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Sept 18th Rally: Car-pooling, Group Reservations for Air travel, hotel etc. This forums is for threads that are pertinent to Sept 18th rally. If you want to carpool to DC, travel by Air and looking for group reservation for cheaper rates with other members in your city, group reservation for Hotels, rental cars etc, please put threads here and then communicate with local IV members.

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  #1  
Old 01-29-2009, 10:04 AM
Michael chertoff Michael chertoff is offline
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Default $7500 Tax Credit for First-Time Home Buyers

Friends,

we are eligible for this tax break or not? My tax guy is telling me that H1B visa holders are not eligible for this tax break.

Please share some info.

Thanks

MC
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  #2  
Old 01-29-2009, 10:13 AM
cooler cooler is offline
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Default source of this information

Can you post the source for this information? A link would help..
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  #3  
Old 01-29-2009, 10:37 AM
fromnaija fromnaija is offline
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Default

Quote:
Originally Posted by Michael chertoff View Post
Friends,

we are eligible for this tax break or not? My tax guy is telling me that H1B visa holders are not eligible for this tax break.

Please share some info.

Thanks

MC
Your tax guy may not know what he is talking about. Consider firing him! As long as you have not filed your taxes as a nonresident alien, you are eligible for the credit. For tax purposes H1 visa holders are treated as resident alien, so where did he get his idea from?
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  #4  
Old 01-29-2009, 10:41 AM
va_dude va_dude is offline
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Default

i agree. You should be able to use this tax credit. Go for it !!

-va_dude
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  #5  
Old 01-29-2009, 10:46 AM
ashkam ashkam is offline
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Default

Here's the link.

Money quote : "Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible".

Also, there is an income limit.

quote : "For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000."

Also,

Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a main home:
You are a nonresident alien
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Last edited by ashkam; 01-29-2009 at 10:51 AM.
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  #6  
Old 01-29-2009, 11:04 AM
h1techSlave h1techSlave is offline
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Default H1B is resident alien

It is my understanding that H1Bs are resident aliens. We are residing in this country, right?

Below is the complete list:
Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a main home:
* Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
* You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
* You stop using your home as your main home.
* You sell your home before the end of the year.
* You are a nonresident alien.
* You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
* Your home financing comes from tax-exempt mortgage revenue bonds.
* You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Quote:
Originally Posted by ashkam View Post
Here's the link.

Money quote : "Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible".

Also, there is an income limit.

quote : "For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000."

Also,

Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a main home:
You are a nonresident alien
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  #7  
Old 01-29-2009, 11:29 AM
raysaikat raysaikat is offline
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Default

Quote:
Originally Posted by h1techSlave View Post
It is my understanding that H1Bs are resident aliens. We are residing in this country, right?

Below is the complete list:
Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a main home:
* Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
* You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
* You stop using your home as your main home.
* You sell your home before the end of the year.
* You are a nonresident alien.
* You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
* Your home financing comes from tax-exempt mortgage revenue bonds.
* You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.
As a general rule, for tax purposes, an H1B holder is a "resident" (provided s/he meets the minimum presence rule and does not seek waiver due to his/her F-1 status, etc.). However, languages in the tax context do not include the word "alien". The word "alien" is almost exclusively used to refer to one's immigration status (not tax status) and in that context H1B holders are non-resident alien (as opposed to green card holders who are "resident alien"). So the tax consultant of the original poster may unfortunately be right.
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  #8  
Old 01-29-2009, 11:05 AM
giveme_gc giveme_gc is offline
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Default Its a loan ..watch out

http://www.federalhousingtaxcredit.com/index.html
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  #9  
Old 01-29-2009, 11:11 AM
braindrain braindrain is offline
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Default Loan might change to credit in new stimulus

The 7500 is a 15 year interest free loan and thats certainly not bad. But, as part of the new stimulus plan, its being modified as credit rather than a loan and need to see if this makes the final cut.
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  #10  
Old 01-29-2009, 11:12 AM
sanjay sanjay is offline
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Default

Quote:
Originally Posted by giveme_gc View Post
It's a loan and need to be re-paid in period of 15 years. Give me money now MAN, Who cares 15 years for repayment is a long time.

16. Does the credit have to be paid back to the government? If so, what are the payback provisions?

Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
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  #11  
Old 01-29-2009, 11:18 AM
inskrish inskrish is offline
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Default

Quote:
Originally Posted by giveme_gc 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
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