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HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED

 
PACNWguy
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HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Homebuyer Tax Credit May Be Approved Early Next Week, Reid Says


Oct. 30 (Bloomberg) -- Congress could approve extensions of an $8,000 first-time homebuyers’ tax credit and unemployment benefits as soon as Nov. 3, Senate Majority Leader Harry Reid said.

Reid, a Nevada Democrat, said today he has scheduled a vote late on Nov. 2 to bring debate on the issues to a close and clear the way for approval by the Senate, followed by the House.

“The House said that they would accept that and that could be done as early as” Nov. 3, Reid said on the Senate floor. That “would be a great relief,” he said.

The legislation has been delayed by Republican demands for votes on several amendments, including one to ensure the end the Treasury Department’s Troubled Asset Relief Program by the end of the year. The Nov. 2 procedural move, if approved, would enable Democrats to ignore those demands and put the measure to a vote.

Democrats announced plans earlier this week to extend the homebuyers’ tax credit, scheduled to expire at the end of November, until April 30. The plan also would let more people qualify for the break, including some who already own homes and those with higher incomes.

Homebuyers who have lived in their prior residences for at least five years could receive a credit of $6,500 under the plan. Couples earning as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That’s up from the current $75,000 limit for individuals and $150,000 for couples.

‘Shore Up the Economy’

“The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has helped to shore up the economy as it begins to recover,” Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said yesterday. “This would enable an even greater number of potential homebuyers to take the credit.”

Lawmakers said they want to prevent home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.

More than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the homebuyer tax credits this year, according to the Treasury Department. The Obama administration has endorsed the extension.

“I think the first-time home-buyer credit is a great example of funding that’s helped to stabilize the housing market and should be extended,” Jared Bernstein, chief economist to Vice President Joe Biden, said on Bloomberg television today. Treasury Secretary Timothy Geithner gave his support yesterday.

Three Years

The measure would require those receiving the tax break to remain in their new home for three years. They would have to repay the credit if they didn’t. Those buying homes worth more than $800,000 wouldn’t be eligible for the credit. Lawmakers also said they won’t extend the break beyond April 30.

“The American people should understand this - and the affected industries - this is the last extension,” Senator Johnny Isakson, a Georgia Republican who cosponsored the plan, said at a news conference yesterday. “Tax credits like this only work by creating the sense of urgency to take advantage of them.”

The Joint Committee on Taxation estimated the revised homebuyer tax credit would cost $10.8 billion over 10 years. Those costs would be offset by provisions delaying a tax break for multinational companies scheduled to take effect next year so the bill wouldn’t add to the government’s budget deficit.

Unemployment Benefits

The plan also calls for spending $2.4 billion to extend unemployment benefits by 14 weeks in all states, and by six additional weeks in states with the highest jobless rates. Those costs would be offset by extending an employer payroll surtax that is slated to expire this year. Senate Minority Leader Mitch McConnell yesterday dropped his demand for votes on amendments related to immigration and the community activist group ACORN.

McConnell, a Kentucky Republican, continued to insist on a vote on the TARP-related amendment. The proposal would remove Geithner’s ability to unilaterally extend the financial bailout program beyond its Dec. 31 expiration date to October 2010.

[link to www.bloomberg.com]

Last Edited by PACNWguy on 10/30/2009 04:16 PM
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

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PACNWguy (OP)

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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
Anonymous Coward
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10/30/2009 04:25 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Just like fuelling the Titanic as it sinks.
Anonymous Coward
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
More money out of YOUR pocket!
Punk A$$ets

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10/30/2009 04:27 PM

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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.
 Quoting: PACNWguy

I havent researched this but is this only for new buyers? Iwould like to buy a house in Flordia. I might be able to do it before April.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
PACNWguy (OP)

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10/30/2009 04:36 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.

I havent researched this but is this only for new buyers? Iwould like to buy a house in Flordia. I might be able to do it before April.
 Quoting: Punk A$$ets



Its for first time homebuyers - People who havent been on title or claimed mortgage intrest deductions on your taxes for 3 years or more.

It is also for people who own their current residence and have lived there for five years or more.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
PACNWguy (OP)

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10/30/2009 04:42 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
When you file your taxes next April, you include a voucher form to the IRS. They will send you the credit less whatever you owe them or add it to what you will be receiving as a refund.

Its tax free and you dont have to pay it back as long as you dont sell the new home for 3 years.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
Punk A$$ets

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10/30/2009 04:48 PM

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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.

I havent researched this but is this only for new buyers? Iwould like to buy a house in Flordia. I might be able to do it before April.



Its for first time homebuyers - People who havent been on title or claimed mortgage intrest deductions on your taxes for 3 years or more.

It is also for people who own their current residence and have lived there for five years or more.
 Quoting: PACNWguy

Thanks. My son has been talking about buying a home in Florida. We may still make this work.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
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10/30/2009 04:48 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Are YOU actually saying Obama did something good?
PACNWguy (OP)

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10/30/2009 04:55 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.

I havent researched this but is this only for new buyers? Iwould like to buy a house in Flordia. I might be able to do it before April.



Its for first time homebuyers - People who havent been on title or claimed mortgage intrest deductions on your taxes for 3 years or more.

It is also for people who own their current residence and have lived there for five years or more.

Thanks. My son has been talking about buying a home in Florida. We may still make this work.
 Quoting: Punk A$$ets



If he is a first time homebuyer and you arent, you can still co-sign for him and direct the IRS to give him the full credit. They allow that for family members to assit other members to buy a home. However, if one spouse is a first time home buyer and the other isnt, neither will get the credit.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
PACNWguy (OP)

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10/30/2009 05:00 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Are YOU actually saying Obama did something good?
 Quoting: Anonymous Coward 736738


He is the fucking reason we need stimulus.

The stimulus package has been a massive failure. Tax credits are the only thing that works.

When Obama started talking about taxing the shit out of small business last fall, everything went to hell in a hand basket. Small business owners arent stupid. They began downsizing and laying off everyone they could to stay alive.

If he wanted to help the economy he would have spent the trillions on tax credits for small busiess and extended the Bush tax cuts rather than go bail out his bank buddies and then work around the clock on taking over health care and tax and cap crap that only adds to the deficit.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
Punk A$$ets

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10/30/2009 05:01 PM

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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.

I havent researched this but is this only for new buyers? Iwould like to buy a house in Flordia. I might be able to do it before April.



Its for first time homebuyers - People who havent been on title or claimed mortgage intrest deductions on your taxes for 3 years or more.

It is also for people who own their current residence and have lived there for five years or more.

Thanks. My son has been talking about buying a home in Florida. We may still make this work.



If he is a first time homebuyer and you arent, you can still co-sign for him and direct the IRS to give him the full credit. They allow that for family members to assit other members to buy a home. However, if one spouse is a first time home buyer and the other isnt, neither will get the credit.
 Quoting: PACNWguy

Damn, thanks man. Thats what I was going to look into next month. I cant believe how cheap house prices are in Florida right now. Europeans are snapping them up too.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
Anonymous Coward
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10/30/2009 05:04 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
This is ARRA in action. Bush started this bailout bullshit. I don't agree with any of it, but in that particular position, I don't think Bammer had any choice but to follow through with it. If I had a signature under my posts, it would read:

POLITICIANS ARE THE PROBLEM!!!
mathetes

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10/30/2009 05:06 PM

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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.
 Quoting: PACNWguy

Woo woo! We need free houses for everyone

Working is for suckers

FUNemployment till we all die
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
PACNWguy (OP)

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10/30/2009 05:21 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Important for anyone who is wanting to buy a new home or is on unemployemnt.

They are also wanting to extend the COBRA subsidy past December for those who are on Cobra.

The stimulus bill will pay 65% of your cobra premium if you were layed off.

Woo woo! We need free houses for everyone

Working is for suckers

FUNemployment till we all die
 Quoting: mathetes



TAX THE RICH
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
Reality Is B.S

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10/30/2009 05:26 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
It's just another way to get people to go further in debt and enslave themselves. The sheeple will take the bate and the rest of us go down with the herd.
Throwing more erroneous useless information into the original arguement.
Anonymous Coward
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10/30/2009 05:29 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Well since I just bought a house in July, I wonder if I would qualify for the "move up" credit.

It would seem a little unfair to NOT extend that to people who bought homes in the middle of the housing crisis, but that would be DC for you.

Any tax experts out there who could answer whether I might qualify, given that I owned my previous home for 5 years?
PACNWguy (OP)

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10/30/2009 05:40 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Well since I just bought a house in July, I wonder if I would qualify for the "move up" credit.

It would seem a little unfair to NOT extend that to people who bought homes in the middle of the housing crisis, but that would be DC for you.

Any tax experts out there who could answer whether I might qualify, given that I owned my previous home for 5 years?
 Quoting: Anonymous Coward 464288



Probably not but they wont release any of the particulars until after it is passed and then signed by Barry O.
OBAMA - THE FASTEST FAILED PRESIDENT IN AMERICAN HISTORY

"I inherated and I am Great!"
Anonymous Coward
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09/10/2010 05:43 PM
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
Well since I just bought a house in July, I wonder if I would qualify for the "move up" credit.

It would seem a little unfair to NOT extend that to people who bought homes in the middle of the housing crisis, but that would be DC for you.

Any tax experts out there who could answer whether I might qualify, given that I owned my previous home for 5 years?



Probably not but they wont release any of the particulars until after it is passed and then signed by Barry O.
 Quoting: PACNWguy



[link to NewHomeIncentives.com]
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Re: HOME BUYER TAX CREDIT BEING EXTENDED TO NEXT APRIL AND EXPANDED TO INCLUDE EXISTING HOMEOWNERS WHO BUY NEW HOMES.- UNEMPLOYMENT BENEFITS ALSO EXTENDED
In my humble, telling it like it is opinion, putting it in laymans terms, it is called pissing up a rope!!!!!
How fortunate for governments that the people they administer don't think.
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Burn down your cities and leave our farms, and your cities will spring up again as if by magic; but destroy our farms and the grass will grow in the streets of every city in the country.
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