I’m a first-time homebuyer who bought in Oct of 08. How does the Obama stimulus package effect me?
I just bought my first home in October of 2008. From what I am reading about the new Obama stimulus package, new homebuyers who buy prior to December of 09 will get an 00 tax credit. Does this apply to me? If it doesn't, is there any type of credit I can get for having bought during the worst possible economic time??? Someone please explain this to me.
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May 31st, 2009 at 7:10 am
depends if the "stimulus package" that no one has ever seen makes tax credit retroactive to october, '08. i've also heard it was $15,000. don't bother to call you congressman, he doesn't know either. of course, my congressman carnahan knows absolutely nothing about anything!
May 31st, 2009 at 7:10 am
It will affect you several ways, your income taxes will go up to pay for the stimulus bill. Maybe not now but in the future and alot. Your city will increase the taxes on property to pay for the new programs that this bill funded for a couple of year and now the burden shifts to the state / county / city.
I believe that there is already a tax credit for a first time home buyer. That may or may not be in your area, check with your tax preparer.
May 31st, 2009 at 7:10 am
Only those who buy after Jan 1 2009 are eligible for the new $8000 credit. Otherwise you only get last years $7500 credit.