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Home › Forums › Housing › Bailout bill tax credit provision has some fine print.

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  • July 23, 2008 at 6:07 PM #13393
    temeculaguy
    Participant

    I was researching the bailout bill 8k tax credit (it’s not a deduction but 8k added to your refund) and I found out the skinny. The fine print makes it a non issue in So Cal.

    75k income max for singles (4k credit), 150k max for couples.

    Cannot have owned r/e for three years.

    You have to pay it back, all of it, out of future tax refunds over the next 15 years at $500 a year.

    If you sell or transfer title, you have to pay it back immediately.

    If you rent out the property at any time in the next 15 years, you have to pay the balance immediately.

    So it’s really just an interest free loan, not free money, and it’s isn’t going to save So Cal real estate since few of the homebuyers in the next year qualify for it. More noise from the politicians, but you will hear the part about the tax credit saving the market from the media at nauseum.

    July 23, 2008 at 9:31 PM #245575
    PadreBrian
    Participant

    Thanks for the info. Not too bad. BUT, I don’t see the irs trying to keep up with that shit.

    July 23, 2008 at 9:31 PM #245726
    PadreBrian
    Participant

    Thanks for the info. Not too bad. BUT, I don’t see the irs trying to keep up with that shit.

    July 23, 2008 at 9:31 PM #245733
    PadreBrian
    Participant

    Thanks for the info. Not too bad. BUT, I don’t see the irs trying to keep up with that shit.

    July 23, 2008 at 9:31 PM #245792
    PadreBrian
    Participant

    Thanks for the info. Not too bad. BUT, I don’t see the irs trying to keep up with that shit.

    July 23, 2008 at 9:31 PM #245799
    PadreBrian
    Participant

    Thanks for the info. Not too bad. BUT, I don’t see the irs trying to keep up with that shit.

    July 23, 2008 at 10:30 PM #245800
    temeculaguy
    Participant

    They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn’t. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else’s watch so who cares right.

    July 23, 2008 at 10:30 PM #245866
    temeculaguy
    Participant

    They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn’t. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else’s watch so who cares right.

    July 23, 2008 at 10:30 PM #245859
    temeculaguy
    Participant

    They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn’t. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else’s watch so who cares right.

    July 23, 2008 at 10:30 PM #245793
    temeculaguy
    Participant

    They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn’t. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else’s watch so who cares right.

    July 23, 2008 at 10:30 PM #245643
    temeculaguy
    Participant

    They wont have to, it is a simple programming issue, just like those of you who got a stimulus check, that will be deducted from your refund next year. More fine print, there was no free money, it was an interest free loan. They tried to trick you into pissing away the money, not telling people it was their own money to begin with. They know who got a check and who didn’t. The worst part is they jerk around those who will feel it most, those who were ineligible for a check because of high incomes never get any of the credits anyway so we dont budget for it, the rest will see a lower refund or a higher bill come March, but that is on someone else’s watch so who cares right.

    July 24, 2008 at 12:24 AM #245735
    scott
    Participant

    Here’s the fine print that knocked me out of the running for the free loan:
    (g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.’.
    Any ideas how they came up with these dates?

    July 24, 2008 at 12:24 AM #245886
    scott
    Participant

    Here’s the fine print that knocked me out of the running for the free loan:
    (g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.’.
    Any ideas how they came up with these dates?

    July 24, 2008 at 12:24 AM #245892
    scott
    Participant

    Here’s the fine print that knocked me out of the running for the free loan:
    (g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.’.
    Any ideas how they came up with these dates?

    July 24, 2008 at 12:24 AM #245948
    scott
    Participant

    Here’s the fine print that knocked me out of the running for the free loan:
    (g) Application of Section- This section shall only apply to a principal residence purchased by the taxpayer on or after April 9, 2008, and before April 1, 2009.’.
    Any ideas how they came up with these dates?

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