Comments on: $15,000 Housing Tax Credit May See New Life As Separate Bill

By: chrsi

chrsi — Tue, 13 Oct 2009 19:20:52 +0000

This is a great idea… but there is one contradiction/issue i have with it… If this is truely to stimulate the housing market…. what is the point to retroact the 15000 credit back to the first of the year. these people have already jumped in, made there decision and purchased a home. The point is stimulating future sales, not rewarding someone for making a prior purchase or were already compensated(8k 1st time) for a purchase….

By: Dan

Dan — Mon, 05 Oct 2009 00:19:33 +0000

I hate to be harsh, however any new tax credit should not be retroactive. You bought the house already, its already done its part for the economy. The Tax Credit should be for convincing people to buy houses. Fair is not what this country needs…

By: shane

shane — Wed, 08 Apr 2009 17:05:26 +0000

Please! How many people like me have relocated for a new job only to find their old houses sitting there with the current housing market? I own a house, so I get no inventive to buy a new one at my new site. This 15k had me looking for weeks until it got creamed. This would help by:

1. Boosting purchasing for transplanters with previous homes
2. Help with payments of new or previous home which market recovers thus limiting forclosures and short sales.

Make sense?

By: j a

j a — Sat, 14 Mar 2009 21:29:25 +0000

Although not fair there are 4 people I know who would buy their first “affordable” house with the tax credit. Right now $8,000 makes it questionable whether I would buy one or not but $15,000 is a good enough incentive and make it affordable to definitely do so. This should help with the overproduction issue by increasing housing demand dramatically.

By: Jeniece

Jeniece — Fri, 20 Feb 2009 18:22:31 +0000

Can a first time home buyer get the credit if he/she has a co-signer ont he note? The bank will not give the loan without the co-signer.

Please advise or give me a website for research.

By: Joe

Joe — Thu, 19 Feb 2009 03:04:57 +0000

Throwing money around and picking people to give it to and not giving it to others…sound like a fair America to me. Best thing of all is we all have to pay it back…those that work and earn their money that is.

By: Maggie S.

Maggie S. — Thu, 19 Feb 2009 01:19:27 +0000

Yeah, I too bought a home last year (12/17!). Didn’t take the $7500, it doesn’t help me much if I have to pay it back. I need all the help I can get though, and wish the new tax credit would apply to 2008 folks, seeing as the economy/housing has been so dismal since Nov. 2007.

By: Barbara Stuart

Barbara Stuart — Wed, 18 Feb 2009 05:07:17 +0000

I see a lot about first-time home buyers, but nothing about those of us who have owned before. I am planning to sell my current house and buy another, sometime during 2009 and my yearly income is under the $75,000 threshold. A $15,000 credit would be sweet but even without that much, anything would be a plus. It would make selling easier (because someone else would get the credit) and would be a nice bonus for buying. My target would be a resale home; but I suppose I could go new, if that would qualify me for some sort of credit. Any thoughts – anyone?

By: Tom Royce

Tom Royce — Tue, 17 Feb 2009 13:54:33 +0000

Marc

What an interesting point. You will be a leper in the tax community. Can you imagine trying to explain this to an H&R type tax preparer in 10 years?

By: Marc Cooper

Marc Cooper — Tue, 17 Feb 2009 03:06:13 +0000

The new housing credit, by not being retroactive for 2008 buyers like me, not only does not help us, in one important way it actually hurts us. Of all the virtues of the previous housting credit, I saw one clear downside. For 15 years I will have to have an unusual item in my tax return, that $500 repayment, which may become an obscure, rarely supported item as time passes. Over those years it is possible that my tax returns will cost more many, take more time, and offer a reduced choice of accessible programs and sites to file my return, because many sites may neglect to support some feature that only applies to people who bought a home in some 12 month window long ago. Now, by exempting 2009 from repayment but not exempting 2008, it will be a feature that only applies to people who bought a home in some six month window. So down the road, the 2009 housing bill doubles the chance that 2008 homebuyers will need to pay a private accountant, or buy a super premium expensive version of turbotax, years down the road. To me, this is not fair. 2008 buyers did just as much to help the economy, and not only does the new bill not apply to us, it actually worsens our condition by doubling the chance we have bought ourselves 15 years of tax headaches. I think they should either make the no repayment provision retroactive or else offer an alternative repayment plan to forgive the loan for a lump sum payment of $3000 or so.