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Reply #7: What if you buy your house "again" by refinancing? [View All]

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jsamuel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-05-09 06:25 PM
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7. What if you buy your house "again" by refinancing?
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  -A simple explanation of the $15,000 tax credit for home purchase. Tennessee Gal  Feb-05-09 06:10 PM   #0 
  - does that have to be paid back, like the current $7500 credit? (nt)  ima_sinnic   Feb-05-09 06:15 PM   #1 
  - No.  Tennessee Gal   Feb-05-09 06:17 PM   #2 
     - Will this apply to 2009 taxes too? n/t  here_is_to_hope   Feb-05-09 07:48 PM   #28 
  - How does that help someone about to be foreclosed on?  county worker   Feb-05-09 06:18 PM   #3 
  - It only boosts the housing market, which is way down because of economic fears.  Tennessee Gal   Feb-05-09 06:22 PM   #4 
  - If you are trying to sell a house, it may help you get a buyer sooner if they need the tax credit.  Tennessee Gal   Feb-05-09 06:27 PM   #9 
     - It might help the neighbors some, too  wryter2000   Feb-05-09 06:29 PM   #12 
  - What you are describing sounds like a tax deduction to me, not a tax credit.  ret5hd   Feb-05-09 06:23 PM   #5 
  - No, you have that reversed.  Tennessee Gal   Feb-05-09 06:24 PM   #6 
  - from  ret5hd   Feb-05-09 06:26 PM   #8 
     - You are correct. I am sorry.  Tennessee Gal   Feb-05-09 07:00 PM   #23 
  - You are correct sir.  ohtransplant   Feb-05-09 06:32 PM   #14 
     - Yes, but the OP seems to be slow in acknowledging it.  ret5hd   Feb-05-09 06:35 PM   #16 
        - She must've gotten those spiffy examples from somewhere...  ohtransplant   Feb-05-09 06:43 PM   #18 
  - What if you buy your house "again" by refinancing?  jsamuel   Feb-05-09 06:25 PM   #7 
  - Refinancing is not buying. It requires no sales contract.  Tennessee Gal   Feb-05-09 06:27 PM   #10 
  - Sell it to your spouse.  ret5hd   Feb-05-09 06:28 PM   #11 
  - I honestly don't know who this credit is designed to benefit.  DURHAM D   Feb-05-09 06:31 PM   #13 
  - Good analysis.  bottomtheweaver   Feb-05-09 06:43 PM   #17 
  - Those of us who haven't bought a home until we had money for a downpayment  stray cat   Feb-05-09 06:50 PM   #20 
  - So they are trying to create another BUBBLE...  Kansas Wyatt   Feb-05-09 06:33 PM   #15 
  - A 15000 tax credit in this lending climate will never create a housing bubble.  stray cat   Feb-05-09 06:48 PM   #19 
     - Don't be so sure that they haven't got an angle up their sleeve.  Kansas Wyatt   Feb-05-09 06:57 PM   #22 
  - A credit is a reduction of taxes owed  lizziegrace   Feb-05-09 06:55 PM   #21 
  - yes and here's the text of the amendment and an excerpt about that  Muttocracy   Feb-05-09 07:01 PM   #24 
     - I like the fact that the taxpayer can elect to take the credit  lizziegrace   Feb-05-09 07:05 PM   #26 
  - This credit or whatever they call it has finally convinced me that there will  Riley18   Feb-05-09 07:03 PM   #25 
     - have you read the amendment itself? nt  Muttocracy   Feb-05-09 07:35 PM   #27 

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