Hoping for miracle in House/Senate compromise

[grossjason]

In what should be a time of joy in one's life, I find myself stressing.

My wife and I are closing on our first home purchase at the end of this week. <img src="/forum/images/graemlins/applause2.gif" alt="" />

However, there's some drama going on in DC. The House passed a bill saying the $7,500 first time home buyer would be a free tax credit to all who buy during the calendar year of 2009.

It went to the Senate and they doubled it to $15,000. STOCKED right??? NO. They added a time stamp to it, making it good from the date of passing onward. Not retroactive to beginning of year.

Obama wants it on his desk Monday.

So it looks like if the Senate version passes, we're going to miss out on $15,000 tax free from Uncle Sam by a couple days. If that's the case, we still are eligible for the $7,500 interest free loan that we have to pay back.

Unreal...close Feb. 16, $15,000 tax free credit.
Close Feb. 13, $7,500 loan we have to pay back.

Our only hope is if they compromise and allow it to be retroactive.

I need a drink.

<img src="/forum/images/graemlins/puke.gif" alt="" /> <img src="/forum/images/graemlins/00000045.gif" alt="" />

 

[varno]

Push the close by a week <img src="/forum/images/graemlins/shrug.gif" alt="" />

 

[varno]

I can't see a seller right now not willing to compromise with a performing buyer. <img src="/forum/images/graemlins/confused.gif" alt="" />

 

[studog]

i'm also looking to buy a place this year and would be a 1st time home buyer. the $15K credit is nice and better than the $7,500 loan. but something to consider about it. the credit is not a refund. therefore it will only reduce and/or zero out your taxes. you will not get a refund (cash in your pocket) of the difference between taxes owed and the $15K. So to be a real economic stimulous you'd have to zero out your federal withholding on your paycheck figuring the $15K would be enough to cover the taxes you'd owe on your 1040.

for me it does help as i'll be selling stock for my downpayment. so the $15K credit would offset my capital gains tax

<img src="/forum/images/graemlins/shrug.gif" alt="" />

 

[studog]

bail out bill did not include the $15K tax credit
<img src="/forum/images/graemlins/censored.gif" alt="" />