First time home buyer bullcrap!!

[Scott]

I just found out a huge dissapointment, I am in the process of buying a house that "we" rent from my parents right now and I heard about the new 10% up to 8000$ first time homebuyer credit and starting making plans on how to spend the money and everything. Then upon further investigation I am not eligable for the damn credit because I am buying from a relative, whether that home is principal residence or rental property I am not eligable for the credit!!! I am just pissed because I felt like I won the lottery for a couple weeks there and I always said it was too good to be true and I was totally right! I was starting to hate Obama less too but now I back to normal hatred for him and the government again.
http://www.irs.gov/pub/irs-pdf/f5405.pdf

Sorry, I just to bitch to someone about it!!!

[Ricky]

I only get 7500 cuz i bought my house halfway through last year... that sucks a lot though man.

[TbTalon94]

i only got like 2,800...but that was 3 years ago...

[ZacFields]

I didn't really get anything because I bought my home late in the year in 2006. I got to deduct the points and interest, but it wasn't enough to make a difference since it was so late in the year.

Sorry to hear about that, Scott.

[Scott]

yeah it does suck but nothing I can do about it ya know.. I think there will be lots of problems with tax audits on this as well. I read that even if you PLANNED on buying the house in 2008 and purchased it in 2009 thats not supposed to count for the stimulus, so if someone did claim it, received the money and got audited if they find any proof of you searching or getting home inspections done I would ASSUME they would take the money away or make you pay it back. This stimulus plan is different from last year too in the fact that you dont have to pay this one back "I think", its not a loan or credit its basically free money from what I understand!! but like anything else that is too good to be true there HAS to be something to exclude the majority of people from getting it!!! basturds

[DustinsDuster]

I only get 7500 cuz i bought my house halfway through last year... that sucks a lot though man.

and you have to pay that back over the next ten years or so, dont you?

[Scott]

Its 15 years, check out that link I put up there Dustin thats the actual form you can print out for it and explains quite a bit in there..

[69gt4speed]

The rules as I know them....8K & 7.5k.. Sorry Scotty you fell victim to a clause to prevent tax fraud. You know take it off your taxes and roll part of money back to ur relative. I'M NOT SAYING YOU WOULD DO THAT! Btw that 7.5k was started under G.W.B. so I'd be mad at congress.... They write the rules..
Full article 7.5k and 8k
http://personal-tax-planning.suite101.c ... yer_credit (http://personal-tax-planning.suite101.com/article.cfm/irs_form_5405_firsttime_home_buyer_credit)

Just disclaimer info 7.5k and 8k...

Who Isn’t Eligible for the First-Time Homebuyer Tax Credit?
Wealthy taxpayers don’t qualify for a first-time homebuyer tax credit. Credit phase out begins at $75,000 per individual or $150,000 for married filing jointly. The phase out is calculated on lines 2 through 5 of Form 5405. The credit is completely phased out for individuals who make $95,000 or more (or $170,000 for joint filers).

In addition to those who exceed the income thresholds noted above, individuals can’t claim either credit if any of the following items apply:

The person is a non-resident alien.
The purchased home is located outside of the U.S.
The home is sold or ceases to be the taxpayer’s primary residence before the end of 2008.
The home was inherited or a gift from someone else.
The home was purchased from a relative. This may include a spouse, parent, grandparent, children, and grandchildren. Related parties also include corporations or partnerships in which a person owns more than 50% of the stock or receives over 50% of the profits or interest.
For the $7,500 tax break only, the following individuals are also prohibited from claiming the credit:

Anyone who is currently or formerly was eligible to claim the District of Columbia first-time homebuyer tax credit.
The home purchase was financed with tax-exempt mortgage revenue bonds.
Interested in learning more about the final 2009 economic stimulus plan? The article 2009 Stimulus Checks, Tax Rebates contains an overview of the Recovery Rebate Tax Credit and explains who is getting one-time checks of $250 pursuant to the final economic stimulus package. U.S. taxpayers may also be interested in the Recovery Rebate Tax Credit article; it discusses America's second chance at last year’s government



Read more: "IRS Form 5405, First-Time Home Buyer Credit: 7,500 & 8,000 Homebuyer Credits - How to Claim, Who Doesn’t Qualify" - http://personal-tax-planning.suite101.c ... z091Jgqfha (http://personal-tax-planning.suite101.com/article.cfm/irs_form_5405_firsttime_home_buyer_credit#ixzz091J gqfha)

[69gt4speed]

Btw again Scott I know you were excited about that deal and am sorry. Nothing more or less. You know the financial deal better than I overall between the parties involved. Dustin looks ok.
Link to form 5405 pdf read urself from irs.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

[Ricky]

I only get 7500 cuz i bought my house halfway through last year... that sucks a lot though man.

and you have to pay that back over the next ten years or so, dont you?

yes. 500 a year for 15 years or something like that... no interest though

[DJ0820]

No free money

[Scott]

no fucking shit!!