Speed Posted February 5, 2009 Report Share Posted February 5, 2009 The U.S. Senate on Wednesday unanimously approved an amendment to the economic stimulus bill by U.S. Senator Johnny Isakson, R-Ga., that gives a $15,000 tax credit to anyone who buys a home in the next year.Isakson’s amendment would provide a direct tax credit to any homebuyer who buys any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.http://www.bizjournals.com/atlanta/stories/2009/02/02/daily76.htmlCan't find the details on the car part - but they'll probably be more reports out soon. Quote Link to comment Share on other sites More sharing options...
Speed Posted February 5, 2009 Author Report Share Posted February 5, 2009 Ok, found the details hah!http://www.bloomberg.com/apps/news?pid=20601087&sid=a8S2rTHa9DDQ&refer=home Quote Link to comment Share on other sites More sharing options...
troyec001 Posted February 5, 2009 Report Share Posted February 5, 2009 That makes renting my place and buying another house in the next year very tempting. Quote Link to comment Share on other sites More sharing options...
justin0469 Posted February 5, 2009 Report Share Posted February 5, 2009 hm cool. need to stay on top of this one to find out when it is enacted. they have to do it quick if they want people to be able to use it on 2008 tax returns. Alot of people are starting to get theirs done now. If you have already filed is there a way to amend your filing? Quote Link to comment Share on other sites More sharing options...
Catman Posted February 5, 2009 Report Share Posted February 5, 2009 How does this help those folks who are in trouble with thier mortages now, or banks for that matter . Does this help or fix anything ??? Help the folks who have been struggling to pay thier bills and taxes on time !!! We are the ones deserving of the breaks !! Quote Link to comment Share on other sites More sharing options...
Speed Posted February 5, 2009 Author Report Share Posted February 5, 2009 troyec001 said: That makes renting my place and buying another house in the next year very tempting.I believe there are provisions to exclude this type of situation. However nice it would be, I think it would be a shame if loopholes existed for it to happen. Quote Link to comment Share on other sites More sharing options...
Catman Posted February 5, 2009 Report Share Posted February 5, 2009 Isaac said: Nobody deserves anything. And I agree' date=' asking people to go into further debt so they can collect 'free' money derived from a previous debt is absolutely ridiculous. But that may not be what you are eluding to. People who are in financial peril didn't come to that point because of the government. They arrived at that door due to their own inability to forecast and budget properly. I am not pointing fingers but I really hate when people scream, "Hey!! What about me??" Making the assumption that the government would always do what is in your best interest is an egregious error in judgment and shows lack of proper reasoning skills. All you have to do is read a history book once in a while to know the government is always going to cram its bureaucratic fist right up your ass.[/quote']I worded my post wrong. I don't expect anything or thinking I'm deserving of some free shit ! I'm just tired of paying for everyone elses incompitance while nonproductive parts of society get the hook ups. I'm finnna pull a Grizzly Adams anyways Quote Link to comment Share on other sites More sharing options...
Catman Posted February 5, 2009 Report Share Posted February 5, 2009 Reminds me of all these idiots complaining about the schools in my area, but at the same time as they are going to shit. The F"D UP comunity gather up and rally to kill every tax increse for the schools that are put up. What kinda sence does that make ? I don't want taxes to go up, but they gotta to get shit done on a local level ?? Quote Link to comment Share on other sites More sharing options...
r6allstar Posted February 5, 2009 Report Share Posted February 5, 2009 hmm this could be interesting.. am looking at buying a place within the next few months.. how long till this is enacted? dont know whow these things work Quote Link to comment Share on other sites More sharing options...
troyec001 Posted February 5, 2009 Report Share Posted February 5, 2009 Speed said: I believe there are provisions to exclude this type of situation. However nice it would be, I think it would be a shame if loopholes existed for it to happen.I'm not that attached to my current house. I can get rid of it. Quote Link to comment Share on other sites More sharing options...
PrincessPratt Posted February 5, 2009 Report Share Posted February 5, 2009 Catman said: How does this help those folks who are in trouble with thier mortages now, or banks for that matter . Does this help or fix anything ??? Help the folks who have been struggling to pay thier bills and taxes on time !!! We are the ones deserving of the breaks !!How is it fair to give someone money that is almost in foreclosure when others have been struggling to pay their mortgages ON TIME! What incentive does that give people? I'm not saying all but many people have over spent and that is the reason they are in the predicaments they are in. It's not because they abruptly lost their jobs. I do feel bad for those that had jobs where they were cut but 95% of Americans are still working and there are a heck of alot more people in trouble with their mortgages. When I bought my house a couple of years ago they tried to get me to purchase a home that would have made my mortgage an extra $500 a month than it is now. I knew I didn't want to OVER EXTEND myself and had to think about the "what ifs". There is much more to keeping up a house than just the mortgage. People just need to research and know what that can TRULY afford instead of trying to keep up with the family next door. Just my two cents.... Quote Link to comment Share on other sites More sharing options...
PrincessPratt Posted February 5, 2009 Report Share Posted February 5, 2009 Isaac said: Nobody deserves anything. And I agree' date=' asking people to go into further debt so they can collect 'free' money derived from a previous debt is absolutely ridiculous. But that may not be what you are eluding to. [b']People who are in financial peril didn't come to that point because of the government. They arrived at that door due to their own inability to forecast and budget properly. I am not pointing fingers but I really hate when people scream, "Hey!! What about me??" Making the assumption that the government would always do what is in your best interest is an egregious error in judgment and shows lack of proper reasoning skills..hahaha...i didn't read ur post until after I went on my rant! Right on brotha! Quote Link to comment Share on other sites More sharing options...
justin0469 Posted February 5, 2009 Report Share Posted February 5, 2009 I totally agree. People will never learn their lesson if they get bailed out of every situation they got themselves into.http://www.cnbc.com//id/29037014CNBC says it won't have to be repaid. I've seen that it will have to, I've seen that it won't have to. Quote Link to comment Share on other sites More sharing options...
cmoosego Posted February 5, 2009 Report Share Posted February 5, 2009 f everyone else give me the money..... Quote Link to comment Share on other sites More sharing options...
John Posted February 5, 2009 Report Share Posted February 5, 2009 Catman said: Help the folks who have been struggling to pay thier bills and taxes on time !!! We are the ones deserving of the breaks !!why? because they have been living on credit beyond their means for too long? Quote Link to comment Share on other sites More sharing options...
kawi kid Posted February 6, 2009 Report Share Posted February 6, 2009 Quote “This isn’t Monopoly money -- all of it is borrowed -- borrowed money that the taxpayers will have to pay back at some point.”this is what i dont think people get Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Report Share Posted February 6, 2009 (edited) Speed said: The U.S. Senate on Wednesday unanimously approved an amendment to the economic stimulus bill by U.S. Senator Johnny Isakson, R-Ga., that gives a $15,000 tax credit to anyone who buys a home in the next year.Isakson’s amendment would provide a direct tax credit to any homebuyer who buys any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislation’s enactment, and the tax credit would not have to be repaid.http://www.bizjournals.com/atlanta/stories/2009/02/02/daily76.htmlCan't find the details on the car part - but they'll probably be more reports out soon.I'm selling my rental houses, 2 for the price of one, $88,750 takes both, they are both 2 bed, with 1 car garage, and basement. Both have good tenants already in them, all you need to to start collecting rent.Both already remodeled and painted! nows the time to buy, so who wants them? Edited February 6, 2009 by 12oclocker Quote Link to comment Share on other sites More sharing options...
Dweezel Posted February 6, 2009 Report Share Posted February 6, 2009 so since I closed in Dec of 08 I won't get shit? About par, if it wernt for bad luck I wouldn't have any :/ God doesn't hate me, he just likes to watch me squirm... Quote Link to comment Share on other sites More sharing options...
Speed Posted February 6, 2009 Author Report Share Posted February 6, 2009 (edited) Dweezel said: so since I closed in Dec of 08 I won't get shit? About par, if it wernt for bad luck I wouldn't have any :/ God doesn't hate me, he just likes to watch me squirm... Isaac said: Mate' date=' you have a house, a fine bike, a lovely lady, food on the table, and a steady source of income. The best part is you attained all of this by the sweat on your brow and strength in your back and the character that makes you who you are. Not everyone can say that. That is how I can sleep at night. I earn what I own. So have you. We don't need any hand outs. [/quote']Under this Q&A for eligible dates of purchase - you qualify. You'll have to read the rest of the details HEREQ. Which home purchases qualify for the first-time homebuyer credit?A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.The original 'tax credit' was more like an interest free loan, that was PAID BACK, to help first time home buyers. Like Papa, I'm not too keen on handing out money - 1) because it is never free, 2) someone pays, usually someone that had no choice in the matter, and at a greater cost than needed, and 3) I also think earning and being responsible is important.Hopefully all this will work out well in the end. Edited February 6, 2009 by Speed fix teh link Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Report Share Posted February 6, 2009 purchase a house, live in it for one day, then decided to rent it out. you still get the tax credit. Quote Link to comment Share on other sites More sharing options...
Catman Posted February 6, 2009 Report Share Posted February 6, 2009 PrincessPratt said: How is it fair to give someone money that is almost in foreclosure when others have been struggling to pay their mortgages ON TIME! What incentive does that give people? I'm not saying all but many people have over spent and that is the reason they are in the predicaments they are in. It's not because they abruptly lost their jobs. I do feel bad for those that had jobs where they were cut but 95% of Americans are still working and there are a heck of alot more people in trouble with their mortgages. When I bought my house a couple of years ago they tried to get me to purchase a home that would have made my mortgage an extra $500 a month than it is now. I knew I didn't want to OVER EXTEND myself and had to think about the "what ifs". There is much more to keeping up a house than just the mortgage. People just need to research and know what that can TRULY afford instead of trying to keep up with the family next door. Just my two cents....I agree with all this, but at the same time, It will cost more to forclose, sell the house and take a loss on the home when the bank resells it for a serious loss, then at the same time have to eat the 125% home equity loan they gave out on top of that. I'm not saying this because I NEED HELP !! It is because of the layoffs and unemployment, The compitition in the workplace, downscaleing company's, loss of insurance,rediculous property taxes, rising cost of raising children, lack of retirement. Once again I say it would be nice for the middle class to get a break for once. We are the ones making all this work ! Not bailed out, Just tired of being stroked on every angle !! This next generation of kids with NO work ethic, who expect everything given to them are gonna be the ones paying MY social security I'm fucked !! This generation will be the first to have nothing to will or leave thier children when they die, No home to split up and sell between the children, No saving bonds and also the first generation to NOT live better than thier parents did. Quote Link to comment Share on other sites More sharing options...
Dweezel Posted February 6, 2009 Report Share Posted February 6, 2009 Isaac said: Mate' date=' you have a house, a fine bike, a lovely lady, food on the table, and a steady source of income. The best part is you attained all of this by the sweat on your brow and strength in your back and the character that makes you who you are. Not everyone can say that. That is how I can sleep at night. I earn what I own. So have you. We don't need any hand outs. [/quote']Yes but if I could consolidate all my credit card, and school loan debt into a 15 year intrest free loan, why wouldn't I? Plus Suzi could use some new pipes and a bottle of juice Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Report Share Posted February 6, 2009 Catman said: I agree with all this, but at the same time, It will cost more to forclose, sell the house and take a loss on the home when the bank resells it for a serious loss, then at the same time have to eat the 125% home equity loan they gave out on top of that. I'm not saying this because I NEED HELP !! It is because of the layoffs and unemployment, The compitition in the workplace, downscaleing company's, loss of insurance,rediculous property taxes, rising cost of raising children, lack of retirement. Once again I say it would be nice for the middle class to get a break for once. We are the ones making all this work ! Not bailed out, Just tired of being stroked on every angle !! This next generation of kids with NO work ethic, who expect everything given to them are gonna be the ones paying MY social security I'm fucked !! This generation will be the first to have nothing to will or leave thier children when they die, No home to split up and sell between the children, No saving bonds and also the first generation to NOT live better than thier parents did. This whole country is going in the pooper, my buddy had perfect credit, like a score over 800, and had to file bankruptcy after loosing his job, he had no choice, he couldn't find work, and the bills were stacking up, he got to keep his house and car. The government will soon finish this country off. Quote Link to comment Share on other sites More sharing options...
PrincessPratt Posted February 8, 2009 Report Share Posted February 8, 2009 Catman said: I agree with all this, but at the same time, It will cost more to forclose, sell the house and take a loss on the home when the bank resells it for a serious loss, then at the same time have to eat the 125% home equity loan they gave out on top of that. I'm not saying this because I NEED HELP !! It is because of the layoffs and unemployment, The compitition in the workplace, downscaleing company's, loss of insurance,rediculous property taxes, rising cost of raising children, lack of retirement. Once again I say it would be nice for the middle class to get a break for once. We are the ones making all this work ! Not bailed out, Just tired of being stroked on every angle !! This next generation of kids with NO work ethic, who expect everything given to them are gonna be the ones paying MY social security I'm fucked !! This generation will be the first to have nothing to will or leave thier children when they die, No home to split up and sell between the children, No saving bonds and also the first generation to NOT live better than thier parents did. I am also middle class but I do not expect anyone to bail me out of my mess if I create one. I had someone tell me the other day that they wish there would be a cap on how much we can make as Americans....that it isn't fair that a doctor can make so much money. I LOVE our country. Is the government flawed right now? YES but I still want to live in a capitalistic society were I know that me and my children can reach for the sky if that is what they desire. The American dream is open to every single person. I for one realize that the money we make is all about our own personal choices. I am a nurse practitioner and work next to docs all day long. I do the EXACT same thing they do yet I make about 100K a year less than them. I assess, order diagnostic tests, prescribe, etc. yet make less money. Is this fair? YES b/c I made that choice. I already have 92K of student loans and honestly didn't want to go to school for that long. Physicians have at least 4 years of undergrad, 4 years of medical school, 3 to 5 years of residency depending on specialty, and a 1 to 3 year fellowship. This puts them at 31 (at the earliest) b/f the start making any kind of money. Plus they are attempting to save people's lives (unless your like me and work mostly with hospice....leading people to Jesus..hehe). I know I'm going on a rampage here but we truly do live in a great country that allows us to make our OWN choices. So we should STOP blaming others for what we have currently in our lives b/c it is exactly what WE have created. I understand the costs of forclosure but maybe a bankrupcy and a couple years of paying higher interest rates is what some of these people need to WAKE THEM UP to overspending and living way beyond their means. I have made many, many poor choices in my life. Do you know who I have to blame? ME! And you know what? I am the one who got myself out of the messes I created. Ok I'm seriously going to stop now. Quote Link to comment Share on other sites More sharing options...
MadMax33 Posted February 8, 2009 Report Share Posted February 8, 2009 Hell, I still don't own my own home due to my nomadic nature. Give me a room with a bed and enough room for my toys, a place to park my bike, and that's all I need. If we put a cap on what people can make, we are punishing those with ambition and drive, which is not what capitalism is all about. If you're not making enough money to raise a family, you should have gotten an education or learned a trade before you shoved your dork into your high school sweetheart. Quote Link to comment Share on other sites More sharing options...
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