Comments on: $15,000 Home Buyer Tax Credit Possible!

By: 2009 Stimulus Package - Is There A Stimulus Check?

2009 Stimulus Package - Is There A Stimulus Check? — Tue, 17 Feb 2009 06:01:32 +0000

[...] tax credit was originally planned to be a $15,000 tax credit, however it has been reduced to $8,000 which is still a pretty good break. The tax credit is not [...]

By: Dollar Frugal » Blog Archive » Carnival of Wealth, Money and Life - February 15, 2009

Sun, 15 Feb 2009 12:26:42 +0000

[...] presents $15,000 Home Buyer Tax Credit Possible! posted at My Dollar [...]

By: » Economic Stimulus Plan Highlights

» Economic Stimulus Plan Highlights — Thu, 12 Feb 2009 14:59:39 +0000

[...] Buyer Tax Credit: Eliminated a proposed $15,000 Home Buyer Tax Credit in favor of a $8,000 home buyer tax credit for first time home buyers. Unlike the 2008 $7,500 Home [...]

By: Zee

Zee — Wed, 11 Feb 2009 16:45:32 +0000

Will people whose only income is Social Security, benefit at all from the homebuyers $15,000 tax credit?

By: Andy

Andy — Wed, 11 Feb 2009 03:13:42 +0000

8 months later the home owner credit has doubled and no repayment required. Just shows the housing market is getting worse than better. Soon the government will be buying entire houses for folks.

By: Chris

Chris — Tue, 10 Feb 2009 18:43:48 +0000

FOR THOSE WHO BOUGHT IN JANUARY:
THE HOUSE PASSED THE BILL FOR A $7500 TAX CREDIT THAT DOESN’T NEED TO BE REPAID AND IS AFFECTIVE FOR PURCHASES OF HOMES AFTER 01/01/09.
THE SENATE CHANGED IT TO A $15,000 TAX CREDIT BUT IT IS ONLY AFFECTIVE FOR PEOPLE WHO PURCHASES AFTER IT’S SIGNED.
IF THE SENATE PASSES THERE’S TODAY, THEN THERE WILL BE A MEETING BETWEEN MEMBERS OF THE SENATE AND MEMBERS OF THE HOUSE TO WORK OUT THE DIFFERENCES BETWEEN THE 2 BILLS.
I BOUGHT IN JANUARY SO I OBVIOUSLY WANT THE $15,000 TAX CREDIT THE SENATE PROPOSED BUT WITH THE START DATE THE HOUSE PROPOSED.
YOU NEED TO MAKE YOUR VOICE HEARD AND CONTACT YOUR SENATORS AND HOUSE REPRESENTATIVE. THIS IS AMERICA SO YOUR VOICE IS YOUR POWER. E-MAIL THEM OR CALL THEM. HERE IS A CONVENIENT NUMBER. CALL AND ENTER YOU ZIP CODE AND IT WILL GET YOU IN CONTACT WITH ALL OF YOUR CONGRESSMEN. DECISIONS ARE BEING MADE, DO IT NOW. 1-866-924-NAHB (6242)

By: AnnMarie

AnnMarie — Mon, 09 Feb 2009 14:18:17 +0000

Thanks, that’s disappointing. Won’t be terribly relevant for lower and middle class earners who don’t pay $7500 in taxes a year. (At least, I’ve never paid that much so far.)

By: Marc and Angel Hack Life

Marc and Angel Hack Life — Sun, 08 Feb 2009 22:08:40 +0000

This tax credit makes it tempting to start looking into the real estate market again… At least in my area.

By: Madison

Madison — Sun, 08 Feb 2009 19:58:27 +0000

@ Laura: The beginning date will be determined when the legislation is enacted. However, sometimes they’ve gone back and made it retro active, so we’ll have to wait and see if you are eligible once they announce the date.

@ AnnMarie: It looks like the $15,000 could be carried over into a second year, but it’s limited to your tax liability.

Check out the FundPicker’s reply. His example is great! Home buyer example.

By: Weekly Round Up- January’s Already Gone | Good Financial Cents

Weekly Round Up- January’s Already Gone | Good Financial Cents — Sun, 08 Feb 2009 16:13:18 +0000

[...] you hear about the $15,000 home buyer tax credit? Madison at My Dollar Plan shares all the details about it. [...]

By: Weekly Round Up- January’s Already Gone | Good Financial Cents

Weekly Round Up- January’s Already Gone | Good Financial Cents — Sun, 08 Feb 2009 16:13:18 +0000

[...] you hear about the $15,000 home buyer tax credit? Madison at My Dollar Plan shares all the details about it. [...]

By: FundPicker

FundPicker — Sat, 07 Feb 2009 06:04:09 +0000

Before anyone gets too excited about $15,000, you should notice that it is limited to your tax liability for the year. If you compute your tax as $5000 on your 1040, that’s all you would get. The bill does allow you to take this over two years. I ran through an example on my blog, http://www.stupidcents.com.

By: AnnMarie

AnnMarie — Fri, 06 Feb 2009 20:50:11 +0000

Do you have any info on whether it can be carried over and if so for how many years? I don’t have a $15000 tax liability. It would take me at least 3-5 years to have that much (probably more).

And yeah, out here in the Midwest–I’m in WI too–$15000 could easily be 15% of the purchase price (at least the house we’re looking at). We’d consider going over $150,000 with a credit like that. This would definitely make us consider moving (except that would leave us with a house to sell, too).

By: Laura

Laura — Fri, 06 Feb 2009 16:22:53 +0000

We bought a house in January, does this mean we would not be eligible for the $15,000 credit?

By: her every cent counts

her every cent counts — Fri, 06 Feb 2009 05:48:48 +0000

I’m w/ Lazy Man, in Silicon Valley that’s not enough to do much… still, it makes buying a house within the next year (if all that legislation goes through) quite tempting.