Discussion:$18000 Rebate????
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Discussion Forum Index --> Tax Questions --> $18000 Rebate????
| 13 March 2009 | |
| Local RE office ad. Call me to see if you qualify for $18000 rebate. I know all about the $8000 rebate but have no idea where the other $10k comes from. | |
Death&Taxes (talk|edits) said: | 13 March 2009 |
| Something tells me there is a 'rebate' of 10K given on any house purchase by the contractor. | |
Wonder Woman USA (talk|edits) said: | 13 March 2009 |
| Are you in California? (It might help if you'd fill in your profile). | |
Wonder Woman USA (talk|edits) said: | 14 March 2009 |
| Sounds to me like the ad was kludging together the Federal and (new -- $10,000) California first time homebuyers' credits. CA credit is only for new construction. It's all explained on the FTB website. | |
| 14 March 2009 | |
| Your right with so much going on I forgot the Ca credit. But, it is not a refundable credit like the federal. Thanks | |
Laketahoecpa (talk|edits) said: | 14 March 2009 |
| Oh, and I'm sure the RE agents will make it clear to people about nonrefundable feature of CA credit - NOT | |
Wonder Woman USA (talk|edits) said: | 15 March 2009 |
| My new client's re agent told him he couuld get the CA credit for a condo he's buying for rental purposes. <sigh> | |
| 15 March 2009 | |
| The CA credit is paid out over three years and its only for new houses used for two years as primary residence and owned for at least three. And there are only so many, its first come, first served and you have to apply for it with a special form that's proof you get from the builder. Not as simple as attaching a form to your return and saying you bought a house. | |
| March 15, 2009 | |
| Hmmm, with the IOU refund policy CA has, I wonder how they'll be able to pay $10k out to eligible people, even if it is over three years. | |
| 30 March 2009 | |
| Also, note Michigan's Senate has passed Bill #346 (unanimously). The House has not yet passed the bill.
The media is quoting the bill as providing a refundable income tax credit of the lesser of 10% of purchase price or $10,000. Purchase needs to occur between 04-01-2009 and 12-31-2010. (Note the original bill was a credit regarding property tax, but was amended on 03-19-2009 unanimously.) [[1]] <-- Link to MichiganVotes.Org, which tracks the bill's progress I haven't read the bill text, the above link confuses me as to whether the media is right. This link indicates the amendment limited the income tax credit to the lesser of 10% of the purchase price or $10,000. The original credit was equal to the increase in property taxes paid by the previous and new owner. If this site is right, "limiting" the credit rather than "replacing" the original credit doesn't mean everyone's getting a $10,000 refund -- unless their property taxes paid go up by that amount, which would only be on very expensive homes. I'm hoping the media is right, and will have to read the bill text soon. Might buy my first home soon and $18,000 would be very nice! | |
