Know anything about an $8K incentive for first time homebuyers?

[stef]

Has anyone here heard anything, or know something about an eight thousand dollar government incentive for first time homebuyers?


I just cought a few seconds about it recently and would like to know what it's about.

(In the definition of 'first time homebuyers' was a stipulation that you have not owned your own home in the last three years.)



stef

[marvella]

it's part of the stimulus package trying to get people to buy houses again. there are some good deals to be had out there.

as far as i know, it means exactly that- first time buyer.

you better hurry- it's almost over. the deadline is november 30.

[whocares]

it's only for first time home buyers, or someone who has not owned a house in 3 years...It's not a straight 8000, it's up to 8000 10% of the sales price...80000 house would be the max, 40000 dollar house 4000.00 rebate

Thats all I know

[stargazer]

Go to irs.gov On the top right side you will see a search box -- type in first time home buyer. It will come up at the top. Click on first time home buyer. All the information you need is there.

[dngrous]

My fiancee and I are eager to take advantage of this. The house we're wanting is $49K, and that $4900 would go a long ways towards home improvements. (better insulation, tankless water heaters, setting up solar water preheating, new windows, and then we're broke again....lol)

[luvrulz]

You have to pay it back - make sure you read *everything*!

[ronbre]

it ends the end of next mo so you have to hurry to take advantage of it..

[krische1012]

Quote from : http://www.irs.gov/newsroom/article/...html?portlet=6

"The credit must be repaid if, within three years of purchase, the home ceases to be the taxpayer’s main home. For example, a taxpayer who claims the credit based on a qualifying purchase on Sept. 1, 2009, must repay the full credit if he or she sells the home or converts it to business or rental use at any time before Sept. 1, 2012."

Last year there was a $7500 tax credit that did have to be repayed. As long as you maintain the home as your main residence for more then 3 years this one does not.

Go to the link above for other info.

[YuccaFlatsRanch]

Yeah its costing each and every taxpayer money to subsidize someone else's home purchase. Figure out where in the Constitution that that is authorized in.

[ergoman]

+1 on that, glad we could pay thousands of people way more than thier junkers were worth too. REDISTRIBUTION sound familiar???

[Sawmill Jim]

Yep but you may get to claim it as income at tax time .

[Michael W. Smith]

Originally Posted by ergoman

+1 on that, glad we could pay thousands of people way more than thier junkers were worth too. REDISTRIBUTION sound familiar???

Yes, and I do thank you for your contribution that went towards my brand new car!!!!!!

Unless you have the cash on hand to buy a house, it's probably going to be pretty hard to own the house by November 30 if you have to finance it. Since the housing mortgage implosion, there are all kinds of hoops you have to jump through, over, and under to get your financing.

We sold my Dad's house this summer, and it took about 2 months for the people to get their money for the mortgage. My sister has been trying to buy a house since August - they've already been told their mortgage is approved, but they are now at the point they have to get a second appraisal on the house and are being told if everything goes well, they should be in it by sometime in November!

NOTHING hurries up a lawyer or the banks.

[Callieslamb]

Read the fine print - the people that bought cars on the "govt" plan have to count the $ they were given as income on their taxes.

[How Do I]

Originally Posted by Callieslamb

Read the fine print - the people that bought cars on the "govt" plan have to count the $ they were given as income on their taxes.

I'd like to read more on that - Do you have a .gov link somewhere where that can be read? Don't worry...I won't be buying a new car for another 100 years or so. I have too much fun at auctions.

[Kraken]

The $8000 is for first-time homebuyers (or those who have had no *interest* in a home in the previous three years) and does NOT have to be paid back if homes are purchased by November 30.

Persons wanting this incentive must fill out form 5405 and can amend their 2008 tax return to be able to receive their refund check without having to wait until 2010 to receive their money.

[FreightTrain]

im looking forward to getting this money plus 1500 for the wood stove and chimney im installing now