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(Sun Sentinel)   Toddler gets $8,000 tax credit, shiatload of Baby Einstein DVDs   (sun-sentinel.com) divider line 69
    More: Stupid, tax credits, House Ways and Means Committee, inspector general, National Association of Realtors, home ownership, subcommittee, IRS, children  
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10347 clicks; posted to Main » on 23 Oct 2009 at 12:40 PM (4 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2009-10-23 09:09:07 AM
The Obama Administration pushed through this housing credit without proper review and without thought to consequences, similar to what they're trying to do and have been trying to do with health care reform. And what did they get? A deeply flawed, exploitable program with an almost seven percent error rate. Seven percent. Now imagine a seven percent error rate in health care. That's seven percent of you who'd go to the doctor for a checkup and end up dead. Dead. Seven percent. Think about that. Seven percent of the US population is over 2 million people. Two million people dead. We're not talking about some statistical glitch, folks, we're talking about the Holocaust being acted out right here on our shores. An American Holocaust. Just think about it. Just think about it. Seriously, just think about it.
 
2009-10-23 09:26:43 AM
Pocket Ninja: That's seven percent of you who'd go to the doctor for a checkup and end up dead.

So the doctors will make up the death panels?
 
2009-10-23 09:35:11 AM
jonasborg: So the doctors will make up the death panels?

Possibly. It's not too outlandish to think that some doctors are in on it. Sleeper socialists, something to that effect. And that's not even getting into something the Obama camp has been trying to keep very, very quiet. Closing Gitmo. You remember they're closing Gitmo, right? And bringing all those battle-hardened terrorists to live in American communities? We need to be asking ourselves what happens if one of these people escapes and gets on a death panel. Can you imagine the damage? It wouldn't even be socialists deciding who gets to live and die for some fanciful utopia anymore...now it would be America-hating terrorists deciding to kill everybody and there wouldn't be anything we could do to stop it.
 
2009-10-23 10:33:53 AM
Pocket Ninja: Sleeper socialists, something to that effect.


If they are sleeping, then they can't do too much damage.
 
2009-10-23 10:49:17 AM
Pocket Ninja: jonasborg: So the doctors will make up the death panels?

Possibly. It's not too outlandish to think that some doctors are in on it. Sleeper socialists, something to that effect. And that's not even getting into something the Obama camp has been trying to keep very, very quiet. Closing Gitmo. You remember they're closing Gitmo, right? And bringing all those battle-hardened terrorists to live in American communities? We need to be asking ourselves what happens if one of these people escapes and gets on a death panel. Can you imagine the damage? It wouldn't even be socialists deciding who gets to live and die for some fanciful utopia anymore...now it would be America-hating terrorists deciding to kill everybody and there wouldn't be anything we could do to stop it.


Sounds like a plot to the latest Hollywood PoS.

/loves your posts
 
2009-10-23 10:52:49 AM
These dipshiats are delaying my fiancee's (legitimate) credit from being processed. IRS, we're waaaaiiiitiiiing.

/Also: thanks, taxpayers, for subsidizing our home
 
2009-10-23 11:39:11 AM
Pocket Ninja: Seven percent of the US population is over 2 million people

300,000,000 x .07 = 2?
 
2009-10-23 11:48:00 AM
Eat_At_Milliways: 300,000,000 x .07 = 2?

I said over 2, you hippy. I'm trying to not scare people too much.
 
2009-10-23 11:58:15 AM
Pocket Ninja: I said over 2, you hippy. I'm trying to not scare people too much.

20 is over two, sure. Good on you for your sensible restraint.

But sensible restraint will be what gets people killed when Obama's plans are put into action. The people need to wake up. You're trying to use one of those fancy Sharper Image alarm clocks that tries to mimic the sun being all gentle and relaxing.

I'm saying you need to be more like a hammer to the nuts.
 
2009-10-23 12:44:52 PM
Well nobody saw anything wrong with babies getting credit card offers (and even being issued cards) all those years.

I guess this is the next evolutionary step.

Just wait until they start collecting social security.

/wonders how again feds take more heat than teflon-bankers.
 
2009-10-23 12:49:47 PM
Pocket Ninja: Just think about it

I think I want to quote PocketNinja as well!
 
2009-10-23 12:50:14 PM
21,000,000 people dead all at once? In the first year? Decade?
It is really cool to spout useless numbers to scare people, just look how well it has worked for the a.m. talk radio crowd.

Ask yourself this: How many people will die in the U.S. due to lack of adequate medical care under the current health care policies in this country?
 
2009-10-23 12:52:54 PM
Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?
 
2009-10-23 12:53:20 PM
You know that if John Lewis is investigating corruption, the shiat must be hitting the fan.
 
2009-10-23 12:55:05 PM
DIGITALgimpus: "Well nobody saw anything wrong with babies getting credit card offers (and even being issued cards) all those years."

Well the worst thing to happen there would be that the private company giving credit to people who couldn't pay it back would lose money. It's not like the *taxpayer's* money would be used to cover the difference if those idiots ran their companies into the ground...

hey... waitaminute...
 
2009-10-23 12:58:11 PM
Devil's Playground: "Why do I not get an $8000.00 tax credit?"

Because you weren't irresponsible with your money. If you'd blown everything on frivolous bullshiat and lottery tickets, the government would have your back.

You know, like Wall Street.
 
2009-10-23 01:06:41 PM
Pocket Ninja: The Obama Administration pushed through this housing credit without proper review and without thought to consequences, similar to what they're trying to do and have been trying to do with health care reform. And what did they get? A deeply flawed, exploitable program with an almost seven percent error rate. Seven percent. Now imagine a seven percent error rate in health care. That's seven percent of you who'd go to the doctor for a checkup and end up dead. Dead. Seven percent. Think about that. Seven percent of the US population is over 2 million people. Two million people dead. We're not talking about some statistical glitch, folks, we're talking about the Holocaust being acted out right here on our shores. An American Holocaust. Just think about it. Just think about it. Seriously, just think about it.

I will probably never agree with you on anything political, but I do acknowledge greatness when I see it. Your posts are legend.
 
2009-10-23 01:08:51 PM
ringersol: Because you weren't irresponsible with your money. If you'd blown everything on frivolous bullshiat and lottery tickets, the government would have your back.

As someone who was responsible with his money, I'm not getting a kick out of these remarks (or these giveaways...)
 
2009-10-23 01:11:25 PM
OMG Obammy is tryin to kill me!!
 
2009-10-23 01:13:34 PM
Tree houses are mighty expensive these days...
 
2009-10-23 01:16:06 PM
Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

Alot of the point was to spur people to buy unoccupied homes. You already occupied one, you just changed which one you occupied.

Although the original bill was open to everyone, but that was modified. Same with some of the 30+ bills currently be debated for extending the credit for next year
 
2009-10-23 01:28:18 PM
All these assholes committing fraud are holding up my (legitimate) claim. I want my eight thousand dollard, damnit!

/grr
 
2009-10-23 01:29:54 PM
Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

You didn't stimulate the economy, you just moved.

You may have bought a home increasing demand but in selling a home you decreased demand by taking a buyer off the market.

You moving is akin to you changing tables at a restaurant where the government is looking to fill more tables. You moving tables doesn't have any real impact.

The US housing market needs to clear out some inventory. You didn't clear anything, you had a 1:1 transaction.

A new buyer just buys. The rental apartment they had isn't as much of a burden since margins are low and demand is actually up thanks to people downsizing. They are removing inventory hence stimulating the economy.

You didn't really stimulate the economy.
 
2009-10-23 01:32:31 PM
tweekster:
Alot of the point was to spur people to buy unoccupied homes. You already occupied one, you just changed which one you occupied.

No, the idea was to get money flowing in the economy again. Hence the name "Stimulus Package".

/Again, more money was stimulated in the transaction of two homes sold than just one.

//Yes, I did have sour grapes for breakfast.
 
2009-10-23 01:32:36 PM
Hmm.

FTFA: "...questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit..."

So, only 6.6% of the claims have eligibility concerns. In other words, 93.4% of the claims are valid and eligible. So far, so good. Sounds better than some social aid programs, actually. The biggest eligibility issue (74,000 out of the 100,000 or so) is that the buyers applying for the credit may have owned homes in the past.

FTFA: "...that 580 people seeking $4 million from the first-time homebuyer credit were under the age of 18."

580 out of over 1,500,000 claims, or .0038%? Really?

Folks, if this is the worst, I'm far happier about this than, say, our silly-ass farm subsidy program.
 
2009-10-23 01:38:28 PM
Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

Realtors can all go fark themselves. They spread lies about who is eligible and unless you talk to a CPA you really don't know.

While we got screwed, my newly married wife already owned, there was no way for us to qualify plus there are way too many strings attached. It just isn't "free $8000".

I still like the job obama is doing but these crappy "stimulus" crap needs to stop. Stop spending money we don't have!
 
2009-10-23 01:39:45 PM
Devil's Playground: No, the idea was to get money flowing in the economy again. Hence the name "Stimulus Package".

/Again, more money was stimulated in the transaction of two homes sold than just one.

//Yes, I did have sour grapes for breakfast.


And many parts of the stimulus were targeted at specific reasons such as getting rid of unoccupied homes. you did not fall into that reason.

You are correct more stimulus in the economy would have occurred, but that was not the principle purpose of that tax credit.
 
2009-10-23 01:41:07 PM
DIGITALgimpus:

You moving is akin to you changing tables at a restaurant where the government is looking to fill more tables. You moving tables doesn't have any real impact.

We had a 1,000 s.f. starter house. We bought a 2,000 s.f. house that is more comfortable and fits our lifestyle better. The people we purchased from built a new house with about 3,000 s.f. By us leaving the starter home, a young couple, just starting out were able to buy a house that was affordable to them. The people we purchased our new home were able to build a new house, there by employing numerous construction personnel. Each of the three transactions provided money to numerous people and agencies, and through the multiplier effect, other service personnel benefitted as well. So, i think you are wrong to say that us buying a nicer home is just like moving tables in a restaurant.
 
2009-10-23 01:41:21 PM
DIGITALgimpus: You didn't stimulate the economy, you just moved.

You may have bought a home increasing demand but in selling a home you decreased demand by taking a buyer off the market.

You moving is akin to you changing tables at a restaurant where the government is looking to fill more tables. You moving tables doesn't have any real impact.

The US housing market needs to clear out some inventory. You didn't clear anything, you had a 1:1 transaction.

A new buyer just buys. The rental apartment they had isn't as much of a burden since margins are low and demand is actually up thanks to people downsizing. They are removing inventory hence stimulating the economy.

You didn't really stimulate the economy.


While I wouldnt go that far considering commissions were paid, title companies went to work, home inspectors did their job etc. But your table analogy is perfect.
 
2009-10-23 01:45:23 PM
DIGITALgimpus: Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

You didn't stimulate the economy, you just moved.

You may have bought a home increasing demand but in selling a home you decreased demand by taking a buyer off the market.

You moving is akin to you changing tables at a restaurant where the government is looking to fill more tables. You moving tables doesn't have any real impact.

The US housing market needs to clear out some inventory. You didn't clear anything, you had a 1:1 transaction.

A new buyer just buys. The rental apartment they had isn't as much of a burden since margins are low and demand is actually up thanks to people downsizing. They are removing inventory hence stimulating the economy.

You didn't really stimulate the economy.


I disagree. By selling his old home and buying a new one, he did the following:

1. Paid four real estate agents (buyer's and seller's agents in two transactions, shared with the other buyer and seller).
2. Paid banks, title companies, insurance agents, escrow companies, etc., for both transactions (shared with buyer and seller).
3. Probably paid a moving company to move his stuff.
4. Probably made repairs to the new place.
5. Probably purchased new appliances or furniture.
6. Oh, and he did give money to the seller of his new house, and got money from the buyer of his old one.

That's a lot of economic stimulating going on there.
 
2009-10-23 01:48:10 PM
mrmaster: Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

Realtors can all go fark themselves. They spread lies about who is eligible and unless you talk to a CPA you really don't know.

While we got screwed, my newly married wife already owned, there was no way for us to qualify plus there are way too many strings attached. It just isn't "free $8000".

I still like the job obama is doing but these crappy "stimulus" crap needs to stop. Stop spending money we don't have!


"Too many strings...?"

Really?

A. Buy your home. If you or your wife did not own a home or have an ownership interest in a principal residence in the last three years, you qualify.
B. Don't move. For at least 36 months.

Those were the strings. Buy a house, live in it, don't move for three years. Collect $8000 interest and repayment free.
 
2009-10-23 01:52:27 PM
mrmaster: Devil's Playground: Back to the subject at hand, why is this tax credit only for first time home buyers? My wife and I bought a new home and sold our old one this last year, thereby stimulating the economy twice as much as some one buying a house and moving out of a rental. Why do I not get an $8000.00 tax credit?

Realtors can all go fark themselves. They spread lies about who is eligible and unless you talk to a CPA you really don't know.

While we got screwed, my newly married wife already owned, there was no way for us to qualify plus there are way too many strings attached. It just isn't "free $8000".

I still like the job obama is doing but these crappy "stimulus" crap needs to stop. Stop spending money we don't have!


It is a free eight grand, if you qualify.

The qualifications are:

1. You must have not owned a house in the past three years.
2. You must make less than $75k single, $150k married couple (people with incomes slightly above that get a partial credit).
3. You must live in the house for two years as your primary residence.
4. The credit can't be more than 10% the purchase price (that is, if you found a house for $50k, you only get $5,000).

If you qualify for all of the above (I did), you get an eight grand tax refund to spend however you want to. You can add it to your 2009 taxes (that is, if you would normally have gotten a check for a grand come April 15th, it would be nine grand this year), or you can amend your 2008 taxes and get the money early (I did this).
 
2009-10-23 01:57:56 PM
How are these people applying for the $8000 credit already? The credit is for the 2009 tax year which is still going on. You're supposed to apply for the credit on your 2009 tax return. How do you do your 2009 taxes if the year isn't even done yet?
 
2009-10-23 02:00:01 PM
HagarTheHorrible: How are these people applying for the $8000 credit already? The credit is for the 2009 tax year which is still going on. You're supposed to apply for the credit on your 2009 tax return. How do you do your 2009 taxes if the year isn't even done yet?

You can elect to treat the sale date as December 31st, 2008 and amend your 2008 tax return to claim the credit.
 
2009-10-23 02:01:05 PM
Bought a house in late may (first timer)
Sent 1040X for 2008 in June
Still waiting....

Meanwhile:
Lines of credit used to finance repairs + upgrades between closing day and receipt of the tax credit are racking up interest. What was supposed to be a 2-month temporary thing has turned into a 6 month+ long mess.
People who's labor was used in said repairs/upgrades have gone unpaid.

Stupid feds.
 
2009-10-23 02:01:42 PM
HagarTheHorrible: How are these people applying for the $8000 credit already? The credit is for the 2009 tax year which is still going on. You're supposed to apply for the credit on your 2009 tax return. How do you do your 2009 taxes if the year isn't even done yet?

There's a way to get the credit advanced. In fact, there's a way to use the credit as part of your down payment.
 
2009-10-23 02:01:51 PM
The_Six_Fingered_Man: You can elect to treat the sale date as December 31st, 2008 and amend your 2008 tax return to claim the credit.

Gotcha, thanks for clarifying that.
 
2009-10-23 02:03:53 PM
Control_this: There's a way to get the credit advanced. In fact, there's a way to use the credit as part of your down payment.

Ah yes, I had forgotten about that. Thanks.
 
2009-10-23 02:04:09 PM
SRQHivemind: Bought a house in late may (first timer)
Sent 1040X for 2008 in June
Still waiting....

Meanwhile:
Lines of credit used to finance repairs + upgrades between closing day and receipt of the tax credit are racking up interest. What was supposed to be a 2-month temporary thing has turned into a 6 month+ long mess.
People who's labor was used in said repairs/upgrades have gone unpaid.

Stupid feds.


I am surprised I know of a lot of people that bought around that time and it was typically a 2 week turn around.
 
2009-10-23 02:04:21 PM
SRQHivemind: Bought a house in late may (first timer)
Sent 1040X for 2008 in June
Still waiting....

Meanwhile:
Lines of credit used to finance repairs + upgrades between closing day and receipt of the tax credit are racking up interest. What was supposed to be a 2-month temporary thing has turned into a 6 month+ long mess.
People who's labor was used in said repairs/upgrades have gone unpaid.

Stupid feds.


I would give the IRS a nice call and ask where your refund is. They should have processed it within 6-8 weeks. Could be that there were some issues such as, but not limited to: lack of backup documentation (such as your fully executed HUD-1 statement), error in numbers, error in calculations, incorrect address on the 1040X (where you put your previous address instead of the new house), etc.

They should be able to clear it up for you.
 
2009-10-23 02:10:05 PM
HagarTheHorrible: The_Six_Fingered_Man: You can elect to treat the sale date as December 31st, 2008 and amend your 2008 tax return to claim the credit.

Gotcha, thanks for clarifying that.


You don't even need to do fark with the sale date - the credit specifically says you can amend your 2008 tax return for immediate reimbursement when the purchase is made in the 2009 tax year.

Link (new window)
 
2009-10-23 02:17:01 PM
RexNexus: HagarTheHorrible: The_Six_Fingered_Man: You can elect to treat the sale date as December 31st, 2008 and amend your 2008 tax return to claim the credit.

Gotcha, thanks for clarifying that.

You don't even need to do fark with the sale date - the credit specifically says you can amend your 2008 tax return for immediate reimbursement when the purchase is made in the 2009 tax year.

Link (new window)


You need to make the election, otherwise it won't be treated correctly and processed accordingly:

If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008.

It's the only way an individual taxpayer (cash basis) can claim the credit on the 08 return for a purchase made in 09. You have to make the election.
 
2009-10-23 02:21:53 PM
Pocket Ninja: The Obama Administration pushed through this housing credit without proper review and without thought to consequences, similar to what they're trying to do and have been trying to do with health care reform. And what did they get? A deeply flawed, exploitable program with an almost seven percent error rate. Seven percent. Now imagine a seven percent error rate in health care. That's seven percent of you who'd go to the doctor for a checkup and end up dead. Dead. Seven percent. Think about that. Seven percent of the US population is over 2 million people. Two million people dead. We're not talking about some statistical glitch, folks, we're talking about the Holocaust being acted out right here on our shores. An American Holocaust. Just think about it. Just think about it. Seriously, just think about it.

You're kind of an idiot, aren't you? At first I thought you were being sarcastic because a) this is fark and b) you sound like a complete idiot. But further posts convince me that you are some kind of idiot. Are you really trying to say that potential tax payer fraud has anything to do with a Dr.s skill set? Are you really trying to say that a Dr. being paid from a publiclly administered medical insurance fund would turn the Dr. into some sort of killing machine where 1 in 14 or 15 of thier patients were at risk of dying where they weren't in any danger before? You're kind of an idiot, aren't you?
 
2009-10-23 02:29:17 PM
DIGITALgimpus: You moving is akin to you changing tables at a restaurant where the government is looking to fill more tables. You moving tables doesn't have any real impact.

Um, my wife and I moved from a rental house, paying $1095 a month in rent, 20 miles away from my job, to a house we own, paying $940 a month in mortgage, taxes and insurance, 2 miles away from my job. We bought new furniture, fixed up some of the house's problems, and painted a couple rooms. All thanks to the tax credit. We'll probably use some of the money left over to fix up our cars and buy a newer TV for our bedroom, or go on vacation, or pay for my tuition.

If that's not stimulating the economy, then I don't know what is. Apparently, you don't either.
 
2009-10-23 02:43:38 PM
Pocket Ninja: Seriously, just think about it.

You write product decriptions for woot.com don't you?
 
2009-10-23 02:49:29 PM
HaywoodJablonski: These dipshiats are delaying my fiancee's (legitimate) credit from being processed. IRS, we're waaaaiiiitiiiing.

/Also: thanks, taxpayers, for subsidizing our home


As a renter, I say thanks, breeder, for subsidizing my local taxes.
 
2009-10-23 02:51:57 PM
FormlessOne: Hmm.

FTFA: "...questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit..."

So, only 6.6% of the claims have eligibility concerns. In other words, 93.4% of the claims are valid and eligible. So far, so good. Sounds better than some social aid programs, actually. The biggest eligibility issue (74,000 out of the 100,000 or so) is that the buyers applying for the credit may have owned homes in the past.

FTFA: "...that 580 people seeking $4 million from the first-time homebuyer credit were under the age of 18."

580 out of over 1,500,000 claims, or .0038%? Really?

Folks, if this is the worst, I'm far happier about this than, say, our silly-ass farm subsidy program.


Stop making sense on fark. How dare you put things into perspective!

/fussing about this is like fussing about the dozen or so shark attacks that happen very summer
 
2009-10-23 02:52:48 PM
"He said claimants include those who could possibly be illegal immigrants "

Well, that J Russell Geirge is just a dam' RACIST!
 
2009-10-23 02:53:01 PM
The tax credit was, and will remain to be, a bad idea.

All it does is encourage irresponsible behavior (Oh but if I *don't* buy a house, I can't get the 8k! I need to buy a house right now, regardless of my financial situation), encourage a failure to plan (Well, I planned for my future and purchased a house...but gee, it turns out my plan was flawed because I couldn't know about an unannounced plan before it happened. Sucks to be responsible and take care of myself. Next time I'll just not worry about it and let the gubment take care of me).

And, it artificially keeps house prices higher than they should be.

You want a house, that's your business. Do it yourself.
 
2009-10-23 02:57:43 PM
marvinmoss.com
 
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