Comments on: Changes to Tax Law in 2008

By: Tiffany

Tiffany — Thu, 05 Feb 2009 15:27:31 +0000

I agree! I closed on my house on April 8, 2008. I am not positive yet, but I’m pretty sure I’m SOL as well. Who is to say those who bought a home after April 9, 2008 are feeling the woes of the economy any more than those of us who closed a few days, weeks, or months before. It should be changed to Jan. 1, 2008!

By: anthony

anthony — Thu, 29 Jan 2009 15:37:43 +0000

Who can help me answer this? I am a first time homeowner who closed in Jan. 08. Why should I not be afforded the same opportunity as a first time homeowner who closed in APR? It just doesnt seem fair.

By: Money Under 30

Money Under 30 — Mon, 26 Jan 2009 18:45:18 +0000

I hadn’t heard that yet—thanks for pointing it out! That makes a nice tax perk even better.

By: JEB

JEB — Mon, 26 Jan 2009 18:32:09 +0000

You may be able to take “credit” out of quotation marks. There was a story this weekend about the payback requirement being removed.

http://www.startribune.com/homes/buy/38151584.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUnciatkEP7DhUsl

From the article:
“On Jan. 15, the House Democratic leadership outlined its $825 billion economic stimulus package, loaded with $275 billion in tax cuts [...] Tucked away in the tax section was a significant improvement to last July’s congressional effort to stimulate home sales. [...] Though final details on a revised credit are still subject to negotiations between the House and Senate, and to passage of the economic stimulus package itself, there’s a good chance that buyers who sought the credit in 2008, and new purchasers in 2009, will be relieved of the repayment requirement.”

I am thrilled by this and just submitted my taxes this weekend. Hopefully this goes through and those who qualify will be able to keep the money, which is going mostly into home improvements for me.