We Bought Our First Home!

Yes. Sorry. You need to use aluminum tape. My home inspector gave me a roll. I was going to post it that way, but forgot.

 

Inky, I'd actually like to start a home improvement thread.

 

Maybe quote function should be higher on your hobby list?

 

Sonuvabitch!

 

Excellent idea. I'm game.

 

Congrats! Remember to save all the home repair receipts. You can't deduct them on your taxes unless you're actually selling your home. Since you'll be at your new home for a few years i'm assuming, keep all those paint and fertilizer receipts in a safe place!

 

So, I just read somewhere that the government is now going to be offering a $15,000 tax credit instead of the $7,500 loan it had previously had for first time home owners like Pete. People who bought homes in 2008 are still eligible for the $15,000.

If I am understanding this correctly, a first time home buyer could get $15,000 (I believe $7,500 in year one, and another $7,500 in year two) for a home.

That can't be right can it?

Say I want to buy a home in 2010 when I have enough for a down payment. The government is going to give me $7,500 for two years that I can essentially toss into a savings account and take a little out each month to help pay my mortgage? Or I can put it down on the house up front and save a ton in interest?

This can't be right....

 

http://www.usnews.com/blogs/the-home-front/2009/2/5/senate-adds-15000-home-buying-tax-credit-to-stimulus-bill.html

 

Mustang, you might check the thread over on the politics board about this. My understanding is people who bought houses before the bill passes (Like me, who bought in late 2008) wouldn't qualify for the $15,000 but for the $7,500 instead.

And if you're going to buy a house, they will allow you to change your withholdings so less gets taken out of your paycheck so you can get at least some of the money a bit earlier.

Here's an FAQ on the $7,500 credit (which, as it stands now, is actually an interest-free loan). The last question there talks about adjusting your withholdings. I would imagine this would be very similar to the new $15,000 credit. http://www.federalhousingtaxcredit.com/faq.php

 

Pete, don't file your taxes yet, because things just got even better for you (and me, and everybody else who bought their first house this year)! The new stimulus bill includes an $8,000 tax credit for first-time homebuyers, and unlike the previous $7,500 credit, this one doesn't have to be repaid as long as you keep the house at least three years!

Details are still being sorted out, and good luck getting anything out of the IRS about it right now, but here's something of an explanation: http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm?postversion=2009021712

And this column answer a couple of the questions you might have: http://www.baltimoresun.com/news/nation/politics/bal-bz.ambrose17feb17,0,5885947.column

I already filed our taxes and claimed the original credit, so I'm going to have to file an amended return to switch to the new credit, but that's a minor annoyance for a major benefit, so I can dig it.

The only bad news I have to share is if you bought your house before Jan. 1, it appears you're SOL and will have to settle for the former credit, which is still a great deal, but not as a cool as the new one. Sorry, Petty.

 

I dislike fences and I'd do just about anything to live in a place without them. While I'm not the sort who wants the neighbors to see everything I'm doing in the back yard all day long, to me, a fence says "I'm staying here and you're staying there." Provided you don't have ax murderers as neighbors, I prefer a more cordial atmosphere.