Taxes: 2008 First Time Homebuyer's Credit

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  1. #1
    OUMallen's Avatar
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    Taxes: 2008 First Time Homebuyer's Credit

    Anyone else take this? Are you paying it back $500/year?

    I sold that house this year and moved to Norman this year. The entire balance on the original amount came due on my 2012 federal return.



    Moreover, if you took the same credit in 2009, it was $500 more, and they don't have to pay it back at ALL. The 2008ers are getting f-ed, compartively.

  2. #2
    You're griping about taxes?!?
    Aren't you a Dem?
    2 users like Yasiel Puig's post: Julz, Soonerp


  3. #3
    Originally Posted by OUMallen View Post
    Anyone else take this? Are you paying it back $500/year?

    I sold that house this year and moved to Norman this year. The entire balance on the original amount came due on my 2012 federal return.



    Moreover, if you took the same credit in 2009, it was $500 more, and they don't have to pay it back at ALL. The 2008ers are getting f-ed, compartively.
    You would have to pay back the 2009 credit if the home ceases to be your primary residence after 3 years...
    2 users like pphilfran's post: Lake_Bum, Sooners2007


  4. #4
    Got mine in 2009 so I'm good

  5. #5
    I applaud your Patriotism.

  6. #6
    Closed on my house in Dec of 08. Every year around tax time I get really pissed that we didn't wait an extra month.
    2 users like pbc2003's post: OUMallen, Sooners2007


  7. #7
    SpankyNek's Avatar
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    Bought ours in '11...no tax credit.

  8. #8
    Originally Posted by OUMallen View Post
    Moreover, if you took the same credit in 2009, it was $500 more, and they don't have to pay it back at ALL. The 2008ers are getting f-ed, compartively.
    It is frustrating I'm sure...but, you came out better than the 2007ers and before.

  9. #9
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    Originally Posted by Romulus View Post
    You're griping about taxes?!?
    Aren't you a Dem?
    No.

  10. #10
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    Originally Posted by RockFlagandEagle View Post
    It is frustrating I'm sure...but, you came out better than the 2007ers and before.
    Yeah, shouldn't **** too much about an interest-free loan really. Just think it should have stayed as a $500/year payback instead of ballooning on me. It'll hurt, but we can do it. Others won't be so lucky, though- they'll get in the hole to Uncle Sam to the tune of thousands of dollars.

  11. #11
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    Originally Posted by pbc2003 View Post
    Closed on my house in Dec of 08. Every year around tax time I get really pissed that we didn't wait an extra month.
    Me too, but I suppose my life would have worked out the same and I still would have moved within 3 years and have to pay it back.

    I can't even remember what I spent that money on...I think I paid off a credit card or something.

  12. #12
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    Originally Posted by hOUrricane View Post
    I applaud your Patriotism.
    Thanks bro. Happy to support your poor, welfare babymamas out there.

  13. #13
    Originally Posted by OUMallen View Post
    Yeah, shouldn't **** too much about an interest-free loan really. Just think it should have stayed as a $500/year payback instead of ballooning on me. It'll hurt, but we can do it. Others won't be so lucky, though- they'll get in the hole to Uncle Sam to the tune of thousands of dollars.
    You had 15 years to pay it back...why the balloon? Did you sell?

  14. #14
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    Originally Posted by pphilfran View Post
    You had 15 years to pay it back...why the balloon? Did you sell?
    Yeah, we sold this year after buying in 2008. I remembered in the back of my mind that this was likely to occur at tax time, but damn, yo. Sucks.

  15. #15
    Tough titty...

    I would be kicking myself in the ass for all of the brokerage fees....

  16. #16
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    Originally Posted by pphilfran View Post
    Tough titty...

    I would be kicking myself in the ass for all of the brokerage fees....
    Indeed! I bet there are a lot of people out there that will get f-ed by this. The very nature of it (first time homebuyer) sort of indicates that perhaps that person doesn't have the cash to pay thousands of dollars at tax time! Oh well, it'll pay a soldier for a couple months.

  17. #17
    Nobody is getting ****ed...it was basically an interest free loan for an extended period of time...everyone that signed up for the program knew the rules up front...

  18. #18
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    Originally Posted by pphilfran View Post
    Nobody is getting ****ed...it was basically an interest free loan for an extended period of time...everyone that signed up for the program knew the rules up front...
    People's circumstances change. People will get screwed by this, and are. I'm super fortunate I'm in a position to pay it all at once. Others might have moved, not by preference, and will end up not only NOT getting a refund they usually plan on getting, but be in the red to the government for thousands of dollars.

    "Here, have some money. Don't worry, you won't have to pay it back immediately, but $500/tax period. You always get a refund anyway."

    Tons of people *need* that money, so they take it. Then they can't move without having the amount balloon? Why must it balloon anyway?

    Just because people were made aware of the rules doesn't mean it doesn't hurt.

  19. #19
    Troker's Avatar
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    Taxes: 2008 First Time Homebuyer's Credit

    Originally Posted by OUMallen View Post
    I can't even remember what I spent that money on...I think I paid off a credit card or something.
    I hear that. I think I paid for two semesters of school that I probably dropped half the classes during.

  20. #20
    Originally Posted by OUMallen View Post
    People's circumstances change. People will get screwed by this, and are. I'm super fortunate I'm in a position to pay it all at once. Others might have moved, not by preference, and will end up not only NOT getting a refund they usually plan on getting, but be in the red to the government for thousands of dollars.

    "Here, have some money. Don't worry, you won't have to pay it back immediately, but $500/tax period. You always get a refund anyway."

    Tons of people *need* that money, so they take it. Then they can't move without having the amount balloon? Why must it balloon anyway?

    Just because people were made aware of the rules doesn't mean it doesn't hurt.
    No..."Here is the free, interest free loan.. You have 15 years to pay it back unless you sell or lose the home."

    If someone couldn't afford a home without the free money then they shouldn't have bought a home....

    Part of the problem with our current state of affairs...people ****ing about something that was given to them and then having to follow the rules...
    2 users like pphilfran's post: Julz, oucub23


  21. #21
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    Took it. Started renting the place. And had to pay $7,000 back last year, had already paid $500 back the year before. ugh.

  22. #22
    OUMallen's Avatar
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    Taxes: 2008 First Time Homebuyer's Credit

    Originally Posted by pphilfran View Post
    No..."Here is the free, interest free loan.. You have 15 years to pay it back unless you sell or lose the home."

    If someone couldn't afford a home without the free money then they shouldn't have bought a home....

    Part of the problem with our current state of affairs...people ****ing about something that was given to them and then having to follow the rules...
    Guess you never lost a job or had a family member get sick or had to move. You're a real sweetheart.

  23. #23
    Originally Posted by OUMallen View Post
    Guess you never lost a job or had a family member get sick or had to move. You're a real sweetheart.
    That is not the case. I feel badly for folks that lost jobs or had other circumstances that contributed to a financial problem.

    But I damn sure don't condone people buying homes with no savings or emergency money to tide them over when disaster strikes.

    Everyone that took that credit knew the terms in advance. There was nothing in the contract about cutting them slack if they failed to think and plan for the worst case scenario.. Nobody got ****ed. They were given thousands of dollars and were expected to pay back those thousands over a 15 year term.

    Nobody forced a single person to take the credit. Nobody forced a single person to sign on the dotted line and agree to the terms of the contract.

    It is called personal responsibility...an item that is far too rare in these times...

  24. #24
    Yep, I am a hard ass...I wear the badge proudly...

  25. #25
    OUMallen's Avatar
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    Taxes: 2008 First Time Homebuyer's Credit

    Originally Posted by pphilfran View Post
    Yep, I am a hard ass...I wear the badge proudly...
    Your mom and Jesus would be proud.

  26. #26
    Originally Posted by pphilfran View Post
    Everyone that took that credit knew the terms in advance.
    Sadly, it's very likely that most did not even read the terms and did not even think about the potential for the unexpected to occur.

  27. #27
    Originally Posted by OUMallen View Post
    Your mom and Jesus would be proud.
    They damn sure would be....

    My old man taught me right...he would tell me "This is what you are going to do, and if you don't comply then this will happen." And then he never backed off of the punishment. Most time the punishment was a load of dirt in the front yard. I would have to move the load of dirt to the low spots. I could do nothing outside of school or dirt moving until the pile was flattened. If it took me a month then I was watching my buddies ride by on their bikes for a month. btw our yard was about a foot higher than all the neighboring yards...

    Do you find it acceptable that people buy homes with loans with teaser rates, little down (after the tax credit), no savings, and no emergency fund?

  28. #28
    Originally Posted by Sinatra View Post
    Sadly, it's very likely that most did not even read the terms and did not even think about the potential for the unexpected to occur.
    imo part of the problem are the truth in lending laws that have created books of paperwork that few ever actually read or think about. I damn sure don't have a problem with a War and Peace size loan document, but it should have a front page with the basics of the loan.

    Here is the term
    Here is the interest rate
    Here is your monthly payment amount
    Here are your taxes and insurance that will be added to the payment and placed in escrow
    This is how much you payment can increase if a variable loan (yearly increase and lifetime increase)
    Here are penalties and fees if late on payments

    After that you can have all the details you want in the following hundred pages....
    2 users like pphilfran's post: ArbySooner, URNotserious


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