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

[IONEGARM]

I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.

[patientrenter]

[quote=SD Realtor]If we actually had a free market all of these homes would have gone to foreclosure, prices would have crashed and housing would become affordable. Unfortunately that is all theoretical because we all know that we would have a collapse of the financial system and our society would have some very serious problems in that scenario.[/quote]

SD R, you are so right about everything, except….

If prices were allowed to crash, there would not have to be a collapse in our financial system. For example, if the govt identified the 60% strongest banks and other finl insitutions, and supported them, and let the rest go to the wall, we would do fine. (Have to guarantee 90-99% of the obligations of the ones that go to the wall during the unwind.)

Yes, a lot of money would have to be printed quickly, but isn’t that what’s been happening slowly for some time now, with no end in sight, and endless moral hazards and unfairnesses and economic inefficiencies in the name of postponing pain?

[patientrenter]

[quote=SD Realtor]If we actually had a free market all of these homes would have gone to foreclosure, prices would have crashed and housing would become affordable. Unfortunately that is all theoretical because we all know that we would have a collapse of the financial system and our society would have some very serious problems in that scenario.[/quote]

SD R, you are so right about everything, except….

If prices were allowed to crash, there would not have to be a collapse in our financial system. For example, if the govt identified the 60% strongest banks and other finl insitutions, and supported them, and let the rest go to the wall, we would do fine. (Have to guarantee 90-99% of the obligations of the ones that go to the wall during the unwind.)

Yes, a lot of money would have to be printed quickly, but isn’t that what’s been happening slowly for some time now, with no end in sight, and endless moral hazards and unfairnesses and economic inefficiencies in the name of postponing pain?

[patientrenter]

[quote=SD Realtor]If we actually had a free market all of these homes would have gone to foreclosure, prices would have crashed and housing would become affordable. Unfortunately that is all theoretical because we all know that we would have a collapse of the financial system and our society would have some very serious problems in that scenario.[/quote]

SD R, you are so right about everything, except….

If prices were allowed to crash, there would not have to be a collapse in our financial system. For example, if the govt identified the 60% strongest banks and other finl insitutions, and supported them, and let the rest go to the wall, we would do fine. (Have to guarantee 90-99% of the obligations of the ones that go to the wall during the unwind.)

Yes, a lot of money would have to be printed quickly, but isn’t that what’s been happening slowly for some time now, with no end in sight, and endless moral hazards and unfairnesses and economic inefficiencies in the name of postponing pain?

[patientrenter]

[quote=SD Realtor]If we actually had a free market all of these homes would have gone to foreclosure, prices would have crashed and housing would become affordable. Unfortunately that is all theoretical because we all know that we would have a collapse of the financial system and our society would have some very serious problems in that scenario.[/quote]

SD R, you are so right about everything, except….

If prices were allowed to crash, there would not have to be a collapse in our financial system. For example, if the govt identified the 60% strongest banks and other finl insitutions, and supported them, and let the rest go to the wall, we would do fine. (Have to guarantee 90-99% of the obligations of the ones that go to the wall during the unwind.)

Yes, a lot of money would have to be printed quickly, but isn’t that what’s been happening slowly for some time now, with no end in sight, and endless moral hazards and unfairnesses and economic inefficiencies in the name of postponing pain?

[patientrenter]

[quote=SD Realtor]If we actually had a free market all of these homes would have gone to foreclosure, prices would have crashed and housing would become affordable. Unfortunately that is all theoretical because we all know that we would have a collapse of the financial system and our society would have some very serious problems in that scenario.[/quote]

SD R, you are so right about everything, except….

If prices were allowed to crash, there would not have to be a collapse in our financial system. For example, if the govt identified the 60% strongest banks and other finl insitutions, and supported them, and let the rest go to the wall, we would do fine. (Have to guarantee 90-99% of the obligations of the ones that go to the wall during the unwind.)

Yes, a lot of money would have to be printed quickly, but isn’t that what’s been happening slowly for some time now, with no end in sight, and endless moral hazards and unfairnesses and economic inefficiencies in the name of postponing pain?

[Eugene]

[quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.

[Eugene]

[quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.

[Eugene]

[quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.

[Eugene]

[quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.

[Eugene]

[quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.

[Effective Demand]

[quote=esmith][quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.[/quote]

The Thomas one is different than the the Senator has on his site as an announcement for what has passed. They are very different:

http://isakson.senate.gov/Amdt_106.pdf

What IO said is correct based on this information. And you aren’t eligible for both. Also the 2008 date is merely a tax accounting trick so you can get a refund sooner rather than later.

[Effective Demand]

[quote=esmith][quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.[/quote]

The Thomas one is different than the the Senator has on his site as an announcement for what has passed. They are very different:

http://isakson.senate.gov/Amdt_106.pdf

What IO said is correct based on this information. And you aren’t eligible for both. Also the 2008 date is merely a tax accounting trick so you can get a refund sooner rather than later.

[Effective Demand]

[quote=esmith][quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.[/quote]

The Thomas one is different than the the Senator has on his site as an announcement for what has passed. They are very different:

http://isakson.senate.gov/Amdt_106.pdf

What IO said is correct based on this information. And you aren’t eligible for both. Also the 2008 date is merely a tax accounting trick so you can get a refund sooner rather than later.

[Effective Demand]

[quote=esmith][quote=IONEGARM]I believe what is says is that people who get the benefit can elect to use it for a rebate on 2008 taxes.

But I think the eligibility for the program is the date of passage of the bill forward for 1 year.[/quote]

Section 25E (b) (1) explicitly says that the credit shall be allowed with respect to purchases made after December 31, 2008, and before January 1, 2010.

Interestingly, current amendment makes the previous $7,500 tax credit expire “on the day of the enactment of the American Recovery and Reinvestment Tax Act of 2009.” It seems to me that anyone who buys a house between January 1, 2009, and the day the “American Recovery and Reinvestment Tax Act of 2009” is signed into law (probably mid-February), will be entitled to get BOTH the $7,500 refundable credit and the $15,000 non-refundable credit.[/quote]

The Thomas one is different than the the Senator has on his site as an announcement for what has passed. They are very different:

http://isakson.senate.gov/Amdt_106.pdf

What IO said is correct based on this information. And you aren’t eligible for both. Also the 2008 date is merely a tax accounting trick so you can get a refund sooner rather than later.

[Author]

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