i am wondering, as i am readnig that the home must have been purchased between 4/9/08 and 7/31/09 is it possible for this to change? we closed on our home on 3/21/08 and, in my opinion, it's really not fair for us not to get a tax credit . kwim? (just like it's not fair for those who prucahsed between 1/1/08 and 4/8/08.) do you know of anything that is "happening" with this ccredit that might help those uf us who aren't falling under the 4/9/08 - 7/31/09 dates? thanks for your help! :)
***** BOYCOTT COUPON CLIPPING SERVICES that don't want YOU trading ***** 1|1|She JUST got offline.. She'll be back on later I'm sure|Kristy|mi3zons1@yahoo.com|11:39:43|10/25/2008|
"Women should not have children after 35. Thirty-five children are enough." - anonymous (Only 28 to GO!) 2|1|bumping for amy to see. :)|pussecat|pu55ecat@aol.com|19:46:04|10/25/2008|
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3|1|No, I don't see any "leniency" coming on the dates|Abbicca|Abbicca@bellsouth.net|21:31:29|10/25/2008|
The dates seem rather set in stone. However, I don't even see a "draft" of the form 5405 (the form for the credit) on the IRS website...but I wouldn't hold my breath.
No matter what dates they pick.... someone would have a problem with it.... that just goes with the territory. And you do realize it is a refundable credit...but it has to be REPAID...right?
It's a 10% credit on the purchase price of the home...maxed at $7500 (half of that for MFS filers). And you get to pay it back over 15 years.... basically making it an interest free loan. It, of course, gets phased out with higher incomes....just like pretty much all of the tax credits.
Sorry, you fall into the non-credit group....but I don't see them changing the dates.
HTH 4|2|thanks amy! and if it's a repayable "loan" i dont' want it anyway! lol|pussecat|pu55ecat@aol.com|07:11:00|10/26/2008|
i didn't "catch" that part of it.
but as i was going over our "tax goodies" last night, i honestly don't think we'd "need" it anyway. i think we'll actually be paying less in taxes this year than we did last year being as we have all of the medical bills from patrick being sick and me and patrick having a BUNCH of uninsired dental work done as well as our pmi and interest on the house.
i don't think the dates would have stuck such a cord in me had they been like half way through the year or something. i mean april 9th? who figured that crap out? kwim? lol
thanks again amy, i appreciate your time! :)
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5|1|NP---- glad to answer questions....|Abbicca|Abbicca@bellsouth.net|10:46:27|10/27/2008|
Also glad that you aren't as upset---since it DOES have to be repaid. Sure wish the news would put ALL the info out there...(as well as the politicians)...cuz we know there will be all sorts of heck to pay when people have to start paying that back. Often enough, people will conveniently forget THAT part of the deal.....LOL.
But have fun in your new house---that in itself is a HUGE reward!!!