Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-29-2009, 09:30 PM
Junior Member
 
Join Date: Jan 2009
Posts: 2
Changes to the First time homebuyers credit

Greetings,

Newbie, so be gentle. So I qualified for the first time homebuyer tax "credit" after purchasing a home in august of 2008. I can opt in for the credit but have to repay the loan over ten years. I have just read that a similar tax credit as part of President Obama's stimulus plan except the new credit would not have to be payed back. Should I wait to file and see if I qualify under the new credit? Or do I have no chance and missed out on not having to pay this thing back.

PS I realize that a tax free loan isn't without value. Just making sure I making financially responsible decisions.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-30-2009, 11:33 AM
Junior Member
 
Join Date: Jan 2009
Posts: 2
I have the same question. I purchased my home in June of 08 I am wanting to know if I will be eligible under the new stimulus provisions to take this as a true tax credit and not be required to repay.

Thanks for any advice.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 01-30-2009, 12:24 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Remember, a Bill is simply a proposal, but once Congress approves it is a Law. However, I really don't think that this part of the bill would undermine the current "First Time Homer Buyer Credit" as an enormous amount of time was spent drafting this bill and eventually having it passed in the law!

Still, it seems that you have become quite familiar on this subject and perhaps you should wait a month or so before filing your taxes. Until then, just wait it out. If you elect to choose the new proposal, clearly I would think that the offset would be receiving less in terms of the tax credit, so as a taxpayer you have to weigh out your options carefully and discuss this with your CPA or Tax Adviser.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 01-30-2009, 12:28 PM
Junior Member
 
Join Date: Jan 2009
Posts: 2
Thanks for the reply. I have read conflicting reports on the issue. I think that I will take you advise and play a bit of the waiting game and talk it over with a pro.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
First-Time Homebuyer credit a new tax credit Samatg For 2008 7 05-07-2010 02:44 PM
What is the purpose of this First Time Home Buyer Tax Credit? TaxGuru Homeowner Tax 0 01-29-2009 03:13 AM
Can taxpayers claim both the DC 1st time Home Buyer Credit & First-Time Home Buyer? TaxGuru District of Columbia 0 01-25-2009 11:32 PM
First time Homebuyer credit bunny Homeowner Tax 2 01-25-2009 11:26 PM
First-Time Homebuyer Credit Between Taxpayers Who Are Not Married Samatg Tax News 0 01-15-2009 04:59 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.