Question: Temporary credit for home buyers

[ivar]

Dear Friends,

Did any one read this article on cnnmoney,

http://money.cnn.com/2009/02/12/news/economy/stimulus_individuals/index.htm?postversion=2009021218

Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

---------

I am shocked to see that only those people who purchased or will purchase a home this year are eligible?????? As per my knowledge earlier law included people buying home since July 2008.. This was a real shocker..

If i am missing something please correct me..

Thanks,
R.

[ivar]

dear friends,

did any one read this article on cnnmoney,

http://money.cnn.com/2009/02/12/news/economy/stimulus_individuals/index.htm?postversion=2009021218

temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to dec. 1, 2009, from july 1. those eligible for this credit must have purchased a home after jan. 1, 2009, and before dec. 1, 2009.

---------

i am shocked to see that only those people who purchased or will purchase a home this year are eligible?????? As per my knowledge earlier law included people buying home since july 2008.. This was a real shocker..

If i am missing something please correct me..

Thanks,
r.


^^^^ bump ^^^^

[PresidentO]

While bumping the thread and being hungry for information, you might want to update all your info for IV. Then expect answers.

[ivar]

While bumping the thread and being hungry for information, you might want to update all your info for IV. Then expect answers.

What do you expect me to Update ?? :mad:

[ivar]

While bumping the thread and being hungry for information, you might want to update all your info for IV. Then expect answers.

You mean you want me to update Priority date, 140 and 485 dates? I filed for PERM in MAR 06 and got approved in NOV 06, Changed my Employer in MAR 07 so couldn't take adavantage of JULY fiasco. Got I-140 approval from my first PERM in NOV 07 but whats the use.

Filed PERM from current employer in JUN/JUL 07 got audited and then denied. Case was appealed and now i have filed for withdrawal just to refile in PERM again. SO i am not at all in this green card Queue.

Uptill last year my Information on this portal was updated. But i changed recently and marked everything as N/A because posting meaningless information doesn't make any sense. Do you need to understand that everyone is not as fortunate as you to have PERM, 140 approved and 485 pending.


Thanks,
R.

[PresidentO]

You mean you want me to update Priority date, 140 and 485 dates? I filed for PERM in MAR 06 and got approved in NOV 06, Changed my Employer in MAR 07 so couldn't take adavantage of JULY fiasco. Got I-140 approval from my first PERM in NOV 07 but whats the use.

Filed PERM from current employer in JUN/JUL 07 got audited and then denied. Case was appealed and now i have filed for withdrawal just to refile in PERM again. SO i am not at all in this green card Queue.

Uptill last year my Information on this portal was updated. But i changed recently and marked everything as N/A because posting meaningless information doesn't make any sense. Do you need to understand that everyone is not as fortunate as you to have PERM, 140 approved and 485 pending.


Thanks,
R.

R,

You migh think I am fortunate and Some one else who got EAD might feel the same about people who have got GC's. It is not about whether we ended up being fortunate or not. If you knew that July VB becomes current, you would not have changed jobs.

I am sorry to hear about your story but if your I-140 was approved at some point, that PD is yours to keep. Whene you do your PERM/140 again just request the old PD and you will be good to go. Just noted that you changed jobs by the time you got 140 approval. Can you request your old employer to give you the I 140 copy?

On the housing bill, I believe Johnny Isakkson's proposal for 15K and the last year eligibility might have been taken out to reduce the size of the bill. Wait for the full text of if you have the text post it here so that all of us can get to the bottom of it.

[ivar]

R,

You migh think I am fortunate and Some one else who got EAD might feel the same about people who have got GC's. It is not about whether we ended up being fortunate or not. If you knew that July VB becomes current, you would not have changed jobs.

I am sorry to hear about your story but if your I-140 was approved at some point, that PD is yours to keep. Whene you do your PERM/140 again just request the old PD and you will be good to go. Just noted that you changed jobs by the time you got 140 approval. Can you request your old employer to give you the I 140 copy?

On the housing bill, I believe Johnny Isakkson's proposal for 15K and the last year eligibility might have been taken out to reduce the size of the bill. Wait for the full text of if you have the text post it here so that all of us can get to the bottom of it.


Sorry for the outburst. I didn't mean to hurt you but i get irritated when someone asks me to update my information on IV when i am still waiting to file a PERM.

I saw your priority date its 2002 and you are still waiting i can imagine what you must be going through. Me and my friend had priority date of MAR 06 and he already got his green card in NOV 08 EB2. We filed from the same company same time and still i am no where. You having a priority date of 2002 really deserve a green card much faster than all of us.

I was no aware of JULY 07 fiasco. If i was aware of this than i would have never switched my employer. I switched in MAR 07 and in JULY 07 everything became current you can understand how this feels.. everyone was fortunate to get aleast EAD.

I got my I-140 (from my previous company) approved in NOV 07 after i joined new employer, i can still use the priority date but for that i need to get PERM approved first, which seems such a big task now. I started for this new PERM in JUN/JUL 07 and still i am no where and waiting to withdraw the same. MY lawyer says i need to first get PERM approved than i need to get I-140 approved and than i can port the priority date.

There are such stories i can't keep on explaining to everyone. There are situations i can't keep explaining everything to everyone. It hurts when someone without knowing anything just passes remarks.

Anyway and on top of that the most stupidest thing, i bought a house in 2008. :(

Thanks,
R.

[BECsufferer]

Dear Friends,

Did any one read this article on cnnmoney,

http://money.cnn.com/2009/02/12/news/economy/stimulus_individuals/index.htm?postversion=2009021218

Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

---------

I am shocked to see that only those people who purchased or will purchase a home this year are eligible?????? As per my knowledge earlier law included people buying home since July 2008.. This was a real shocker..

If i am missing something please correct me..

Thanks,
R.

I was hoping for sweet $15K credit as originally proposed by this very nice gentlemen senator from Georgia.

Dem(agogs)s b@$tards have chopped it to measly $8K:mad:. I am gonna miss GOP and their great leadership :D

[suavesandeep]

ivar,

Not to push on you. I hope you sincerely get the credit you are looking for.

But logically thinking i think the whole idea of doing this is to stimulate the economy. So if you ask me than Only people who buy homes after the bill is passed should be eligible for this credit, for 1 year after the bill is passed.

This way lot of people will actually buy homes to qualify for the credit and thereby helping the economy. And rules out people lucking out and getting the non refundable credit.

But again realistically looking, With home prices predicted to continue to crash, Not sure how the 8K credit will make up for the equity you will lose in the house if you buy today.

[nayekal]

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. This would be applied to all home buyers from Jan 1 2009 to Dec 31 2009. This amount doesn't have to repaid, but you should have payed enough taxes to get the credit. Please do more research to know the fine prints of it.

For people who bought houses (like me), from April 09 2008 to Dec 31 2008, would qualify for $7500 loan, which would we have to pay back starting from 2011 tax year for 15 years for an amount of $500 each year. This is just 0% interest loan.

[crazyghoda]

So is this credit for first time home buyers only? What if I move to a different city/state and sell my existing home and buy a new home? Or buy a second vacation home/investment property?

Dont get excited folks, just looking to have enough info to make lunch time conversation with my new employers/coworkers.

[ivar]

ivar,

Not to push on you. I hope you sincerely get the credit you are looking for.

But logically thinking i think the whole idea of doing this is to stimulate the economy. So if you ask me than Only people who buy homes after the bill is passed should be eligible for this credit, for 1 year after the bill is passed.

This way lot of people will actually buy homes to qualify for the credit and thereby helping the economy. And rules out people lucking out and getting the non refundable credit.

But again realistically looking, With home prices predicted to continue to crash, Not sure how the 8K credit will make up for the equity you will lose in the house if you buy today.

I totally agree the plan is to give a boost to new home buyers in this year. But according to the earlier plan i think anyone buying a home after April 08 was eligible for the credit of $7500 which need to repaid in 15 years. I am just annoyed because they changed the date of the original bill.

Recession is being officially declared from December 2007 so anyone buying a home after december 07 has to get credit this would have been Fair. My home value has already gone down by almost $10000.

The confusion is this new bill replaces the original bill or is in addition to the original bill.

Thanks,
R.

[ivar]

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. This would be applied to all home buyers from Jan 1 2009 to Dec 31 2009. This amount doesn't have to repaid, but you should have payed enough taxes to get the credit. Please do more research to know the fine prints of it.

For people who bought houses (like me), from April 09 2008 to Dec 31 2008, would qualify for $7500 loan, which would we have to pay back starting from 2011 tax year for 15 years for an amount of $500 each year. This is just 0% interest loan.

I am not sure if people who bought houses in 2008 would get anything because i am not sure if the current bill replaces the earlier one or this bill is addition to the older bill. If the older bill still holds good than definately we get $7500 0% loan for 15 years, if not that we don't get anything.

Thanks,
R.

[DSLStart]

2008 First Time Homebuyer Tax credit of $7500 still holds good. If you bought home in 2008, you still can claim for $7500 tax credit (repayable in 15 years)
In order to get benefit of tax credit of $7500 for last year, your tax liability does NOT have to be minimum $7500. In other words if your withheld taxes were $7000 and your actual taxes were $6000, then you would receive $1000 (refund) + $7500 tax credit = $8500. Also if someone had no tax liability, would get $7500.
Only thing not yet clear is about the repayment part after the new bill becomes law. i.e. it is still not clear if they have waived the repayment condition of tax credit only to 2009 first time buye
rs or it includes 2008 buyers as well.

[EB3IFiasco]

I haven' done my turbo tax yet...but do we (non-PRs as defined by IRA as opposed to IRS) qualify??

[nayekal]

I am not sure if people who bought houses in 2008 would get anything because i am not sure if the current bill replaces the earlier one or this bill is addition to the older bill. If the older bill still holds good than definately we get $7500 0% loan for 15 years, if not that we don't get anything.

Thanks,
R.

I did my tax returns and I got $7500 as 0% loan, which is repayable in 15 years ($500 each year) starting from 2011 tax year. I bought my house in may 2008.

[ivar]

I did my tax returns and I got $7500 as 0% loan, which is repayable in 15 years ($500 each year) starting from 2011 tax year. I bought my house in may 2008.

Thanks Nayekal, Good to know that 2008 bill still holds good.

Thanks,
R.

[ivar]

2008 First Time Homebuyer Tax credit of $7500 still holds good. If you bought home in 2008, you still can claim for $7500 tax credit (repayable in 15 years)
In order to get benefit of tax credit of $7500 for last year, your tax liability does NOT have to be minimum $7500. In other words if your withheld taxes were $7000 and your actual taxes were $6000, then you would receive $1000 (refund) + $7500 tax credit = $8500. Also if someone had no tax liability, would get $7500.
Only thing not yet clear is about the repayment part after the new bill becomes law. i.e. it is still not clear if they have waived the repayment condition of tax credit only to 2009 first time buye
rs or it includes 2008 buyers as well.


DSLStart,

Good to know that 2008 bill still holds good.

Thanks,
R.

[ivar]

Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.

This is fair..

Thanks,
R.