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Thread: Home Tax Credit

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    Home Tax Credit

    New home buyers $8000
    People who lived in their homes for more then 5 years $5600



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    Re: Obama Passes Home Tax Credit

    so they extended it and added the second part or what?


    Hooray for Metaphors!

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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by 2forISU View Post
    People who lived in their homes for more then 5 years $5600
    Is this being a homeowner for 5 consecutive years or current home for 5 consecutive years?



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    Re: Obama Passes Home Tax Credit

    Huh?

    So we get a tax credit just for living in our house 5+ years?



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    Re: Obama Passes Home Tax Credit

    Any linkage? So if I've lived in my home (1st home) for 3 years I get nada?



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by tman24 View Post
    so they extended it and added the second part or what?
    Yes.

    Quote Originally Posted by ISUFan22 View Post
    Is this being a homeowner for 5 consecutive years or current home for 5 consecutive years?
    I think it's 5 consecutive years in a current home.

    Quote Originally Posted by DaddyMac View Post
    Huh?

    So we get a tax credit just for living in our house 5+ years?
    No, its if you buy a new house after living in a current one for 5 consecutive years.



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by bawbie View Post
    No, its if you buy a new house after living in a current one for 5 consecutive years.
    Gotcha.

    So buy your first house - $8000
    Buy a house and already a homeowner in the same house for 5+ years - $5600
    Buy a house and a homeowner for 1 day to one day less than 5 years - $0



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by ISUFan22 View Post
    Gotcha.

    So buy your first house - $8000
    Buy a house and already a homeowner in the same house for 5+ years - $5600
    Buy a house and a homeowner for 1 day to one day less than 5 years - $0
    Yeah - I wonder what the purpose of the >5 is?

    And little side note: None of this applies to family transactions. Almost certainly a good rule. But sucks when you are legit in purpose.



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    Re: Obama Passes Home Tax Credit

    You have to sign a contract for a new home by next April. This is a great deal for those in the market for a new home.



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by ISUFan22 View Post
    Gotcha.

    So buy your first house - $8000
    Buy a house and already a homeowner in the same house for 5+ years - $5600
    Buy a house and a homeowner for 1 day to one day less than 5 years - $0
    Pretty much it. As far as I know, you can also get cited for underage drinking if you're caught drinking at a bar a day before you're birthday.

    Gotta draw the line somewhere, I suppose.


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    Re: Obama Passes Home Tax Credit

    Yeah, great news if you JUST bought a house or have lived in the same house for 5 or more years. Everyone else is SOL. THANKS!



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by AirWalke View Post
    Gotta draw the line somewhere, I suppose.
    Why?




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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by AirWalke View Post
    Pretty much it. As far as I know, you can also get cited for underage drinking if you're caught drinking at a bar a day before you're birthday.

    Gotta draw the line somewhere, I suppose.
    True. But who is drawing the lines? Why not 3 years or 10...why 5?



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    Re: Obama Passes Home Tax Credit

    I think the idea is to not reward someone who purposly bought a house that they couldn't afford and then they can profit off of it. If you've lived in a home for 5 years you have some equity built up.



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    Re: Obama Passes Home Tax Credit

    Quote Originally Posted by DaddyMac View Post
    Yeah - I wonder what the purpose of the >5 is?

    And little side note: None of this applies to family transactions. Almost certainly a good rule. But sucks when you are legit in purpose.
    In theory, it's supposed to encourage people to purchase new houses so as to stimulate the housing market. The 5 year limitation is a balancing measure -- it'd be ripe for abuse to purchase a house and constantly be moving every 2-3 years.

    Granted, it is a government tax credit, so I'm sure it's been predestined for abuse somehow.


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