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If you bought a house and had a baby last year...

bluestar0527bluestar0527
in Babies: 0 - 3 Months

Do you know what the numbers look like for taxes? I saw in another post something about $7,500 for buying a new house. Is this right? What about for having a baby?

 TIA--- I'm absolutely clueless about taxes but hoping we get a nice chunk back!

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Re: If you bought a house and had a baby last year...

  • septbaby2008septbaby2008
    I bought a house in Sept. of 2007 and had Eli in Sept. 2008....I really hope to get some money back because we paid a ton last year...I'm clueless just like you but are interested in seeing the responses to this post
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  • mavs_girl07mavs_girl07 member
    I don't know, I'm clueless too.  That 7500 would be nice, I haven't heard anything about that! (other than in the post earlier)
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  • GoodysgirlGoodysgirl member
    I thought the tax credit was only for first time home buyers.  Anyone know?
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  • Ankea97Ankea97
    Not sure exactly what you are asking about.  There isn't a set number just for buying a house- it depends on the amount of interest paid on your mortgage and also any property taxes paid.
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  • bluestar0527bluestar0527

    imageGoodysgirl:
    I thought the tax credit was only for first time home buyers.  Anyone know?

    damn_... guess I wouldn't be getting that then!

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  • sarahintx05sarahintx05

    Here is a website that tells you more about the $7500.  It'sa tax credit that has to be paid back over the next 15 years.  If you move out of the house before the 15 years, you have to pay it back immediately.

     https://www.federalhousingtaxcredit.com/

     

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  • candrecocandreco

    The $7,500 is technically an interest-free loan; you pay it back $500 a year for 15 years, starting on your 2010 tax return.  There is currently language in the newest economic stimulus bill to make the $7,500 an actual credit rather than a loan, so you wouldn't have to pay it back if the bill is passed. 

    I can't remember what we got due to having a baby, but we also got married this year, and our refund inlcuding the $7,500 is just under $12,000.

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  • bluestar0527bluestar0527

    imageAnkea97:
    Not sure exactly what you are asking about.  There isn't a set number just for buying a house- it depends on the amount of interest paid on your mortgage and also any property taxes paid.

    No, someone had posted below that $7,500 was the number for new home buyers... I wasn't sure. And that I believe was in addition to the interest you pay.

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  • bluestar0527bluestar0527
    imagecandreco:

    The $7,500 is technically an interest-free loan; you pay it back $500 a year for 15 years, starting on your 2010 tax return.  There is currently language in the newest economic stimulus bill to make the $7,500 an actual credit rather than a loan, so you wouldn't have to pay it back if the bill is passed. 

    I can't remember what we got due to having a baby, but we also got married this year, and our refund inlcuding the $7,500 is just under $12,000.

    Wow, that's awesome! I could live with 12,000!

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  • Ankea97Ankea97
    Whoops, sorry- didn't see the post below! 
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  • bluestar0527bluestar0527
    The housing credit is only available to ppl who bought after April 9, 2008- July 2009. DAMN_!!!!!!!!!
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  • candrecocandreco
    imagebluestar0527:

    imageAnkea97:
    Not sure exactly what you are asking about.  There isn't a set number just for buying a house- it depends on the amount of interest paid on your mortgage and also any property taxes paid.

    No, someone had posted below that $7,500 was the number for new home buyers... I wasn't sure. And that I believe was in addition to the interest you pay.

    It is for first-time homeowners (or if you have owned before but not in the last three years) if you bought between certain dates.  It is in addition the credit you get for mortgage interest.

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  • June_Bug08June_Bug08
    The child credit has an income cap on it too.
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  • zucchinigirlzucchinigirl

    The child credit is $1,000... plus you'll get an additional $300 from the stimulus checks of last year (since your status has changed - ie added a child).  Not sure about a 7,500 house credit... we sure didn't get that last year (we bought in 07).

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  • Mrs.State746Mrs.State746
    We bought out house 5 years ago and had our son last year.  Our 2007 taxes we got $2500.  This year we are getting $4500.  I don't remember getting a lot back the year we bought out house though.  Having a house always helps since you can deduct your interest and property taxes.
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  • Lucky_DragonflyLucky_Dragonfly member
    I'd like to know because we did just this last year. however I know that I am not getting anythig back because it all goes to what MH owes in taxes for being self employed. Big Suckies.
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  • TimegTimeg
    I read through the site and am not sure I would even go there. I mean, it sounds nice to have a good chunk of change up front, but you have to pay $500 a year starting 2010. And if you make a good profit off the sale of your home, you have to pay it all right away. Again, that's $7,500 that I'd rather use toward a new home or closing costs...
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