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Do we really have to pay back the 7,500 first time homeowners loan?
ok i'm not knowledgeable with the official terms or names but back in February when we filed taxes we had the option of getting the 7,500 first time homeowners loan with no added interest,then after we were done filing the option went up to 15,000.Now my cousin is buying a house and she is going to get 8,000 first time homeowners credit and they don't have to pay any of it back?? Is this just for 2009 cause we bought our house in may 2008, it just seems really unfair that we have to pay it all back and now they are just "giving" it to others thanks for any responses i get
I'm just wondering if there's some way to change it to the new one,like retro back taxes because that's what someone my cousin knew did and they sent him the check for the 8,000 even though tax season was over and he had already filed
really chatplas or whatever your name is,is that how you gained the title of top contributor on yahoo answers by being rude and critical when most people are on here trying to learn things??? well in that case I think you are top contributor yes but of negativity!
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| By
Red4707 |
Posted on
07/09/09 Total Answers
7 |
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| Answers- |
| Yes, you have to pay it back. It is a 15-year no-interest loan. The purchase date is what determines which credit you qualify for. There is not and never has been a $15,000 credit - you are misinformed there. |
| Answer by :
jlf On Date
2009-07-09 15:18:41 |
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| This is from http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Overview
First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed using Form 5405.
For 2008 Home Purchases
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.
For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.
For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options. |
| Answer by :
ucla11bruins2002 On Date
2009-07-09 15:29:07 |
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| You ARE confused.
Stop listening to idiots.
Check it out at the source. www.irs.gov first time home buyers credit
The credit you were eligible for depends upon WHEN you bought your first home. If you bought in 2008, then it is a $7500 NO INTEREST loan which you repay with $500 a year for 15 years. This is a GREAT deal for anyone. Those who bought in 2009 were eligible for a $8000 refundable tax credit, which does not have to be repaid, as long as they live in the property and keep current with mortgage, etc.
You can only "change" if you bought in 2009, and then you amend your tax return, presumably what your cousin did.
WHO ever taught you life was fair? You wanna talk REALLY unfair??? I saved MY money and made my down payment with MY money and received NO government loan or credit. You're whining about having to repay $500 a year???
RED, you asked a question and I answered fully, without calling you any names or swearing, explaining what you asked and giving you the source so you could educate yourself and know the truth. Now it's not what you wanted to hear, so you're mad at me. I'm not happy about it either, But it's life--I got NOTHING, you got $7500 that you pay back at only $500 a year, and my godson got $8000 he gets to keep. |
| Answer by :
chatsplas On Date
2009-07-09 15:37:54 |
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| In addition to what others have already said, you got a loan and she got a tax credit. Two different things. |
| Answer by :
daeve930 On Date
2009-07-09 15:43:39 |
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| I echo what the other people have said. If you bought the house last year, you do have to pay it back. If people buy houses this year, then they don't.
In regards to your last comment, being a top contributor on Yahoo simply means that the person never leaves their computer. It doesn't mean that they actually know what they're talking about. |
| Answer by :
Paul S On Date
2009-07-09 16:01:53 |
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| I hope this solves your problem: http://budurl.com/foreclosuregold
Brian Evans can help you out.
Good luck! |
| Answer by :
Jeff On Date
2009-07-09 17:30:56 |
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| I could not give the answer for your question, however, i did a research on websites that could give you the right answer. Just pay a visit, because i think that website has updated info that you are loooking for. good luck anyway! |
| Answer by :
Rent On Date
2009-07-13 22:28:30 |
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