Home Buying in Lawrenceville>Question Details

Sonya Copper…, Home Buyer in 30045

how will the new stimulas package work for 2009 homebuyers? will will able to file this on the 2008 taxes or?

Asked by Sonya Coppersmith, 30045 Mon Feb 16, 2009

waite to file 2009. how will it work as a whole?

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The Senate HAD added in a $15k tax credit for ANY home buyer buying a home in next 12 months. The house stripped that provision out of the Senate revision claiming it was too expensive at around $22B. In its place, the house changed it back to an $8k tax credit for new home buyers ONLY (those who haven't owned a home in last 3yrs). This incentive runs from Dec 1st 2008 to Dec 1st 2009 and then expires. There is no recapture meaning the home buyer doesn't have to repay the money.
New home buyers are expected to take advantage of this, buying mostly under $200k homes. Hopefully this could help in all price ranges as those that more easily sell their lower priced homes then can buy more expensive homes and this activity should help spur activity in all price ranges as people move up the price ladder.
Almost immediately after passing this "stimulus" bill, the administration announced that now they will be looking at further stimulus bills to help with foreclosures and housing in general. Let's hope they do much more for homeowners and home buyers as many of us feel that the housing mkt is what got us in to this mess and it will be housing that can pull us out.
When its all said and done, homes still are great investments compared to the stock market and other investments and they have the added benefit of an investment that brings a great deal of happiness and one you can truly enjoy every day throughout your lifetime. Nothing comes close.
Tell everyone you know that hasn't owned a home in past few years, or are a first time buyer, about this incentive... It is a large amount of money... Right in your pocket. Rates are still well under 5% and home prices have never been better!
Information provided courtesy of Kim Jones of MetLife via Kristen Valentine

Kristen Valentine
Keller Williams Realty - Atlanta Partners
Awarded 2008 Consumers Choice Award
(678) 699-8301
valentine@kw.com
http://www.georgiahome-sales.com
2 votes Thank Flag Link Mon Feb 16, 2009
Sonya, You might be interested in reading todays White House Blog which has Q&A about the new plan.
You can also find other info on the White House site home page.......http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/

Dunes
1 vote Thank Flag Link Wed Feb 18, 2009
Solomon is right, there's so much being put out that until we get solid information no one really knows. The liinks to the official announcement are a start....

Hank
0 votes Thank Flag Link Thu Feb 19, 2009
Hi Sonja,

I answer YES below because of somthing I had read and then I went looking for the ruling to prove it.
Here is what I found;

The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

I hope this will help you!
0 votes Thank Flag Link Wed Feb 18, 2009
No offense to my well-informed colleagues, but there is so much misinformation out there. Please review the flier from the National Association of REALTORS® at the link below for yourself or read the bill on page 24 (of 575 pages) at

http://www.thomas.gov/home/h1/Recovery_Bill_Div_B.pdf

Frankly, I haven't read the bill so I won't attempt to answer your question.

Solomon Greene
REALTOR® / Consultant - Keller Williams Realty Atlanta Partners
http://www.TheAtlantaHomePages.com
0 votes Thank Flag Link Tue Feb 17, 2009
Yes , you can but talk to an accountant on how. I understand that you will get it back in a check. good luck!
0 votes Thank Flag Link Mon Feb 16, 2009
Sonya I would highly recommend that you consult with an accountant. Based on your question, one cannot usually claim a deduction for an action that has not taken place meaning if you are buying a home in 2009 as your question suggest then you could not take the credit on your 2008 return as if you purchased the home in 2008 it would be on your 2009 return. Make sense?

If you would like a reference for a good CPA please let me know. Also, if you do not have representation for your 2009 home purchase it would be my pleasure to assist you.

Lorie Gould
Keller Williams Realty Atlanta Partners

678-428-5841
Lorie@HomesByLorie.com
Web Reference: http://www.HomesByLorie.com
0 votes Thank Flag Link Mon Feb 16, 2009
Sonya!

Hey there!

You can amend your taxes if you file before "the deadline" to take advantage, if you purchase before then. Otherwise, you'd be able to take advantage of the credit in the following year.

The NEW package is a true credit whereas the previous "tax credit" was just an interest free loan. Contact me if you have any questions.
0 votes Thank Flag Link Mon Feb 16, 2009
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
Yes you can. There is so much information on the internet to read and inform yourself of the tax credit...
0 votes Thank Flag Link Mon Feb 16, 2009
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