tag:blogger.com,1999:blog-13164186.post470798562658036169..comments2024-01-27T19:26:32.604-05:00Comments on Bubble Meter: Details of the $8,000 homebuyer tax creditDavidhttp://www.blogger.com/profile/11169148764438565562noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-13164186.post-86851778174836867892009-02-26T00:29:00.000-05:002009-02-26T00:29:00.000-05:00If you owned the home in another country, my guess...If you owned the home in another country, my guess is the IRS wouldn't know that you owned it, so you probably can get away with claiming the first-time homeowner credit.Jameshttps://www.blogger.com/profile/15243567377599238583noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-87452413796334823612009-02-25T18:25:00.000-05:002009-02-25T18:25:00.000-05:00"I used to own home in EUROPE in 2007 then sold th..."I used to own home in EUROPE in 2007 then sold the home and moved to USA.<BR/><BR/>I am thinking of buying home here in USA. Am I first time buyer?"<BR/><BR/>Im not sure, but my advice to you is move back. America is going down the toilet.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-57033182505127806692009-02-25T17:41:00.000-05:002009-02-25T17:41:00.000-05:00I used to own home in EUROPE in 2007 then sold the...I used to own home in EUROPE in 2007 then sold the home and moved to USA.<BR/><BR/>I am thinking of buying home here in USA. Am I first time buyer?<BR/><BR/>The IRS site and other offical site just says you shouldn't own home in last 3 year, which is technicaly wrong in my case but I was owning house in EUROPE - different country.<BR/><BR/>ThansAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-44637480091854143802009-02-25T13:07:00.000-05:002009-02-25T13:07:00.000-05:00""upset"? LOL! No, I'm just a hate filled city-dud...""upset"? LOL! No, I'm just a hate filled city-dude with an axe to grind against suburban douchebags and access more women in one day than you have in an entire year."<BR/><BR/>quit your crying. Eventually your house will come back up to 2006 prices....it maybe in 40 years, but it will.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-26835468605198051472009-02-25T11:25:00.000-05:002009-02-25T11:25:00.000-05:00"Because you get so upset when people mock people ..."Because you get so upset when people mock people who bought at the top."<BR/><BR/>"upset"? LOL! No, I'm just a hate filled city-dude with an axe to grind against suburban douchebags and access more women in one day than you have in an entire year.<BR/><BR/>Clearly, I have issues. But you are clearly misinterpreting them based upon your own biases.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-91042377122447995042009-02-25T11:15:00.000-05:002009-02-25T11:15:00.000-05:00"What gives you any indication of when or even IF ..."What gives you any indication of when or even IF anyone bought anything other than a computer and access to the internet?<BR/><BR/>The fact that your a self-important suburban lemming douche is all the reason I need to come here and insult you."<BR/><BR/>Because you get so upset when people mock people who bought at the top.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-53277830312056519902009-02-25T11:12:00.000-05:002009-02-25T11:12:00.000-05:00"What gives you any indication of when or even IF ..."What gives you any indication of when or even IF anyone bought anything other than a computer and access to the internet?"<BR/><BR/>The same one that makes you think people who didnt buy during the peak are fat, sit in a cubicle and drive in traffic to get to work. Jackass.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-18142095018593512162009-02-25T09:15:00.000-05:002009-02-25T09:15:00.000-05:00" like how your dissenting voice, a bitter moron w..." like how your dissenting voice, a bitter moron who made a poor choice at buying at the top of the bubble"<BR/><BR/>What gives you any indication of when or even IF anyone bought anything other than a computer and access to the internet?<BR/><BR/>The fact that your a self-important suburban lemming douche is all the reason I need to come here and insult you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-21812311957744471412009-02-25T07:58:00.000-05:002009-02-25T07:58:00.000-05:00"Rapidly declining? What's happening "out yonder" ..."Rapidly declining? What's happening "out yonder" in exurbia is not what is happening everywhere around here."<BR/><BR/>Are you talking about only the alphabet streets? Cause I work at NIH and want to live in Bethesda or Rockville...and they are dropping like a rock.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-87897213974119480052009-02-25T07:54:00.000-05:002009-02-25T07:54:00.000-05:00"I like how dissenting voices here are automatical..."I like how dissenting voices here are automatically labeled "Housing heads" who "pump real estate in DC" and who are all "losing our shirts" on our "exotic toxic mortgages."<BR/><BR/>OK, you're right. The only sane people in the world are single 30 year olds who sit in cubicles under flourescent lights every day, who sit in traffic every day"<BR/><BR/>I like how your dissenting voice, a bitter moron who made a poor choice at buying at the top of the bubble, label everyone who didn't "someone that sits in cubicles under flourescent lights and sitting in traffic every day."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-83912452633015665852009-02-25T00:28:00.000-05:002009-02-25T00:28:00.000-05:00Griz, It's a credit and not a deduction. You get ...Griz, <BR/><BR/>It's a credit and not a deduction. You get it even if you have $0 income. (You just need to file a return.) And yes, you should adjust your exemptions now so that you don't have money withheld which will be coming back to you anyway at the end of the year.Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-343477974279867452009-02-25T00:20:00.000-05:002009-02-25T00:20:00.000-05:00"There is no good reason to rush in to buy in a st..."There is no good reason to rush in to buy in a still rapidly declining market."<BR/><BR/>Rapidly declining? What's happening "out yonder" in exurbia is not what is happening everywhere around here. Prices have stablized here in DC, but they are most definitely not "rapidly declining". That sounds like wishful thining on your part.Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-80826668398351218952009-02-24T23:13:00.000-05:002009-02-24T23:13:00.000-05:00Griz, when I did the $5,000 DC tax credit (DC has ...Griz, when I did the $5,000 DC tax credit (DC has had a federal first time homebuyer credit for years) it was credit in addition to everything else. <BR/><BR/>My tax return would have been at $5,500 after deductions/exemptions without the credit; the DC tax credit brought my refund to over 10K. <BR/><BR/>My understanding is the 8K credit works in similar fashion, but I'm not an accountant. However, I'm pretty sure you will see a five figure tax return.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-28024903105922889792009-02-24T18:54:00.000-05:002009-02-24T18:54:00.000-05:00I have a question. I don't completly understand h...I have a question. I don't completly understand how this works. I am buying a house this year in the Atlanta area.<BR/><BR/>If I usually get a $6,000 every year then next year I will max out at $8,000? In other words, the most return I could get is $8,000?<BR/><BR/>If this is the case I should up my exemptions. I presently claim 3 and thier are 6 in my household and I usually get about a $6,000 return ($6,600 for '08 taxes). <BR/><BR/>Am I thinking about this right? I should up my exemptions so I get more back now because the most I am going to be able to get back on my return for 2009 is $8,000 anyway?<BR/><BR/>Thanks for any advice or clarification.Grizhttps://www.blogger.com/profile/10290382380781397658noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-44912047050439134982009-02-24T16:39:00.000-05:002009-02-24T16:39:00.000-05:00"HAHAHA! my my arent we bitter that our house drop..."HAHAHA! my my arent we bitter that our house dropped 20% this past year."<BR/><BR/>I like how dissenting voices here are automatically labeled "Housing heads" who "pump real estate in DC" and who are all "losing our shirts" on our "exotic toxic mortgages."<BR/><BR/>OK, you're right. The only sane people in the world are single 30 year olds who sit in cubicles under flourescent lights every day, who sit in traffic every day, who rent a housing 'unit' in artificially homogonized suburban environments designed for families rather than for social dynamics.<BR/><BR/>Yep, you've got it all going on. {golf clap}Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-11333821461181700482009-02-24T13:20:00.000-05:002009-02-24T13:20:00.000-05:00Don't confuse actuality with perceived 'bitterness...Don't confuse actuality with perceived 'bitterness'.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-9069740354585406352009-02-24T13:04:00.000-05:002009-02-24T13:04:00.000-05:00"So now you're a pissed off, overweight, out of sh..."So now you're a pissed off, overweight, out of shape 20-something living in suburban DC. Congratuations."<BR/><BR/>HAHAHA! my my arent we bitter that our house dropped 20% this past year.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-71049204552845191342009-02-24T12:26:00.000-05:002009-02-24T12:26:00.000-05:00>"this credit is modelled on the $5,000 fi...>"this credit is modelled on the $5,000 first time homebuyers credit which the feds made available in 1997 for purchases made in the District of Columbia."<BR/><BR/>Yeah that would have been a sweet deal had I not been 17 years old and living in my parents house in Miami. Tell me Lance, what kind of credits did they have back in 1930 too?<<BR/><BR/>Ah, DC's 5,000 credit is still in effect.<BR/><BR/>Of course, there's no point to it anymore with the $8,000 federal tax credit. You can't get both credits. <BR/><BR/>Why didn't you look it up before flaming him?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-52559740737030150922009-02-24T10:32:00.000-05:002009-02-24T10:32:00.000-05:00Does anyone know how how this credit works for two...Does anyone know how how this credit works for two unmarried people buying a house? <BR/><BR/>If I'm ineligible for this credit but buy a place with my girlfriend can she still get the credit? She has not owned a house and makes less than $75k. The 10% of the home's value restriction would not apply.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-23648148332218261542009-02-24T09:20:00.000-05:002009-02-24T09:20:00.000-05:00"Yeah that would have been a sweet deal had I not ..."Yeah that would have been a sweet deal had I not been 17 years old and living in my parents house in Miami."<BR/><BR/>So now you're a pissed off, overweight, out of shape 20-something living in suburban DC. Congratuations.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-86643764516000968912009-02-24T08:26:00.000-05:002009-02-24T08:26:00.000-05:00If only I had taken advantage of the Beads for Man...If only I had taken advantage of the Beads for Manhatten Island deal, or had the first opportunity when the doors of Eden were opened and there was the land grab. I lost my ass on the beach front property next to Noah's place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-66270691423679840582009-02-24T07:07:00.000-05:002009-02-24T07:07:00.000-05:00"this credit is modelled on the $5,000 first time ..."this credit is modelled on the $5,000 first time homebuyers credit which the feds made available in 1997 for purchases made in the District of Columbia."<BR/><BR/>Yeah that would have been a sweet deal had I not been 17 years old and living in my parents house in Miami. Tell me Lance, what kind of credits did they have back in 1930 too?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-90644684265626811172009-02-24T02:13:00.000-05:002009-02-24T02:13:00.000-05:00"And just like I always said that prices had to st..."And just like I always said that prices had to stop climbing so fast, I also believe they won't go down much (if any) in the midterm(i.e., prices 3 - 5 years from now will be no lower than they were at their height) and in the longterm (i.e., 5+ years) they'll be rising again at normal rates of appreciation."- Lance Nov 30 2006<BR/><BR/><BR/>As always lance, you would rather people rush into a bad decision than exercise a little patience. <BR/><BR/>There is no good reason to rush in to buy in a still rapidly declining market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-59431715124593685982009-02-23T22:26:00.000-05:002009-02-23T22:26:00.000-05:00"The way I look at things, only a minor minor few ..."The way I look at things, only a minor minor few will be using the credit, so its nothing to really bitch about."<BR/><BR/>Funny ... this credit is modelled on the $5,000 first time homebuyers credit which the feds made available in 1997 for purchases made in the District of Columbia. (Rep. Norton's idea). Many credit this credit (no pun intended) with kicking off the night and day housing resurgence we've experienced here.<BR/><BR/>I'm not surprised that a BH would "want it all" though. It's never a matter of "how can I make it work?" ... it's always a matter of "what will land in my lap if I wait long enough?"Lancehttps://www.blogger.com/profile/12216089306021385355noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-73670609293970693362009-02-23T21:19:00.000-05:002009-02-23T21:19:00.000-05:00You can crank on the $8,000 credit all you want bu...You can crank on the $8,000 credit all you want but it's still a credit. <BR/><BR/>If you buy a house early in the year, the mortgage interest deduction plus this tax credit will give a five figure tax return. Easy. You will likely get a five figure return if you buy in November. <BR/><BR/>You can trash this anyway you want, <EM>Oh, it's taxpayer money</EM>, or <EM>oh, it's a deduction</EM>, ... Whatever folks ... but rest assured, when you file you are going to be extremely pleased with amount coming back.kobhttps://www.blogger.com/profile/15351473838412364000noreply@blogger.com