When would this 15K house tax credit go into effect?

[AlwayzRight]

http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus

2008 tax returns or 2009 tax returns?

 

[D2bets]

I don't think this will pass. And it woulde cost WAY more than what they are saying. Hell, I might feel compelled to sell and buy another house with that incentive. People will be trading houses for the fuck of it. They should just call it the "real estate agent full employment act". What a joke. Asking for another bubble?

 

[tiznow]

waking up are we D2?

that's one of the few things government is good for

creating bubbles

 

[punter]

I don't think this will pass. And it woulde cost WAY more than what they are saying. Hell, I might feel compelled to sell and buy another house with that incentive. People will be trading houses for the fuck of it. They should just call it the "real estate agent full employment act". What a joke. Asking for another bubble?

Shades of the 1970's.

 

[tiznow]

30s

 

[fletchisrhsm]

Does this mean if this passes they will actually give me a check to put towards a home? If so, then nobody will have a down payment and here we go all over again....

LMFAO

 

[Willie99]

The credit is 7,500 for first time homeowners for purchases made between 4/1/08 and 7/1/09. The credit is refundable and is claimed when filing your tax return.

The credit also has to be repaid over 15 years, beginning two years after purchase. It has to be repaid if you sell your house.

There are also proposed changes to this new law. One is to increase it to 15k, and another is to make it a permanent credit that doesn't need to be repaid.

chaching

 

[fletchisrhsm]

Wullie, say im going to buy a home for say 200k. Lets say i have 20Gs for a down payment. How will this credit effect me then, the 15K proposal.

 

[Willie99]

Fletch, the credit is 10% of the cost of the home up to a max of 7,500. The credit will be refunded to you when you file your 2008 tax return. If you buy the home in 2009, before 7/1/09, you can still take the credit on your 2008 tax return. Remember, the current program expires 7/1/09.

You cannot have owned a home for three years and the credit gets phased out beginning at 75k for single taxpayers and 150k for joint.

I can't answer anything about the proposals. I don't bother learning about tax laws proposals until they become tax law changes, except when I deem it necessary to do so. I have no idea where the 15k proposal is going.