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Home › Forums › Housing › Senate OKs $15,000 tax break for homebuyers – I believe investors too eligible for this tax credit

Viewing 15 posts - 31 through 45 (of 236 total)
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  • February 4, 2009 at 8:56 PM #341522
    ariffe22
    Participant

    nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.

    February 4, 2009 at 9:04 PM #340978
    eagleeye
    Participant

    [quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
    [/quote]

    Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

    February 4, 2009 at 9:04 PM #341303
    eagleeye
    Participant

    [quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
    [/quote]

    Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

    February 4, 2009 at 9:04 PM #341406
    eagleeye
    Participant

    [quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
    [/quote]

    Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

    February 4, 2009 at 9:04 PM #341433
    eagleeye
    Participant

    [quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
    [/quote]

    Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

    February 4, 2009 at 9:04 PM #341527
    eagleeye
    Participant

    [quote=ariffe22]nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
    Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.
    [/quote]

    Although, I haven’t found the text of the bill, from what I have read it says this tax credit can be claimed on 2008 tax returns. If that is the case how can it only apply to 2009 purchases? I read it to encompass the same start date as the 1st-time $7500 tax break which this bill will now supercede. Does anyone have any more specific info?

    February 4, 2009 at 9:05 PM #340983
    paramount
    Participant

    So now instead of 10-15 offers on any given REO, there will be 20-30.

    February 4, 2009 at 9:05 PM #341308
    paramount
    Participant

    So now instead of 10-15 offers on any given REO, there will be 20-30.

    February 4, 2009 at 9:05 PM #341411
    paramount
    Participant

    So now instead of 10-15 offers on any given REO, there will be 20-30.

    February 4, 2009 at 9:05 PM #341438
    paramount
    Participant

    So now instead of 10-15 offers on any given REO, there will be 20-30.

    February 4, 2009 at 9:05 PM #341532
    paramount
    Participant

    So now instead of 10-15 offers on any given REO, there will be 20-30.

    February 4, 2009 at 9:19 PM #340988
    temeculaguy
    Participant

    What is the income ceiling? The current $7,500 credit phases out at 75k for singles and 150k for couples. If it follows the same formula it will help most of the country but so cal will get the shaft again.

    February 4, 2009 at 9:19 PM #341313
    temeculaguy
    Participant

    What is the income ceiling? The current $7,500 credit phases out at 75k for singles and 150k for couples. If it follows the same formula it will help most of the country but so cal will get the shaft again.

    February 4, 2009 at 9:19 PM #341416
    temeculaguy
    Participant

    What is the income ceiling? The current $7,500 credit phases out at 75k for singles and 150k for couples. If it follows the same formula it will help most of the country but so cal will get the shaft again.

    February 4, 2009 at 9:19 PM #341443
    temeculaguy
    Participant

    What is the income ceiling? The current $7,500 credit phases out at 75k for singles and 150k for couples. If it follows the same formula it will help most of the country but so cal will get the shaft again.

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