Doing my happy dance!

Squishycheeks

I just found out that DH and are getting a big tax credit for buying our first house in 09' and... we are able to file it with our 08' taxes! I'm so excited to not have to wait a whole year to use the money. Bye bye debt, and just when I really needed the money for the baby:)

adharper2615

We got the 7500 tax credit for buying our house in Sept. 2008. You just have to remember that you have to be it back because it's basically a no interest loan.  We will have to pay back 500 bucks every April for 15 years.

alexisz523

I know if you buy in 09 its more than 08 but we got a hefty tax return and boy did we need it. it was so nice to see it direct deposit into our account

edwins_girl

adharper2615:

We got the 7500 tax credit for buying our house in Sept. 2008. You just have to remember that you have to be it back because it's basically a no interest loan.  We will have to pay back 500 bucks every April for 15 years.

Actually I was told in addition to them raising the amoutn 09 buyers get, theirs isn't a loan. No payback. Those of us who bought in 08 have the interest free loan, to payback $500 per year starting in 2011.

mfransdell

adharper2615:

We got the 7500 tax credit for buying our house in Sept. 2008. You just have to remember that you have to be it back because it's basically a no interest loan.  We will have to pay back 500 bucks every April for 15 years.

I believe this was revised and it is a credit, no longer and interest free loan. I heard that if you have already filed your taxes for the year you can file and amendment so you don't have to wait a year for the 8000$. 

adharper2615

mfransdell:

adharper2615:

We got the 7500 tax credit for buying our house in Sept. 2008. You just have to remember that you have to be it back because it's basically a no interest loan.  We will have to pay back 500 bucks every April for 15 years.

I believe this was revised and it is a credit, no longer and interest free loan. I heard that if you have already filed your taxes for the year you can file and amendment so you don't have to wait a year for the 8000$. 

Well that sucks the big one for us since we have to pay ours back!

SteffaniO

edwins_girl:

Actually I was told in addition to them raising the amoutn 09 buyers get, theirs isn't a loan. No payback. Those of us who bought in 08 have the interest free loan, to payback $500 per year starting in 2011.

Ditto. I just talked to my realtor last week and for first-time homebuyers who purchase their homes in '09 (up through December 1st I believe she said), it's an $8000 credit... nothing to be repaid.

adharper2615

I iz sad. Too bad I had to find my dream house in 2008... 

wilkins1

at least you get a credit.. we didn't get anything because we bought our house in 07... zip, nada, nothing...

MrsBeckO

wilkins1:

at least you get a credit.. we didn't get anything because we bought our house in 07... zip, nada, nothing...

Ditto this sentiment. We bought in Jan 08 and this program is effective what, April 08 or something? ?But I keep telling myself its better we just make do with our regular refund rather than worry about paying it back later... its a small small consolation for me.??