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Homebuyer tax credit: 950,000 must repay
09-11-2010, 08:22 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Oct 2003
Posts: 5,105
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Homebuyer tax credit: 950,000 must repay
Homebuyer tax credit: 950,000 must repay - Sep. 9, 2010
Does this affect anyone here?
If so, did you know you had to repay it?
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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09-11-2010, 09:22 AM
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#2
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Recycles dryer sheets
Join Date: Jun 2010
Location: Seatlle
Posts: 185
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09-11-2010, 02:28 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,691
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There was caller on Ray Lucia show, he set up a corporation which he used to write off stuff, he admitted is was for tax purposes and had no income or customers). The IRS put a lien on his house and he was calling to find out how he could sell this house without paying the IRS?
He lost his job and all I can think is "bad things happen to bad people"
TJ
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09-11-2010, 02:37 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
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 Quote:
Originally Posted by teejayevans
There was caller on Ray Lucia show, he set up a corporation which he used to write off stuff, he admitted is was for tax purposes and had no income or customers). The IRS put a lien on his house and he was calling to find out how he could sell this house without paying the IRS?
He lost his job and all I can think is "bad things happen to bad people"
TJ
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So what was the response? I hope it was "grow up and take some responsibility for once in your life" rather than giving him the advice he wanted.
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09-11-2010, 07:39 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,691
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Quote:
Originally Posted by RunningBum
So what was the response? I hope it was "grow up and take some responsibility for once in your life" rather than giving him the advice he wanted.
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Response was your SOL, IRS always wins. They didn't call him on his attempt to scam the IRS, probably because he gave a sob story about being out of work for 2 years, and did not want to pile on.
TJ
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09-11-2010, 11:12 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
I'm a little curious why the other 798 dead people got to keep their money. 
I'm sure there are plenty of tax cheats, but I suspect there are many more who for some reason can't figure out our oh so simple tax code and make an honest mistake. 
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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09-12-2010, 07:16 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
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We bought in 2009 and got the tax credit. One other stipulation that I recall is that you have to stay in the house three years or you have to pay back the money. I remember that, but don't have details. You have to submit closing documents (the HUD form) so don't know how the closing date could not be known.
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09-12-2010, 07:20 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,330
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Anybody think the government will come to the aid of the "victims" of the 2008 credit and erase the requirement to pay it back? I think it will more likely than not be brought up in congress if it already has not.
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
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09-12-2010, 07:27 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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Quote:
Originally Posted by jimnjana
Anybody think the government will come to the aid of the "victims" of the 2008 credit and erase the requirement to pay it back? I think it will more likely than not be brought up in congress if it already has not.
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Why stop there? Why not go back and compensate the "victims" of the 2007 no-credit period?
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09-12-2010, 09:49 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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Quote:
Originally Posted by jebmke
Why stop there? Why not go back and compensate the "victims" of the 2007 no-credit period?
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Why stop there? Why not go back to the high tech meltdown and compensate the "victims" there?
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