How to calculate Tax Returns with Home Purchase

[theogt]

If you haven't owned or had any ownership interest in a home in the last three years you will get 8,000.00 flat back on your taxes before all of the other deductions are taken.

Actually this can be applied retroactively to your 2008 taxes (even though you bought the house in 2009), so you can get it immediately by filing an amendment.

 

[Bob Sacamano]

let's look at the many hats theo wears:

movie buff, NFL scout, economist, lawyer, real estate mangnate

:worthy:

 

[WoodysGirl]

let's look at the many hats theo wears:

movie buff, NFL scout, economist, lawyer, real estate mangnate

:worthy:

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

 

[theogt]

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

:laugh2::laugh2:

 

[5Stars]

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

:laugh2: :laugh1: :laugh2:


(stupid cowboy moderators)!!!



:laugh2:

 

[Bob Sacamano]

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

oh i c

getting me back for putting you in the sexy girl's name list...

 

[WoodysGirl]

oh i c

getting me back for putting you in the sexy girl's name list...

Hadn't even read it...but it never hurts to take a shot when one's there for the taking.

 

[Bob Sacamano]

Hadn't even read it...but it never hurts to take a shot when one's there for the taking.

a page right out of my book

I commend you

 

[tomson75]

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

OH Well played!

 

[Bob Sacamano]

great WG, you had to zing me while all my enemies are online together

NICE JOB

 

[Cajuncowboy]

Now let's look at the caps that Bob Sacamano wears...

http://i5.***BLOCKED***/albums/y164/nbr1diva/dunce.jpg

:laugh2:

What a riot!

 

[Cajuncowboy]

Actually this can be applied retroactively to your 2008 taxes (even though you bought the house in 2009), so you can get it immediately by filing an amendment.

Also, it can monetized right now if you are going FHA or some other program that provides a bridge loan.

 

[Maikeru-sama]

Also, it can monetized right now if you are going FHA or some other program that provides a bridge loan.

The FHA backed off us this then jumped back on and now is back off of it again.

They realized that this could re-create some of the problems that started the mortgage meltdown, ie people could basically get a mortgage and put none of their money down for it.

Edit: Disregard, I misread what you stated.

 

[Maikeru-sama]

let's look at the many hats theo wears:

movie buff, NFL scout, economist, lawyer, real estate mangnate

:worthy:

Why do I get the feeling you're being sarcastic.

 

[Bob Sacamano]

Why do I get the feeling you're being sarcastic.

whattaya mean, I love theo

 

[Cajuncowboy]

The FHA backed off us this then jumped back on and now is back off of it again.

They realized that this could re-create some of the problems that started the mortgage meltdown, ie people could basically get a mortgage and put none of their money down for it.

No, you can still get it through FHA but you need to have the required 3.5 % down before hand and then use the 8G for additional Down payment.

 

[Maikeru-sama]

No, you can still get it through FHA but you need to have the required 3.5 % down before hand and then use the 8G for additional Down payment.

Hmmm, I just edited my post.

Maybe they have jumped back on this again but I talked to my lender and about 5 other lenders and they said the FHA backed off of it, this was last week.

Im not interested in using it as a down payment as I already have already saved enough quite a bit.

But I will be filing my 2008 amended tax return .

Right now I am considering buying points, but my lender still hasn't gotten back with me on whether a point is 1/8 or 1/4.

 

[Maikeru-sama]

On another note, thank god I locked in at 5%, looking at Bankrate.com, rates are up to 5.45% .

Three more days until the Option Period ends....

 

[Joe Realist]

On another note, thank god I locked in at 5%, looking at Bankrate.com, rates are up to 5.45% .

Three more days until the Option Period ends....

5% is excellent.

 

[5Stars]

On another note, thank god I locked in at 5%, looking at Bankrate.com, rates are up to 5.45% .

Three more days until the Option Period ends....

If only you could hold off for maybe one more year (next year) to buy a house, I bet you would get a better rate.

Your rate now is not bad...but I think things are going to get better.


Make a plan, Stan!