First-Time homebuyer Tax Credit

**autotech6506** · February 9th, 2009, 09:46 PM

This will be short and sweet. We purchased our first home on march 31 2008. This tax credit is for $7500 (which has to be repaid over 15 years), as long as you purchased your first home after April 9 2008. Words can not describe how pissed I am right now. We really needed a big tax refund this year to do some repairs to our house and payoff our credit card (I know we are to blame for this part)but it looks like we will only get about $700.

Anyways I just needed to vent that because of 9 days we lost out on $7500 so now I will have to put the money I saved for the carlisle gun show towards other things now.

**imperialism2024** · February 9th, 2009, 10:39 PM

I'm owed about a $14,000 tax credit from 2008, but I probably won't see it.

(That should be about how much I gave to Uncle Sam and Uncle Ed in combined income taxes and sales tax, though it excludes excise taxes and other taxes I haven't bothered to quanitify)

The way I figure it, I have never been on unemployment in my life, I will never collect Social Security, I have never required police assistance, and I have never taken up government on its "free" services. I despise all government beyond what is absolutely necessary to maintain sovereignty. My firearms purchases should absolve me of my need to contribute to the "defense" budget. And the taxes I pay on gasoline, plus the money from speeding tickets, should reimburse the state for my impact on and use of roads.

I also have yet to quanitify the interest that Uncle Sam owes me, to reimburse me for the purchasing power that my savings have lost to inflation due to supremely poor economic policy.

In other words, buy a big fuckin' barrel of Astroglide, bend over, and try to enjoy it.

**camper** · February 10th, 2009, 10:08 AM

Originally Posted by autotech6506

Anyways I just needed to vent that because of 9 days we lost out on $7500 so now I will have to put the money I saved for the carlisle gun show towards other things now.

You don't "lose out" on the opportunity to pay back money to the government. They are WORSE lenders than Chase, Discover, AmEX, etc. You would be much better off trying for a home equity loan because you could at least get a credit on taxes.

Ideally, pay cash for repairs but the $7500 'credit' that you have to pay back is not a good deal, it's a government scam.

camper

**Dredly** · February 10th, 2009, 10:32 AM

Originally Posted by autotech6506

This will be short and sweet. We purchased our first home on march 31 2008. This tax credit is for $7500 (which has to be repaid over 15 years), as long as you purchased your first home after April 9 2008. Words can not describe how pissed I am right now. We really needed a big tax refund this year to do some repairs to our house and payoff our credit card (I know we are to blame for this part)but it looks like we will only get about $700.

Anyways I just needed to vent that because of 9 days we lost out on $7500 so now I will have to put the money I saved for the carlisle gun show towards other things now.

Look on the bright side... at least you will get a good sized return as you can claim a large portion of the closing costs. I'd suggest getting your taxes professionally done this year to make sure you don't miss anything.

My wife and I bought our home in December... total we could claim for closing costs and house... etc was around 9500 - 9800, as a married couple you automatically get 10,000. If we would have bought the house in January we would have gotten back about an extra 7000 - 8000 (according to the tax guy) on our taxes the next year... instead it just vanished into thin air.

oh and not to make it worse but they are looking at a 15,000 home buyer credit which does NOT have to be paid back in the new "stimulus" package... yeah 15K off the top of whatever house you want as long as you are a first time home buyer.... fucking bastards

**Gkgas** · February 10th, 2009, 10:56 AM

Yupper dude the 7500 is just a loan they are not giving you anything. And for the 15000 credit on new home purchases that I am sure is really helping out the middle class my ass.