Long-time resident tax credit

[dreamin_disney]

Did you here about this? I got an e-mail from someone. I did a search and found it on the IRS site
http://www.irs.gov/newsroom/article/0,,id=215791,00.html

 

[caitty13]

Thanks for the info

 

[Swimalie]

Darn. Thanks to the Fed Govt (my husband's employer) we moved here 3 years ago. Since we have lost $150,000 of value on our house, a tax credit would have been nice. Oh well.

 

[sharlon]

Are you sure that is correct about it not being retroactive? DH read the legislation when it passed and it was an extension of the original law. We closed Oct. 22, so we were very interested in that $6500.

 

[7beasley]

I am hoping that I am mistaken because I WANT this credit!!

I got my info from the IRS website:

www.irs.gov/newsroom/article/0,,id=215827,00.html

(not sure how to link - but go to Google and search "long time resident credit IRS" and you will see an article about the 10 things you need to know about the credit - I think its #4 that says the closing has to be after Nov 6th)

You would think that since its an AMENDMENT to the current law it would relate back/retroactive to the date of the law.

I also read the language of the bill and I believe it was Sec 11 - perhaps subsection (e) that said effective date was "upon the enactment" and the law was signed Nov 6th.

I am keeping my fingers crossed that I am going to get the credit and that I have misread something -- but according to the actual legislation and the IRS website -- home purchased in 2009 but prior to Nov 6 won't qualify.

If you find out something different - PLEASE post -- I really want to be proven wrong on this one!!!!

 

[sharlon]

Thanks for the info. I have emailed my congressman to get an answer. I think you are correct, though. I found another website and found some pretty ticked off people posting about it. It should be a change to the entire effective period of the original legislation. That stinks. Really want that $6500!

 

[Irin997]

I doubt that it would be retroactive because the $8000 "free" tax credit was not retroactive to the people that received the $7500 credit that needs to be paid back.

 

[madcat]

we closed on our first home in october of 2008, got the "loan" that has to be paid back. It kinda stinks that we have to pay it back but the homes that closed in 09 dont have to. Oh well.

 

[momxx5]

Am I missing something? The title is "Long-time res tax credit", but the article is about new home buying?!?

 

[SandrA9810]

My aunt will be happy to hear about this. She's looking to purchase a home by May of next year. She owned a home for about 17 years, but she's been living in apartments since her move to texas in 2000. That money would be really helpful in the added expense of taking care of my grandmother.

 

[Where'sPiglet?]

Am I missing something? The title is "Long-time res tax credit", but the article is about new home buying?!?

I find that odd too....I need to read the article I guess!

 

[sharlon]

Basically it's a credit of up to $6500 for people who have been a long term resident of a home they owned (more than 5 years) and are buying a different home. They are trying to get people to "upgrade" because the inventory of first homes started running low and there was no incentive for people in them to sell and move to something a little bigger.

 

[Silent1CB]

Basically it's a credit of up to $6500 for people who have been a long term resident of a home they owned (more than 5 years) and are buying a different home. They are trying to get people to "upgrade" because the inventory of first homes started running low and there was no incentive for people in them to sell and move to something a little bigger.

So let's just encourage people to "upgrade" and borrow more money than what might be a good idea for them since they might not have a job next month.

Yeah, THAT's a good idea.

Where I live there is still PLENTY of housing inventory. Hardly a shortage for people to pick from.