Comments on: What the Stimulus Means for Homeowners (or soon to be homeowners)

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By: katherine

katherine — Sun, 31 May 2009 12:25:59 +0000

I put 4 windows in this year at a cost of just over $3,000 and new gutters on both sides of the house for another cost of just over $3,000. Now, if I’m reading right I won’t get $6,000 back just $1,500 – which would still help. But, sounds like I have already shot the wad of pay back money. Somehow $1500 doesn’t sound like a lot anymore.

By: Paige

Paige — Thu, 28 May 2009 21:27:33 +0000

You are correct, the $8,000 new homeowner tax credit is only applicable to homes purchased in 2009. However, if you plan on doing any home improvements on your home in 2009, you may be eligible for a different tax credit. Many projects, such as new windows, a new water heater, and new appliances can be reported on your tax return to a portion of the project costs back up to a certain amount of money. They upper limit for these tax credits was raised by the Stimulus Bill, so 2009 may be a good year to consider these improvements. Here is a full list of the projects and tax credits for 2009. We can also help you find a contractor for any home improvements you plan on making.

By: Ellee

Ellee — Thu, 28 May 2009 14:31:51 +0000

My question will be that if you purchased a home before 2009 none of this stimulus plan will apply to any of us. Is this correct?

By: Paige

Paige — Wed, 27 May 2009 17:34:51 +0000

Yes, he should qualify for the tax credit, as long as the home was purchased within the 2009 tax year. As I suggested to another reader, becuase each home buying situation is unique, check with a accoutant to make sure!

By: donnie murphy

donnie murphy — Sat, 23 May 2009 11:53:31 +0000

i guess the tax credit wouldn,t do me any good i,m already retired and don,t have money to pay taxes on .i need roof so bad it leaks all over when it rains have no money to put on a new roof,i don,t recieve enough money.

By: Cynthia

Cynthia — Sat, 23 May 2009 11:40:32 +0000

I have purchased a home before but my husband and myself have purchased a home together. He has never purchased before, will we qualify for the tax credit?

By: Paige

Paige — Fri, 22 May 2009 20:14:24 +0000

Hi Todd,

Thanks for your questions. Without knowing more details about the purchase of your home – I’m not sure whether you qualify or not. You would have to have purchased the home within 2009, sounds like you might have purchased it a few years back, which means you may not qualify.

To be sure, I would check with an accountant – they will be able to give you the best answer.

Thanks!

By: todd

todd — Fri, 22 May 2009 17:42:58 +0000

question, if your a first time home owner and been buying your home for 3 years do you quifily for the 8000 dollars

By: Paige

Paige — Thu, 26 Mar 2009 20:40:57 +0000

Just wanted to follow up on the last comment. The commenter is right that in all years from 2008 and back, the $7,500 tax credit did have to be paid back.

However, now, the new $8,000 credit does not need to be paid back. So, if you have bought, or are planning to buy your first home in 2009, you will be receiving that money with no strings attached to pay back.

By: Anonymous

Anonymous — Wed, 25 Mar 2009 14:28:26 +0000

But what about the pay back? Yes you can get these credits but you MUST pay them back. What my accountant said was that the Gov. will deduct $500.00 a year from your taxes as a payback. If you get a refund at the end of the year the Gov. will deduct the $500.00 out of your refund each year until it is paid in full. If you owe taxes at the end of the year, you will owe an additional $500.00 as a payback until it is paid in full. Can any of us afford this right now???? It all sounds good but do your homework before you sign up for this money.

By: John Skinner

John Skinner — Tue, 24 Mar 2009 16:57:28 +0000

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Sat, 14 Mar 2009 05:41:04 +0000

[...] What the Stimulus Means for Homeowners (or soon to be homeowners) [...]

By: michele sarti

michele sarti — Tue, 24 Feb 2009 18:17:48 +0000

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By: Mike Harmon

Mike Harmon — Mon, 23 Feb 2009 20:45:23 +0000

Nice writing style. I look forward to reading more in the future.