11-06-2009, 05:00 PM
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#1
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Your Realtor
Join Date: Jan 2002
Location: Woods Cross, UT
Posts: 639
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Home buyer tax credit extended and expanded to exisiting homeowners!!!
This came to my inbox today! More good news for homebuyers!!!
Obama Signs Extended Tax Credit into Law
Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.
The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.
More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.
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11-06-2009, 06:47 PM
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#2
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Fab'n often-rarely wheeln
Join Date: Feb 2008
Location: Lehi, UT
Posts: 1,016
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Quote:
Originally Posted by MR.CJ-7
More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
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Got any more info on this part?
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Quote:
Originally Posted by spencurai
If you suck at life, you should probably starve to death.
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Project Skuggy
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11-06-2009, 08:19 PM
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#3
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Your Realtor
Join Date: Jan 2002
Location: Woods Cross, UT
Posts: 639
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This program goes into effect 12-1-09 through 4-30-10. Existing homeowners who have lived in their home 5 of the last 8 years who buy a home will be eligible for the $6500 tax credit. It works just like the first time buyer credit where when you file your tax return you take the credit.
I'll dig up more detailed info over the next few days. It's all pretty new at this point. What specific questions do you have?
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11-07-2009, 09:18 PM
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#4
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Fab'n often-rarely wheeln
Join Date: Feb 2008
Location: Lehi, UT
Posts: 1,016
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My main question is how do they define 5 years? 
__________________
Quote:
Originally Posted by spencurai
If you suck at life, you should probably starve to death.
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Project Skuggy
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11-08-2009, 08:20 PM
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#5
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Tired of life.....
Join Date: Apr 2004
Location: Proudly Deported to ID
Posts: 729
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Awesome! It will take even longer now for the IRS to finsih our refund.
We filed it in August, down payment deferred to this month, when we were to have paid it with the credit.....
March, they say, March will be when I get my tax credit.
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Yup, I get the Jeep thing, Thats why me and mine drive Bronco's. 
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11-08-2009, 09:57 PM
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#6
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Watch out SUWA
Join Date: Jan 2003
Location: SLC, UT
Posts: 6,491
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This is good news. Do you know how long the Utah benefits for new home buyers run until?
__________________
Forget 'Twitter', i'm on the CB...
Cruiser Outfitters
A.W.W.A. Member #1 
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11-09-2009, 01:29 PM
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#7
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Registered User
Join Date: Oct 2005
Location: Sandy
Posts: 156
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Quote:
Originally Posted by SAMI
This is good news. Do you know how long the Utah benefits for new home buyers run until?
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if you are asking about the Home run grant2, it runs till the end of this month but they have already recieved more applications then funds so it is basically already done.
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11-09-2009, 01:44 PM
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#8
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Watch out SUWA
Join Date: Jan 2003
Location: SLC, UT
Posts: 6,491
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Quote:
Originally Posted by moabyj2
if you are asking about the Home run grant2, it runs till the end of this month but they have already recieved more applications then funds so it is basically already done.
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That's a bummer.
__________________
Forget 'Twitter', i'm on the CB...
Cruiser Outfitters
A.W.W.A. Member #1
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11-11-2009, 10:43 AM
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#9
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Your Realtor
Join Date: Jan 2002
Location: Woods Cross, UT
Posts: 639
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Sorry, I stepped away from the web for a few days. Yes the Home Run 2 grant has been all used up.
As for how they define 5 years--here is a cut and paste from the program regulations
"Must have used the home sold
or being sold as a principal
residence consecutively for 5
of the previous 8 years"
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11-11-2009, 02:09 PM
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#10
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Fab'n often-rarely wheeln
Join Date: Feb 2008
Location: Lehi, UT
Posts: 1,016
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I was a bit unclear I guess. What I am wondering is if they define 5 years as 1825 days or is it more if you lived in your house in 2005 and it is now 2009 is that 5 years. If you don't know that's no big deal, just wondering.
__________________
Quote:
Originally Posted by spencurai
If you suck at life, you should probably starve to death.
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Project Skuggy
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11-12-2009, 09:18 AM
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#11
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Your Realtor
Join Date: Jan 2002
Location: Woods Cross, UT
Posts: 639
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2005-2009=4 years. I"m in the same boat. I moved in March of '05. Therefore in March of '10 I could take advantage of the program since it ends April 30 2010, assuming I sold after my 5yr anniversary date.
I've never seen any mention of number of days, but I'll dig a little bit more to be sure there isn't a stipulation like that.
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11-12-2009, 09:34 AM
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#12
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opinions are like Jeeps..
Join Date: May 2006
Location: Clinton, Ut
Posts: 1,773
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This is really good news for me!
Even if obama is just pulling money out of his a$$
As long as they keep selling new homes, I will have a job!
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11-12-2009, 05:23 PM
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#13
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Fab'n often-rarely wheeln
Join Date: Feb 2008
Location: Lehi, UT
Posts: 1,016
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Quote:
Originally Posted by MR.CJ-7
I've never seen any mention of number of days, but I'll dig a little bit more to be sure there isn't a stipulation like that.
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meh, even if they go by months I still won't be able to do it.
__________________
Quote:
Originally Posted by spencurai
If you suck at life, you should probably starve to death.
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Project Skuggy
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11-12-2009, 05:32 PM
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#14
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opinions are like Jeeps..
Join Date: May 2006
Location: Clinton, Ut
Posts: 1,773
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so does anyone know if people are going to have to pay this credit back?
Ive been in my house 5 years.........I do want a place with a shop......
hmmmmmmmmm
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11-12-2009, 06:06 PM
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#15
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Registered User
Join Date: Oct 2005
Location: Sandy
Posts: 156
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you do not have to pay it back. it is a tax credit.
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