New Home Buyer Rebate

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Subject Author Date New Home Buyer Rebate Luka 10-24-2009  Re: New Home Buyer Rebate D. Stussy 10-24-2009  Re: New Home Buyer Rebate Mark Bole 10-24-2009  Re: New Home Buyer Rebate D. Stussy 10-25-2009  Re: New Home Buyer Rebate Mark Bole 10-25-2009  Re: New Home Buyer Rebate Arthur Kamlet 10-25-2009  Re: New Home Buyer Rebate D. Stussy 10-25-2009  Re: New Home Buyer Rebate HLunsford 10-26-2009  Re: New Home Buyer Rebate Arthur Kamlet 10-24-2009  Re: New Home Buyer Rebate D. Stussy 10-25-2009  Re: New Home Buyer Rebate HLunsford 10-25-2009  Re: New Home Buyer Rebate paultry 10-24-2009
Posted by Luka on October 24, 2009, 9:53 am Please log in for more thread options Has anyone heard rumers regarding a bill to increase the income limit for the new home buyer rebate? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on October 24, 2009, 8:11 pm Please log in for more thread options > Has anyone heard rumers regarding a bill to increase the income limit > for the new home buyer rebate? "rumers?" The current RUMOUR is that it will be extended "as is" into next year. However, Congress has only this week to act on it as it expires next weekend. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Mark Bole on October 24, 2009, 8:56 pm Please log in for more thread options D. Stussy wrote: >> Has anyone heard rumers regarding a bill to increase the income limit >> for the new home buyer rebate? One logical thing they'll probably never do is hook the income limit to real estate prices in different regions. A "first time homebuyer" in some markets would need 1.5 to 2 times the income of same buyer in other markets to qualify for traditional mortgage[*], given the median price for owner-occupied housing. > The current RUMOUR is that it will be extended "as is" into next year. > However, Congress has only this week to act on it as it expires next > weekend. What expires? The legislation? (not sure what that would mean). The credit is available for purchase transactions that close before Dec. 1st, as I recall (not next weekend). Now the real estate agents, escrow officers, loan brokers, etc. will get to experience on Monday Nov. 30th. what tax pros experience every year on Apr. 15th. Wonder how time zones will be reflected in closing documents? -Mark Bole [*] SWAG -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on October 25, 2009, 9:49 am Please log in for more thread options > D. Stussy wrote: > > >> Has anyone heard rumers regarding a bill to increase the income limit > >> for the new home buyer rebate? > > One logical thing they'll probably never do is hook the income limit to > real estate prices in different regions. A "first time homebuyer" in > some markets would need 1.5 to 2 times the income of same buyer in other > markets to qualify for traditional mortgage[*], given the median price > for owner-occupied housing. > > > The current RUMOUR is that it will be extended "as is" into next year. > > However, Congress has only this week to act on it as it expires next > > weekend. > > What expires? The legislation? (not sure what that would mean). The > credit is available for purchase transactions that close before Dec. > 1st, as I recall (not next weekend). My memory says November 1 is the deadline. It's the beginning of the month, not the end. > Now the real estate agents, escrow officers, loan brokers, etc. will > get to experience on Monday Nov. 30th. what tax pros experience every > year on Apr. 15th. Wonder how time zones will be reflected in closing > documents? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Mark Bole on October 25, 2009, 10:52 am Please log in for more thread options D. Stussy wrote: >> What expires? The legislation? (not sure what that would mean). The >> credit is available for purchase transactions that close before Dec. >> 1st, as I recall (not next weekend). > > My memory says November 1 is the deadline. It's the beginning of the > month, not the end. Your memory contains the wrong month. -Mark Bole -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Rebate of real estate commission to buyer. Is it taxable or not? June 12, 2007, 1:07 am Home buyer - abroad January 7, 2007, 10:51 pm First time Home buyer September 3, 2008, 10:54 am Tax credit for first time home buyer August 28, 2008, 10:22 am first time buyer home credit January 30, 2009, 1:33 pm First time home Buyer Credit ? 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