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What types of Tax breaks?

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mwr1ght
New Contributor

What types of Tax breaks?

I am just curious, as a first time home buyer what types of tax breaks will I be looking forward to at the end of this tax year?
 
Thanks in advance!!
Message 1 of 11
10 REPLIES 10
ShanetheMortgageMan
Super Contributor

Re: What types of Tax breaks?

You should speak with your CPA/account to get the full list... but the main ones are any origination fee you pay on a purchase mortgage may be written off and also any interest you pay through the year can be written off, as long as you fit the requirements for the write offs (that is where I recommend you get in touch with your tax person).
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 11
Anonymous
Not applicable

Re: What types of Tax breaks?

If they pass the bill in Congress this week............
 
" It includes about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time home buyers for people who bought homes between April 9, 2008, and July 1, 2009. It also allows people who don't itemize their taxes to claim a $500-$1,000 deduction on their 2008 property taxes. That chiefly benefits homeowners who have paid off their homes and can't claim a deduction for mortgage interest. "
 
Happy day!
Message 3 of 11
DallasLoanGuy
Super Contributor

Re: What types of Tax breaks?

is that the bill that passed the house yesterday?
i am sure it will look different after congress massages it a little
 
Retired Lender
Message 4 of 11
demi
Established Contributor

Re: What types of Tax breaks?

I am curious how its going to work and what the cut off is.  I mean, if you have to buy a 300,000 house and it caps at say 40,000 a year, self defeating.  I have no idea what the cutoffs are, just made those up.  Guess I am still grumpy that I made too much for a stimulus check !  Smiley Mad

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Message 5 of 11
Anonymous
Not applicable

Re: What types of Tax breaks?



@DallasLoanGuy wrote:
is that the bill that passed the house yesterday?
i am sure it will look different after congress massages it a little
 





Massages? I think you mean more along the lines of "beats senseless with a pillowcase full of bricks!"

I love America, too ... I just don't always love the idiots that run it. :/
Message 6 of 11
DallasLoanGuy
Super Contributor

Re: What types of Tax breaks?



@Anonymous wrote:


@DallasLoanGuy wrote:
is that the bill that passed the house yesterday?
i am sure it will look different after congress massages it a little
 





Massages? I think you mean more along the lines of "beats senseless with a pillowcase full of bricks!"

I love America, too ... I just don't always love the idiots that run it. :/


what is too bad, is that the congress has to do something so the voters will think they are fixing the problem.
and typically, congressional meddling is no help.
i just don't think those guys know what the real issues are.
are they addressing the people who are buying a new home with a bogus rent agreement on the old one so they can walk away from that old house they are upside down on?
 
Retired Lender
Message 7 of 11
athensguy
Valued Contributor

Re: What types of Tax breaks?

What's even worse is that I closed on my house 10 days too early to get the credit.
Message 8 of 11
Anonymous
Not applicable

Re: What types of Tax breaks?

Oh, PUH-lease!! You are preaching to the choir, Dallas. I am so disgusted with our government (again, I LOVE my country and support her for all I'm worth, but can't stand the morons that seem to run it) it's absolutely frightening!!

Our current incumbent senator (who shall remain nameless) is currently stumping on gas prices and foreclosures -- saying HE'S going to "convince the president to tap the reserves" and HE will have the gas prices here in FL lowered. Uh ... 'scuse me?? Since when did a single, lonely senator have that kind of power???

On foreclosures, HE'S going to "force local banks" to work with those facing foreclosure AND make it easier for first-time buyers to buy NOW. He's also a BIG backer of the condo developers that helped put my area into the crapper, loan-wise and property value-wise in the FIRST place!! We have TWENTY, count'em TWENTY, condo hi-rises that aren't even at 1% occupation. Literally HUNDREDS of condos sitting there, empty and becoming eyesores!!

(The condo situation has gotten to the point that locals call them the "Great Wall of Panama City Beach" since they do, quite effectively, bear the entire brunt of the hurricanes we get.)

But while I don't blame people for hoping, or politicians from stumping issues they think will get them re-elected, it's just SO annoying to think that some voters will actually think this boob can do what he's promising!!

Our housing situation is TOO dire and dismal for his to walk back in and magically fix everything. Same, too, for gas prices.

I am just so sick of these politicians. I just wish some normal guy with normal intelligence and normal values would run. I really, really, do. :/
Message 9 of 11
ShanetheMortgageMan
Super Contributor

Re: What types of Tax breaks?


Wonderin wrote:
I am just so sick of these politicians. I just wish some normal guy with normal intelligence and normal values would run. I really, really, do. :/

Yeah listening to policitians is like listening to a 6th grader running for school president, sure they have a lot of good ideas and say the right things, but they really haven't a clue how to make it happen without the help of school faculty.  Kinda reminds me of the people we have running for President now.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 10 of 11
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