Comments on: $8,000 Housing Tax Credit Screws 100,000 Home Buyers?

By: AgentGenius

AgentGenius — Wed, 24 Mar 2010 21:43:05 +0000

#agnow I am one of the lucky people being audited also. I just want to say I have not owned a home and filled a 10... http://bit.ly/3eN2Wh

By: Brenda

Brenda — Wed, 24 Mar 2010 17:29:36 +0000

I am one of the lucky people being audited also. I just want to say I have not owned a home and filled a 1040 ez for the past 13years. I mailed my paperwork 6 months ago and had to take out a loan to pay off debt for home repairs that the $8000 was going to be used for. I feel like the person above it will probably be a year before I see my cash if I ever see it. So don’t be so quick to judge somone. Without the $8000 tax credit it would not be possible to pick out a house in my prive range as a single person on one paycheck and pay for repairs. The system was supposed to help people make it easier to be a home buyer not destoy thier credit.

By: Rebecca

Rebecca — Thu, 19 Nov 2009 00:55:59 +0000

Well, I have been waiting on my $8000 tax credit for 4 months now. I am not a cheat, and there is nothing at all suspicious with my amended ’08 return, or my 3 prior returns. I received a letter in the mail saying they needed additional documentation so I sent in my settlement paperwork. A month later I get another letter in the mail saying they received my paperwork and may need ADDITIONAL DOCUMENTATION! It will be a year until I see that credit, if I see it at all! And these people want to take over the healthcare system…

By: Carl Woerter

Carl Woerter — Fri, 30 Oct 2009 23:57:26 +0000

A colleague of mine recommended being aware of this if you have any first time home buyers as clients. http://ow.ly/xJmV

By: Paul

Paul — Fri, 23 Oct 2009 18:11:35 +0000

@ Joe – I had no idea people were getting away with that.

By: stealthreinvestor

stealthreinvestor — Thu, 22 Oct 2009 11:20:27 +0000

$8000 Housing Tax Credit Screws 100000 Home Buyers? http://bit.ly/3ZXpRT

By: FamilyHOMES4You

FamilyHOMES4You — Thu, 22 Oct 2009 11:14:35 +0000

$8000 Housing Tax Credit Screws 100000 Home Buyers?: tweetmeme_url = "http://agentgenius.com/g-rants-insan.. http://bit.ly/gdZMj

By: Betty Byrnes

Betty Byrnes — Thu, 22 Oct 2009 02:26:42 +0000

Good points made by all…

One thing that stikes me though is the microscope being applied to those taking advantage of an $8,000 maximum tax credit vs the lack of oversight to the billions of dollars in bail-out money that’s gone to prop up various entities.

Cheats should be caught everywhere – not just on Main Street!

By: Toby Boyce

Toby Boyce — Thu, 22 Oct 2009 01:55:37 +0000

I agree with Joe that the audits are to catch those that are “cheating” on the game. The number of people looking at this from the IRS’s survey shows that there is going to be a disparengent number of audits for first-time home buyers.

As to the tax credit, my concern is that we leveraged 2010′s first-time home buyers in exchange for a decent 2009 by shoving a majority of those buyers into this year’s selling season.

By: Joe Spake

Joe Spake — Thu, 22 Oct 2009 00:11:35 +0000

Lani, these audits are for cheaters. From the inception of the $8000 credit, it seemed incredibly easy to cheat or game the system, almost as if cheating was encouraged. Closing attorneys were reporting buyers bringing the $8000 to the closing table. How did they pull that off? The IRS did not require tax returns, just a form be filled out. And recipients got their check quicker than any tax refund I have ever received. I think we are seeing the backlash of the government’s not thinking through this program before implementing it. It would be interesting to know how many Realtors, out there rushing buyers to go for the free money, know the rules.

By: Charity Weeks

Charity Weeks — Thu, 22 Oct 2009 00:03:05 +0000

RT @tweetmeme $8,000 Housing Tax Credit Screws 100,000 Home Buyers? http://retwt.me/1fhxK

By: Real Estate Feeds

Real Estate Feeds — Wed, 21 Oct 2009 21:32:56 +0000

$8,000 Housing Tax Credit Screws 100,000 Home Buyers?: Dont be stingy with your thoughts- stop by and comment!D.. http://bit.ly/YukxW

By: Paula Henry

Paula Henry — Wed, 21 Oct 2009 21:32:56 +0000

I’m really not surprised! I wonder how many first time home buyers know they MUST stay in the home 3 years or they owe the credit back.

On a side note: Only a few of my closings have been first time home buyers, but I believe we may see some backlash from this. If someone bought a home (only) for the tax credit, how many may not be prepared for home ownership.

The first new tax bill at a higher rate, the first baby, the $5000.00 HVAC system goes or any number of things could force a few unprepared home owners to foreclosure, and then they owe the $8000.00 in addition.

By: Barb Dragotta

Barb Dragotta — Wed, 21 Oct 2009 19:50:38 +0000

Lani, really your birthday–Happy day to you. This IS a Black Hole if ever I saw one; couple this with some of the SS stories out there and it is enough to bring on nightmares or insomnia.
As to 2dragottas’ opinion of the $8,000 credit:
…iffy in the first place [ note the number of lapses in payments already ]
…extending it ?…NO–wait and see How & / or If it actually works before continuing for more months.

By: Joe Loomer

Joe Loomer — Wed, 21 Oct 2009 17:41:30 +0000

First of all – what you’re doing on here writing away on your BIRTHDAY I’ll never know – go have a drink with an umbrella in it!

This is scary, I suspect some will turn out to be shady, down-payment reimbursement deals that just didn’t stand the light of day test (closed AFTER getting the credit, for example). Either way, it’s not something I had heard of – thanks for putting the link in – looks like the WSJ had the original story, too…

Navy Chief, Navy Pride