okay one more question about the $8,000 tax credit

esf215 · ‎02-15-2009

Okay so i have been checking all theboards and it is my understanding that it is the same as the 7500 tax credit

So hopefully someone will tell me if i'm right or wrong. I recently just starting doing my taxes and i notice that i will get $1,900 back as a refund meaning that i overpaid by 1,900 right?. i'm in the process of buying a home next month so when i claim this tax will i get a refund of just $8,000 or will it be for $9,900.

also my fiance and i are probably going to buy it together so therefore she would claim $4,000 and i would claim the other $4,000. and in this case would i recieve a refund of $4,000 or $5,900

Anonymous · ‎02-15-2009

i am not a tax expert, but it should not change anything with what you would get if you chose not to buy a home. therefore- if you were getting a refund of 1900 you will still get that plus the 4 grand for the new home buyer credit.

me and my "husband" own our home together. we are not "legally" married, so we file single. since we each own 50% of the home, we will only get half each of the credit you will end up the same way.

the other diffrence is i BELIEVE this 8 grand is NOT being paid back? not sure, but if thats true then it has changed from the 7,500 credit as that was to be paid back over 15yrs starting 2 yrs after you recieve it...

WannaHouse · ‎02-15-2009

I believe this is correct. You will get the $1900.00 overpayment as well as your share of the stimulus package; $4000.00; a total of $5900.00.

The same if you owe as well. If you OWED that $1900.00 then you would deduct that amount from the $4000.00 credit and get a check for $2100.00.

Kathy

We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Anonymous · ‎02-16-2009

How about if you are married and only one person is buying the house because of his or hers credit issues. Do you still split the credit in half or is that up to how you file, with an option for either or to claim it?

Anonymous · ‎02-16-2009

@Anonymous wrote:
How about if you are married and only one person is buying the house because of his or hers credit issues. Do you still split the credit in half or is that up to how you file, with an option for either or to claim it?

Can't do it. The original law -- and, note, this IS just an amendment to it, not a truly 'new' law -- says that married couples must BOTH by on the contract. Thus, if either is not a first-time home owner (or owner within 3 years), you can't claim the credit.