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  #16  
Old 01-29-2009, 03:52 PM
cooler cooler is offline
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Originally Posted by inskrish View Post
No. According to the new stimulus plan, the $7,500 tax-credit doesn't need to be repaid. It's free:-)

Source:http://money.cnn.com/2009/01/29/real...ion=2009012907

As per this article in marketwatch, the $7500 is just a loan with a term of 15 years

http://www.marketwatch.com/news/story/seven-new-tax-perks-you/story.aspx?guid={E513D570-8814-4F24-B746-50D2DBD0B235}&siteid=yahoomy

5. First-time home buyer credit
If you're a first-time home buyer who bought a home after April 8, 2008, and before July 1, 2009, you may qualify for a credit of 10% of the purchase price up to $7,500 on your 2008 tax return. Even if you bought the home in 2009, you can take the credit on your 2008 return, Luscombe said.
But here's the rub: The credit is more like a loan and must be repaid over 15 years. The stimulus bill under consideration now may eliminate the repayment rule for homes bought in 2009, but what's not clear yet is -- if the new stimulus plan does eliminate the repayment rule -- will people who bought a home in 2009 but claimed the credit on their 2008 return be exempt from repaying the credit? (Those who take the credit on homes bought in 2008 will have to repay the credit, under current law.)
If you bought a home in 2009 (before the July 1 deadline), your best bet is to wait until the final bill gets signed into law to see whether to claim the credit on your 2008 return or to wait and claim it next year. See story on House OKs stimulus bill.
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  #17  
Old 01-29-2009, 04:37 PM
PresidentO PresidentO is offline
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Default

Congress will come back later this year and will extend this depending on how many people claimed this benefit on the returns this year.

The way they set it up, they set it up as a bait.

Phase out after 150K, Go figure.. In the market of falling knives, who wants to catch one just because you are going to get a loan of 7500

Closing date is the purchase date. So closing can happen as late as 8-12 weeks. So if some one buys on Apr 15th 09 and closing happens on Jul 2nd, screwed.

Senate will modify the loan term and make it a credit. We will hear the number of people who qualified for this credit soon. Then congress will extend this piece.

OP might have income limitations and thats why he might be disqualified. If the tax guy is saying it is because of H1B, time to get to Turbo tax.

Luscombe is pretty good and he is almost always correct.
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  #18  
Old 01-29-2009, 06:28 PM
ashokmads ashokmads is offline
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Default 7500 tax credit issue for EAD holders

I have an interesting situation where I am currently on EAD and bought a house in 2008 May.
However my combined income slightly exceeds the $170K specified for 2008.
Now in 2009 I am pretty sure my income will be below the limit of $170 K. Since the bill states that you can claim the loan in 2008 or 2009 , would I be able to claim the credit/loan of 7500 in for financial year 2009 next yr?
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  #19  
Old 01-29-2009, 06:38 PM
h1techSlave h1techSlave is offline
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Default I think it is the Gross income not the total income

I think they consider the Gross income, which is (Total income - 401K, health insurance premiums, IRA contributions etc.). I might be wrong on this, but you can surely check with your tax preparation guy.

Quote:
Originally Posted by ashokmads View Post
I have an interesting situation where I am currently on EAD and bought a house in 2008 May.
However my combined income slightly exceeds the $170K specified for 2008.
Now in 2009 I am pretty sure my income will be below the limit of $170 K. Since the bill states that you can claim the loan in 2008 or 2009 , would I be able to claim the credit/loan of 7500 in for financial year 2009 next yr?
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  #20  
Old 01-29-2009, 06:57 PM
nayekal nayekal is offline
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Default

Quote:
Originally Posted by ashokmads View Post
I have an interesting situation where I am currently on EAD and bought a house in 2008 May.
However my combined income slightly exceeds the $170K specified for 2008.
Now in 2009 I am pretty sure my income will be below the limit of $170 K. Since the bill states that you can claim the loan in 2008 or 2009 , would I be able to claim the credit/loan of 7500 in for financial year 2009 next yr?
Exceeding $170k will make you ineligible for proposed (make work pay credit), but not for First Time Home Buyer credit.

You are supposed to check one more thing. Is 170K a total gross wages for 2008 or is this your (along with spouse) total taxable wages. They only take total taxable wages into calculation. Since, your income exceeds 170 K, it doesn't matter whether you are single filer or married filing jointly.

I have one more doubt and would appreciate if any one could answer that.
Please check this link.
http://money.cnn.com/2009/01/29/real...ion=2009012907

They are taking about giving this First Time Home Buyer credit not as loan but as a credit, which means we don't have to pay later.

But they are talking about duration between January 1, 2009 and the end of August 2009. Do you guys think that it is automatically applied for people who bought homes from April 2008 to Dec 2008. The reason I am asking is, I bought my home on May 28th, 2008 and would like to know whether I would be getting this as a credit or a loan. When I went to turbo tax file, it showing First Time Home Buyer credit as a loan.
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  #21  
Old 01-29-2009, 08:48 PM
PresidentO PresidentO is offline
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Default

Quote:
Originally Posted by ashokmads View Post
I have an interesting situation where I am currently on EAD and bought a house in 2008 May.
However my combined income slightly exceeds the $170K specified for 2008.
Now in 2009 I am pretty sure my income will be below the limit of $170 K. Since the bill states that you can claim the loan in 2008 or 2009 , would I be able to claim the credit/loan of 7500 in for financial year 2009 next yr?
Your combined income is not equal to the MAGI. Your AGI is the gross income minus the above the line deductions. Lines 23 thru 37 in 1040

So, If you and your spouse both are not covered at work by a retirement plan, each of you can contribute to a traditional IRA of 5000 each and bring yout AGI by 10,000.

Itemized deductions are not above the line deductions. Just use Turbo tax and it will tell you whether you will qualify and which one is better for you.

I think you should be able to claim the credit next year.
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  #22  
Old 01-29-2009, 08:51 PM
PresidentO PresidentO is offline
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Quote:
Originally Posted by nayekal View Post
Exceeding $170k will make you ineligible for proposed (make work pay credit), but not for First Time Home Buyer credit.

You are supposed to check one more thing. Is 170K a total gross wages for 2008 or is this your (along with spouse) total taxable wages. They only take total taxable wages into calculation. Since, your income exceeds 170 K, it doesn't matter whether you are single filer or married filing jointly.

I have one more doubt and would appreciate if any one could answer that.
Please check this link.
http://money.cnn.com/2009/01/29/real...ion=2009012907

They are taking about giving this First Time Home Buyer credit not as loan but as a credit, which means we don't have to pay later.

But they are talking about duration between January 1, 2009 and the end of August 2009. Do you guys think that it is automatically applied for people who bought homes from April 2008 to Dec 2008. The reason I am asking is, I bought my home on May 28th, 2008 and would like to know whether I would be getting this as a credit or a loan. When I went to turbo tax file, it showing First Time Home Buyer credit as a loan.

As many of the posts said, it is still a loan. The bill that house passed last night makes it a credit for ever. Senate will probably okay it too. Hang in there and do not file your taxes asap. Turbo tax might have already prepared the fix. The moment it becomes law, they will provide you the update. Just keep updating TT every time you start it.
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  #23  
Old 01-29-2009, 11:34 PM
DSLStart DSLStart is offline
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Angry what a shame

Folks who bought home between year last year till July 09 and claim the $7500 tax credit would have to repay it in 15 years. But as per the new $810 billion stimulus plan passed by House today, folks who would buy house in 2009 WON'T have to pay back any of that $7500 as long as they don't sell the home for next 3 years.
Why couldn't they make that provision retrospective from 2008?
So much of injustice
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  #24  
Old 01-29-2009, 11:57 PM
naushit naushit is offline
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Default My situation

Here is the puzzle for tax gurus.

I bought a house in year 2003 . ( I was only owner), so definitely i do not qualify as first time owner

But , we bought another house in year 2008 ( Me & my wife , joint owner),

Does my wife qualify as first time owner? can I claim $7500 ?

I am ready to file tax return separately,if anyway I can claim $7500.

Please advise...

Thanks
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  #25  
Old 01-30-2009, 01:47 AM
PresidentO PresidentO is offline
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Originally Posted by naushit View Post
Here is the puzzle for tax gurus.

I bought a house in year 2003 . ( I was only owner), so definitely i do not qualify as first time owner

But , we bought another house in year 2008 ( Me & my wife , joint owner),

Does my wife qualify as first time owner? can I claim $7500 ?

I am ready to file tax return separately,if anyway I can claim $7500.

Please advise...

Thanks
Did you read the FAQ?

Only who has bought a home in the last 3 years is considered new home owner.

Apparently you and your wife both qualify as new/first time owner. How ever, this new home has to be your primary residence, residence where you live.

Get a copy of Turbo tax and it will tell you what is best for you. There are income limits that may disqualify you. Read the FAQ from the link posted in the first page.
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  #26  
Old 01-30-2009, 01:49 AM
PresidentO PresidentO is offline
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Quote:
Originally Posted by DSLStart View Post
Folks who bought home between year last year till July 09 and claim the $7500 tax credit would have to repay it in 15 years. But as per the new $810 billion stimulus plan passed by House today, folks who would buy house in 2009 WON'T have to pay back any of that $7500 as long as they don't sell the home for next 3 years.
Why couldn't they make that provision retrospective from 2008?
So much of injustice
Your post is contradictory. see red. You have two overlapping time periods. I guess you meant last year till the new bill becomes law.

I think it will be made retrospective.
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  #27  
Old 01-30-2009, 02:30 AM
champu champu is offline
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Quote:
Originally Posted by PresidentO View Post
Your post is contradictory. see red. You have two overlapping time periods. I guess you meant last year till the new bill becomes law.

I think it will be made retrospective.
You wish...

I bought in May 08 too.
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  #28  
Old 01-30-2009, 11:07 AM
khanx66 khanx66 is offline
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Question H4 itin ?

Hi,

We're thinking to buy a house right now. I'm on H1B and wife's H4. I have SSN my wife has ITIN. We filed taxes jointly last year. We did not qualify for the $1200 stimulus check because of above reasons(ITIN, joint).

Now, if we buy the house under my name only and file taxes separately, and apply for the $7500 credit would that be better than buying the house together, filing jointly, applying for the credit.

According to the presence test, my wife would be considered "Resident" for Tax purposes by IRS, but again that language "Resident Taxpayer/Non-Resident Alien" nuance is confusing.

Thanks in advance for your thoughts/advise...
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  #29  
Old 01-30-2009, 12:22 PM
sledge_hammer sledge_hammer is offline
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Default

Totally rubbish!

The rule is that if you had owned a home more than 3 years ago, and haven't owned one in 3 years, then you qualify for this credit.

He does not qualify for the credit because he still owns the old house!

Quote:
Originally Posted by PresidentO View Post
Did you read the FAQ?

Only who has bought a home in the last 3 years is considered new home owner.

Apparently you and your wife both qualify as new/first time owner. How ever, this new home has to be your primary residence, residence where you live.

Get a copy of Turbo tax and it will tell you what is best for you. There are income limits that may disqualify you. Read the FAQ from the link posted in the first page.
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  #30  
Old 01-30-2009, 12:38 PM
praveenuppaluri praveenuppaluri is offline
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Default isn't this a little unfair

This is not just for the immigrant community here.. overall.. I know people who came to work in south from Detroit. They couldn't sell their homes even after one year at discounted prices and are paying installements to keep their credit scores alive. I know most poeple who moved from places like MI, FL, CA have similar issues when they move to work for a company. now they don't qualify for a new home owner credit as they have the old house which they simply can't get rid off.. and on top of that pain, govt is not willing to help them with any credits for buying a new home who are sincerely paying their old home mortgages..


Quote:
Originally Posted by sledge_hammer View Post
Totally rubbish!

The rule is that if you had owned a home more than 3 years ago, and haven't owned one in 3 years, then you qualify for this credit.

He does not qualify for the credit because he still owns the old house!
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