# First Time Home Buyer Tax Credit
**URL:** https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156
**Category:** NYSpeed Off Topic
**Created:** [May 17, 2010, 12:44pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156 "2010-05-17T12:44:28Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@Flyman1981](https://forums.speedlife.net/u/Flyman1981)
#### Post date: [May 17, 2010, 12:44pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/1 "2010-05-17T12:44:28Z")
Any one get the first time home buyer tax credit? If so what did you use it on?
I did a complete re-wire with 200 amp service, and remodeled my kitchen. Everything was straight out of the 50’s!
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### Author:  [@LZ1](https://forums.speedlife.net/u/LZ1)
#### Post date: [May 17, 2010, 12:49pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/2 "2010-05-17T12:49:04Z")
I’m using it to buy a car next spring :lol:
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### Author:  [@SHOtime](https://forums.speedlife.net/u/SHOtime)
#### Post date: [May 17, 2010, 1:00pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/3 "2010-05-17T13:00:30Z")
it went straight into my trading account basically haha
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### Author:  [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)
#### Post date: [May 17, 2010, 1:09pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/4 "2010-05-17T13:09:54Z")
Im using it toward buying another house!
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### Author:  [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)
#### Post date: [May 17, 2010, 1:10pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/5 "2010-05-17T13:10:02Z")
new kitchen in the house we bought
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### Author:  [@ieatpaint](https://forums.speedlife.net/u/ieatpaint)
#### Post date: [May 17, 2010, 1:18pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/6 "2010-05-17T13:18:50Z")
New bathroom / kitchen updates.
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### Author:  [@jimmyfloyd](https://forums.speedlife.net/u/jimmyfloyd)
#### Post date: [May 17, 2010, 1:25pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/7 "2010-05-17T13:25:05Z")
New windows and a new door. The rest went to a pantry/backroom remodel.
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### Author:  [@Joe](https://forums.speedlife.net/u/Joe)
#### Post date: [May 17, 2010, 2:25pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/8 "2010-05-17T14:25:04Z")
hmm, subtract 8000 out of tear-off roof, new electrical service and full re-wire, new bathroom, finished basement, double driveway, 300 sq ft back patio, etc…
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### Author:  [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)
#### Post date: [May 17, 2010, 3:29pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/9 "2010-05-17T15:29:31Z")
> [@Flyman1981"](#):
>
> Any one get the first time home buyer tax credit? If so what did you use it on?
>
> I did a complete re-wire with 200 amp service, and remodeled my kitchen. Everything was straight out of the 50’s!
Shoulda kept it 50’s retros in!!
Mines going into a new lsx engine. 🙂
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### Author:  [@psychopjv](https://forums.speedlife.net/u/psychopjv)
#### Post date: [May 17, 2010, 4:55pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/10 "2010-05-17T16:55:10Z")
mine went towards a new kitchen.
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### Author:  [@Estorvito](https://forums.speedlife.net/u/Estorvito)
#### Post date: [May 17, 2010, 6:02pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/11 "2010-05-17T18:02:44Z")
Updated kitchen, fuses to breakers-new meter outside, 220 garage, finished basment w/52"tv inwall and sorround.
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### Author:  [@TrueBlue](https://forums.speedlife.net/u/TrueBlue)
#### Post date: [May 18, 2010, 5:23am UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/12 "2010-05-18T05:23:02Z")
Mine will be a high efficency furnace and tankless hot water heater… so I can get 30% back from those, too. 🙂
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### Author:  [@slo\_ride](https://forums.speedlife.net/u/slo_ride)
#### Post date: [May 18, 2010, 7:27pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/13 "2010-05-18T19:27:25Z")
i’m curious to see if in 3 years there is a drop in home prices across the board when everyone is getting out of their tax credit houses
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### Author:  [@Flyman1981](https://forums.speedlife.net/u/Flyman1981)
#### Post date: [May 19, 2010, 12:58pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/14 "2010-05-19T12:58:49Z")
i doubt it. most everyone is using it to update there houses which will only increase value.
I’m betting people will sell their houses before the time limit too and i’m curious how the gov’t will track that and if they will make them pay back a “pro-rated” amount?
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### Author:  [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)
#### Post date: [May 19, 2010, 1:01pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/15 "2010-05-19T13:01:03Z")
selling a house 3 years into ownership is retarded. Closing costs aren’t cheap, equity isn’t being built, and most of your payments during that time are like 90% interest (principle barely gets paid down).
I plan to keep mine for AT LEAST 5 years
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### Author:  [@tpgsr](https://forums.speedlife.net/u/tpgsr)
#### Post date: [May 19, 2010, 1:15pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/16 "2010-05-19T13:15:32Z")
> [@boardjnky4](#):
>
> selling a house 3 years into ownership is retarded. Closing costs aren’t cheap, equity isn’t being built, and most of your payments during that time are like 90% interest (principle barely gets paid down).
>
> I plan to keep mine for AT LEAST 5 years
That depends on how you do it… I am looking at a house currently that I am not sure if I will even consider living in it before I sell it.
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### Author:  [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)
#### Post date: [May 19, 2010, 1:26pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/17 "2010-05-19T13:26:49Z")
> [@tpgsr](#):
>
> That depends on how you do it… I am looking at a house currently that I am not sure if I will even consider living in it before I sell it.
Flipping a house as an investment is a completely different story.
So let me amend my original statement, unless your have somehow built up a bunch of equity in the house, selling it in 3 years is retarded.
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### Author:  [@SHOtime](https://forums.speedlife.net/u/SHOtime)
#### Post date: [May 19, 2010, 2:10pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/18 "2010-05-19T14:10:54Z")
I FTHB’ed a duplex that cash flows. I will move out after 3 years and let it ride. Any improvements I’m doing I’m trying to keep durability in mind (and cost of course)
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### Author:  [@slo\_ride](https://forums.speedlife.net/u/slo_ride)
#### Post date: [May 19, 2010, 6:21pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/19 "2010-05-19T18:21:41Z")
… i’m pretty sure you have to pay back the ENTIRE credit if you sell before 36 months… the government will know because everytime you buy or sell a house you get an IRS form… so they will put 2 and 2 together pretty quickly…
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### Author:  [@n20junkie](https://forums.speedlife.net/u/n20junkie)
#### Post date: [May 20, 2010, 8:46pm UTC](https://forums.speedlife.net/t/first-time-home-buyer-tax-credit/155156/20 "2010-05-20T20:46:16Z")
Mine is going to the mortgage. Pay that, plus 2 payments a year extra (just mortgage, none of the taxes) and the house will be paid off in 15 years. Living mortgage free is how ballers do it.
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