Uncle Sam has a reminder for some people who took advantage of the first-time homebuyer tax credit three years ago: He wants his money back.
Americans who bought homes in 2008 using the government’s tax credit will be required to start repaying the credit beginning with their 2010 tax return, according to the Internal Revenue Service.
In an odd twist, those who took advantage of a nearly identical tax credit in 2009 or 2010 will not be required to pay it back.
Under the terms of the 2008 tax credit, the credit must be paid back over a 15-year period, beginning with this year’s return.
That means anyone who took the maximum $7,500 credit will have to add $500 to their income tax liability for 15 years. If you sell your house before the 15 years are up, the entire tax credit bill will be due the year the house is sold.
The Internal Revenue Service describes the 2008 program as “like an interest-free loan.”
This may come as a shock to some people, who may have forgotten the terms of the so-called credit, which was really more of a tax deferral. The IRS said it is sending reminders.
“There will definitely be people that are going to be surprised by it,” said Sean M. Dowling, vice president of The Dowling Group in Stamford, Conn., and a certified financial planner.
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BEWARE! TSA Is Stealing From Passengers
Americans who bought homes in 2008 using the government’s tax credit will be required to start repaying the credit beginning with their 2010 tax return, according to the Internal Revenue Service.
In an odd twist, those who took advantage of a nearly identical tax credit in 2009 or 2010 will not be required to pay it back.
Under the terms of the 2008 tax credit, the credit must be paid back over a 15-year period, beginning with this year’s return.
That means anyone who took the maximum $7,500 credit will have to add $500 to their income tax liability for 15 years. If you sell your house before the 15 years are up, the entire tax credit bill will be due the year the house is sold.
The Internal Revenue Service describes the 2008 program as “like an interest-free loan.”
This may come as a shock to some people, who may have forgotten the terms of the so-called credit, which was really more of a tax deferral. The IRS said it is sending reminders.
“There will definitely be people that are going to be surprised by it,” said Sean M. Dowling, vice president of The Dowling Group in Stamford, Conn., and a certified financial planner.
More Here..
BEWARE! TSA Is Stealing From Passengers
American government is now an indian giver.
ReplyDeletesuckas
ReplyDeletegot gold !
you would have doubled your money.
Using the phrase 'indian giver" is part of your deeply conditioned "we are the good guys" ,as honest white settler, American racist beleifs.
ReplyDeleteThe history of broken treaties and land theft war justifications between the White settlers and Indian nations ,shows who the real tricksters ,thieves and modern property land title contract breakers ,what you call 'indian givers" really were .
So why do you promote these old, wrong ,White racial superior morality stereotypes ,in everyday conversations ?
why did they buy in 2008 anyway..oh well. wonder, does the cash for clunkers, and caulkers too, need to be repaid?
ReplyDeleteTake your politically correct horse shit and shove it 6:17. We know what Indian Giver means and of the shoe fits so be it. It describes the IRS in this case to a T.
ReplyDeleteWorry about the substance, not the messenger and the expressions they use. Crawl back into your moral superiority hole.