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Homebuyer tax credit bill passes SenateUser Forum Topic
Submitted by edna_mode on November 4, 2009 - 5:07pm
And the beat goes on (Washington Post): http://preview.tinyurl.com/yd5pv63 The bill, which is likely to be approved by the House later this week, would provide unemployment benefits of at least 14 weeks for people out of work. Those in the more than two dozen states with unemployment rates above 8.5 percent would receive up to 20 weeks of the benefits. The measure would also extend through April 30 a $8,000 first-time homebuyer tax credit that was passed earlier this year and create a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more. It the Return of the Son of the Bride of the Dawn of the Dead (Housing Market). Not law yet, but just a heads-up of the likely provisions.
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So, if this bill is made law, will I be able to amend my 2008 tax returns to claim the remainder of the credit that I missed out on? I was only given a partial credit due to having an income higher than $75,000 as a single individual. It seems this new bill raised this limit.
I don't think the bill is retro-active. It sucks for me also because I bought in October and would have qualified for the $6500 move-up credit. Oh well, you can't predict the government!
You may not qualify $6500 either, because the bill would start on Dec 1.
http://blogs.wsj.com/developments/2009/1...
If the bill passes, it may be good for existing home owner to buy cheap rental property .
Getting a few thousand dollars for a home that is overvalued way beyond that amount is not a good deal.
It's a state-sponsored ponzi-scheme funneling money to wall street.
Meanwhile they working feverishly to block unemployment benefits extensions.
Thanks for the link freshman ... I didn't think the bill was retro-active and that confirmed it.
Did anyone honestly think it wouldnt get extended? We are in the middle innings of this game. They aint even close to done with their attempts to bring this all down as gently as they can.
A large chunk of the housing stock is now reasonably priced. Granted, another chunk is still overvalued (by widely varying degrees). But so long as the credit (and I didn't support extending it, by the way) is used to buy a reasonably-priced house... using the credit is not a bad deal for the buyer.
Personally, I thought it would get extended but not expanded to existing home owners. Seems a bit like an act of desperation. It will be interesting to see what happens this spring. Yes, there is a lot of distressed inventory but once the economy turns and people feel better about their jobs, the pent-up demand may be furious. That may be a while off but I get the feeling the potential pent-up demand is swelling as the sales volumes continue to shrink.
In the coastal areas between 2000-2006 a lot of demand was relieved by new construction. One could have easily argued that new construction was the "shadow inventory" of that time period. The demand easily overcame the supply and the rest is history. Yes prices were lower back in 2000-2001 but interest rates where higher as was the value of the greenback.
Once again, this is entirely expected. To think this was not going to happen is not realistic. I am not in agreement with this either, especially when you add the interest up on the all the money spent.
THis is SOOOO much more than a homebuyer tax credit.
1) gives 8k to people who buy a house before April 30th if they are a First time buyer.
1B) gives $6500 to people who already own homes (for 5+ years) to buy another.
2) Extends unemployment benifits for upto 20 weeks.
3) Allows companies to claw back taxes they paid upto 5 years ago because of losses they incure in 2008 and 2009 (as long as you arnt a TARP baby).
The funny part is the Democrats are complaining that the Republicans were trying to hold this up because they also wanted to end TARP. They also called it a giant waste of money, which it is. And yet it passes 98-0. Shouldnt we just call them the Demoplubicans now?
How much you wanna bet me there is another increase/extension in March? I am now waiting to just see what the governement will give me. I am thinking of holding out until I get an interest free 30 year loan. That would get me off the fence.
http://www.bloomberg.com/apps/news?pid=2...
For the new MAGI limits to take effect, when should the closing date be?
This is great! I thought I was gonna miss out because I wasnt a first time home buyer. $6500 free money for something I was already gonna do anyway. Thank you Congress, thank you Senate, and thank you Mr. Obama, your the best! Oh, and thank you taxpayers for footing the cash...
Dw you hit that one out of the park. The more they give the more they have to give because the engine doesn't work anymore.
Anyone seen what tax years you can file this against? The one that was scheduled to end on Nov 30th was allowed against 2008 or 2009.
Originally they also wanted to raise the income limit for qualifying on the tax credits, did they drop that out now?