What is bullshit is that I bought my house in 2008, and got the interest free loan, not free money.
Furthermore, after looking at the tax law, If I move out of the house, and use it as a rental property, I have to pay the money back ASAP.
mine took 10 weeks from when I did the amendment to my taxes.
I’m hoping it gets extended… or maybe shit added to it.
Since they did that 8k interest free 10year loan or whatever it was, then bumped it up to not having to repay it at all…
Maybe they’ll bump it up again 
I cashed in on it!!!
they should change all currency to have obama’s face on it considering how worthless it is now…
does this incentive only count on purchasing existing houses or can you get it for building? always wondered that…
oh snap
I am not noticing inflation.
really?
ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt
Steady inflation? Yes. Money so worthless they should put Obama’s name on it? Nope.
Not yet anyway. Wait another year when unemployment is closer to 20% and people are not paying for the house we paid $8,000 on and we print more money to give away.
i closed last year and got the $7500 BUT i got to pay it back
WTF, what is the difference. Why do i have to pay it back just cuz i closed in 08. At the time things still sucked, they were on the way down
too soon junior
didn’t find a house in time, just claim the the 8k anyway since you were thinking about it. LOL.
The IRS Does Not Make People Claiming The Homebuyer Tax Credit Prove They Bought A House
John Carney|Oct. 22, 2009, 3:15 PM | 382 |comment11
Tags: Regulation, Economy, Mortgages, Fraud, SEC, Scams, Scandals, Housing Crisis, Crime, White-collar crime, Housing
IRS taxes fortune cookie tax cheat offshore havenThe tax credit for home buyers is even worse than we thought.
As it turns out, the IRS doesn’t require the people who claim the credit on their tax forms to offer any proof they bought a home.
Scott Jagow at ScratchPad reports:
The IRS doesn’t require documentation to prove the person getting the credit actually bought a home.
Let me repeat that. The IRS isn’t requiring people to prove they bought a house, let alone a “first” home.
We’ve already pointed out that the tax credit is available to people who do not pay any taxes. If your income is so low that you do not have any tax liability, the government will still cut you a check for up to $8,000. For people with low-incomes, it is just a straight subsidy. Welfare for homebuyers.
We’ve also indicated how the tax credit undermines the downpayment requirements for FHA loans. Currently, to get a loan backed by the FHA, a buyer must make a down payment of at least 3.5% of the home price. But since they can then get a check for up to $8,000 from the government, often they can pick up the house without any real investment at all.
The IRS doesn’t have the authority to reject a claim for the tax credit without doing a full audit first.
Of course, this situation is almost certainly leading to massive fraud.
“Just yesterday, a tax preparer in Florida was sentenced to 30 months in prison for illegally claiming the home buyer tax credit. Apparently, he told some of his clients they could qualify if they were ‘merely thinking about buying a house,’” Jagow writes.
Actually, the likely fraud goes much further than this. By enabling people to buy houses with no money down, the IRS is leaving the door wide open for mortgage fraud. Downpayments are a key barrrier to mortgage fraud because fraudsters don’t want to–and often cannot–make upfront payments. But once the downpayment is zeroed out, committing fraud becomes cheap…and rampant.
Get your FREE american dream.
I refinanced this year. I should claim it then claim ignorance if I get audited. :lol: (yes, I no better than this)
I glad you no what you’re doing. :lol:
http://www.reuters.com/article/politicsNews/idUSTRE59R55P20091028
A popular U.S. tax credit for first-time homebuyers would be extended until the end of April and expanded to cover repeat buyers under a deal reached by key senators
“a new credit for repeat buyers of a primary residence who have been in their house for at least five years would receive a credit of $6,500.”
I would love to know how they arrive at these numbers. 5 years? $6500? lol
my guess is that they researched to find what the low number is that motivates people to buy who where on the fence. I don’t know if I’m happy about this extension or not.
I can’t believe I did that. I’m going to blame the iphone keyboard, even though I don’t think I was on the iphone at the time. 