortgages in this environment, don't need the 15K enticement

2/5/2009 11:13:07 PM

im sure ill get raped for a couple grand like last year.

2/5/2009 11:26:24 PM

Is this home credit only for first time home buyers?

2/6/2009 9:20:31 AM

Quote :

"are amended by striking ‘‘firsttime homebuyer’’ and inserting ‘‘homebuyer’’."

So no, it would apply to anyone that buys a home... as long as they meet the requirements.

-must be primary residence of taxpayer for 3 years (or you pay it back)
-must put 5% down by taxpayer (the 5% down payment cannot be borrowed)

[Edited on February 6, 2009 at 9:54 AM. Reason : ]

2/6/2009 9:52:17 AM

Thats what i gathered as well, but i can't get turbo tax to pick it up

2/6/2009 10:41:53 AM

oh ok, i bought my home in July 2008 and wasn't a first time homebuyer. So I don't get the $7500 tax credit for first time buyers or the 15,000 credit which will only be effective for purchases after the bill is passed (from what I gathered). So in a nutshell I've got shitty timing.

2/6/2009 11:35:43 AM

If I had waited 10 days longer, i'd have gotten the $15,000

2/6/2009 2:51:56 PM

Can anyone recommend an accountant who is very knowledgeable in Tax Laws that apply to Travelers?

2/6/2009 6:04:48 PM

Quote :

"good God some of you really need adjust your withholding."

2/7/2009 8:04:14 AM

I have a question about my tuition reimbursement (1098-T) form:

after checking my bank records, I know that I paid around $1,400 for tuition and fees this past year, but my 1098-T form only says that I have paid around $700. This translates to me getting back about $300 less on my return this year.

Is there anyway for me to recoup the rest of my money, or prove to the gov't that I actually paid more than what the 1098-T form says? Or would this just be a bigger hassle and I should be happy with any return?

[Edited on February 7, 2009 at 8:15 AM. Reason : asdf]

2/7/2009 8:15:36 AM

So what is the window of time you have to buy a house to get the $15K?

2/7/2009 10:44:24 AM

^^They might have included your tuition for last year's taxes.

2/7/2009 9:58:29 PM

^

its based on the year billed, not when paid, it went on your last year's deductions

2/7/2009 10:27:04 PM

i hate getting 1099s. i rather not have gotten paid the 2600 to begin with.

owing $1k in taxes being unemployed sucks such major ass

2/8/2009 8:06:42 PM

haha, that's happened to be the last 4 years

even though i've been employed

2/8/2009 8:53:42 PM

I'm getting about 1k back between state and fed

w00t for being an independent student and being able to claim education expenses.

2/8/2009 8:55:26 PM

a hefty sum.


but I got married and bought a house, so it helped.

2/8/2009 9:15:49 PM

F:1600
S:300

Did my FAFSA, havta pay the university 14k next year
Cant wait till next year, no parent claim on the damn thing, and I wont have worked so damn much. Gonna need it as Ill be dead broke on savings after this fall.

2/8/2009 9:16:21 PM

Fed: 1587

2/8/2009 9:55:10 PM

Fed: -$1,757
State: -$631

wtf????

2/9/2009 9:57:11 PM

just happy ole wifey and i get the $1,200 rebate this year - return is right where i thought it'd be

2/9/2009 10:58:46 PM

F: $2,775
S: $291

Yes, I realize it is stupid to not have everything fixed better so that I'm getting that money throughout the year (and can get interest on it or whatever), but at the same time it is damn nice to get an unexpected $3k.

Also, I wouldn't want to fuck up and end up like ^^

2/14/2009 2:48:04 PM

Federal: $13,500
State-VA: $54
State-NC: $639

Federal Breakdown:
- $7,500 first-time homebuyer tax credit
- $4,000 lifetime learning credit / hope credit (some education tax break, 2 x graduate students)
- $2,000 refund

TurboTax used. Now that we have a known / fixed salary intake, time to adjust our deductions.

[Edited on February 14, 2009 at 3:36 PM. Reason : .]

2/14/2009 3:26:35 PM

ok so the bill passed right? i closed on my house on like 1/30/09. Am I in good shape for the 15k or did it not make it in?

2/14/2009 10:38:59 PM

Last I heard it was out. It was a non-refundable tax credit anyway. It could only reduce tax liability.

2/14/2009 10:53:53 PM

im confused

i want some obama bucks!

2/14/2009 10:57:04 PM

Finished mine today.

How soon did the rest of you get the direct deposit after you had it accepted by the IRS? The federal one was accepted a few hours after being sent.

2/15/2009 2:13:53 PM

looks like 11k for me and none will need to be paid back!

2/19/2009 2:02:17 PM

^^ Should be about 10-14 days for federal direct deposit.

2/19/2009 2:24:47 PM

fed - 3907
NC - 509

I bought my house March, 20 2008

2/19/2009 3:47:18 PM

The IRS has only been depositing about 70% of refunds timely this year. Many refunds are pushed to the next cycle and a disturbing number have been pushed back two or more cycles.

If you havent gotten your refund yet you might be waiting.

2/19/2009 4:05:51 PM

Quote :

"looks like 11k for me and none will need to be paid back!"

you bought in 09?

2/19/2009 4:13:32 PM

Fed: -$32
NC: +$18

Filed 1040EZ for Fed, TurboTax: $0
Hand-filled, mailed NC D400: $0.42
No interest-free loans for the government: PRICELESS!!!

2/19/2009 4:24:12 PM

for those upset about the 1099s for your investments, you should be thankful. calculating cost basis sucks and those are almost always wrong. that is why the companies were granted to 2/17 to get them out, to make sure they were right. I'd rather file in Feb than have to ammend my tax return with an updated 1099.

also, the FTHB credit is going to $8k in 2009 right? Stay in the house 3 years?

2/19/2009 4:29:00 PM

Quote :

"1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit. 3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it. 4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits. 5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. 6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)"

http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

2/19/2009 4:31:03 PM

Fed: $0
State: -$85

not bad.

2/20/2009 11:59:00 PM

Has anyone received MORE money than they filed for from the federal government?

I filed for a refund of around $700 about 2 weeks ago and I checked this morning to see a direct deposit of exactly $300 more than that.

I am married filing jointly and we both received last years tax refund when we were single. Does anyone have any idea where this extra money came from?

2/21/2009 8:35:58 AM

^ i gifted it to you? but i need it back

2/22/2009 1:22:04 PM

did mine today. getting back like $1300 total

2/22/2009 1:53:53 PM