Comments on: $8,000 First Time Home Buyer Tax Credit

By: 7 Pointers On Buying First Home | Good Financial Cents -Jeff Rose Certified Financial Planner and Investment Advisor, Carbondale, Illinois

Wed, 10 Jun 2009 16:54:29 +0000

[...] your first home has even more benefits right now. If you are new buyer, you may qualify for the first time home buyer credit that was recently put into action. Not to mention that the low interest rate environment makes a [...]

By: Skipper

Skipper — Fri, 03 Apr 2009 01:51:53 +0000

I still get your frustrations…because we’re in the same boat…while they discussed inclusions in to the Economic Recovery Act (aka Stimulus Package) they considered a piece that would settle the debts of those people that took this credit, meaning we wouldn’t have to pay it back, along with that, they also discussed a $12,000 tax credit, that would not have to be paid back, for any homebuyer, first-time or not for 2009 home buyers. I was considering upgrading homes if that would have been the case. We need our Republican majority back…

By: Roni

Roni — Thu, 02 Apr 2009 22:47:29 +0000

Don’t get me wrong, I’m very much appreciative of my $7500 credit. Because of it, my husband and I were able to get alot done with our house. I don’t even care that other people were given an extra $500, but the point is…….there is absolutly no reason we have to pay back our $7500 while others are exempt. And sure, we could have alloted to not get the credit, but come on, who doesn’t need the money these days?? It still doesn’t make sense that we are required to pay back our credit, no matter how you try to analyze it!!

By: Skipper

Skipper — Thu, 02 Apr 2009 21:22:07 +0000

So I’m in the group of individuals that are receiving the 2008 first-time homebuyers credit. When I heard about the 2009 credit I was somewhat aggrevated but stop and think for a minute…before this legislation came out in 2008, how much of a credit were you going to get for being a first-time homebuyer? Ok, how pleased were you with the idea of a $7,500 credit, even if you had to pay it back? Since you can’t change the past, just be satisfied with even getting a credit, I know people that bought their home in 2008 before April 4th, put yourself in their shoes and decide which is better. Better yet, if you don’t want to pay the credit back, don’t allot to take it…

By: Carnival of Pecuniary Delights No. 1: The Madoline Hatter Pecuniary Art Edition | Pecuniarities

Thu, 02 Apr 2009 13:03:52 +0000

[...] Madison from My Dollar Plan presents $8,000 First Time Home Buyer Tax Credit. [...]

By: Madison

Madison — Tue, 31 Mar 2009 15:02:16 +0000

@ Harvey, Kathy, Corey, Meghan, Tawnya: I’ve done a lot of looking on the mobile home issue for you.

Unfortunately, it looks like mobile homes are still considered a primary residence. Therefore, if you owned one in the last 3 years, I would doubt that you are able to claim the tax credit.

See “Who Can Claim the Credit” section of Form 5405.

It states: “You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of
purchase….
Main home. Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of
residence.”

By: Madison

Madison — Tue, 31 Mar 2009 14:59:03 +0000

@ Will: According to IRS Form 5405, it looks like for married couples, both of you must be first time home buyers to claim the credit.

@ Max: The “up to” part account for the 10% of purchase price. If you only bought a $50,000 home, you would get $5,000. The tax credit is refundable, so you could receive more money than your tax liability.

By: Tawnya

Tawnya — Tue, 31 Mar 2009 14:45:10 +0000

My mother purchased a mobile home 9 years ago and put it in my name. I now am in the process of building a new home, do I qualify for the tax credit?

By: Roni

Roni — Mon, 30 Mar 2009 17:29:24 +0000

Well, if you figure out how to NOT pay back the $7500,let me know! I don’t see any way around it at this point, but I totally agree with you…….why give it away this year but not last year!! What makes a homebuyer in 2009 any more special than a homebuyer in 2008??

By: mike

mike — Mon, 30 Mar 2009 13:30:10 +0000

PLEASE help..how do we keep from paying back this $7500..i under stand the last guys point but come on..most all of us work for what we have and it is not fair to go from paying it back one year to completly giving it away the next..IF ANYONE HAS ANY, ANY IDEAS AT ALL..on how to work around having to pay this $7500 from buying a home in 08..PLEASE let me know. Thank you

By: scott

scott — Wed, 18 Mar 2009 02:36:28 +0000

Well…

I understand some of your frustrations, but that is just how things go sometimes. You can always find something to complain about.

I am 32 years old. I put myself though college (undergrad, masters, phd) and am now a college professor with no home. I have never asked for a handout and have worked extremely hard to get where I am and I am only making in the mid 50’s a year (which is actually pretty good for a college professor starting out). The only way I can afford a home right now is with this tax credit. Without it I am going to stay in my apartment and not gaining equity.

I could be anrgy that I have all of this education and dont make nearly what some people with a high school diploma are making. I could be upset that i didnt get in on the market when people were giving out home loans to anyone and everyone. Im not though. I made my decisions to not buy before and I made my decisions to pursue a costly education with not a lot of return on my investment (because I REALLY like what I do), and I am prepared to live with it. With that being said, I am going to take full advantage of this tax credit and I hope many many others do too. You guys can be pissed that you didnt get what these people are getting and you didn’t get a handout all you want. I am just happy that myself and many others have a chance at getting into a home for the first time…

By: lauren

lauren — Mon, 16 Mar 2009 02:26:41 +0000

We are “renting to own” a home right now, does that mean we are not first time home buyers?

By: Meghan R.

Meghan R. — Fri, 13 Mar 2009 15:11:14 +0000

harvey,kathy,corey,
Same here….???

By: Corey Lee

Corey Lee — Fri, 13 Mar 2009 15:09:54 +0000

Harvey, kathy, i have the same question i am in same circumstance.!?????

By: Kathy Bruss

Kathy Bruss — Wed, 11 Mar 2009 04:04:16 +0000

Hey Harvey Swartz, Im in the same situation, Did you get an answer about if you owned a mobile home & payed lot rent, now buying a house do you qualify ? No one seems to know the answer ??????????????????