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Economy
See other Economy Articles

Title: Homebuyer tax credit: 950,000 must repay (Suckers! Another Obama Scam Screws A Million)
Source: www.cnnmoney.com
URL Source: http://www.cnnmoney.com
Published: Sep 11, 2010
Author: Les Christie
Post Date: 2010-09-11 12:08:23 by Nebuchadnezzar
Keywords: None
Views: 14080
Comments: 20

Homebuyer tax credit: 950,000 must repay By Les Christie, staff writerSeptember 9, 2010: 2:40 PM ET

NEW YORK (CNNMoney.com) -- Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government. According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money.

The confusion comes because homebuyers were eligible for two different credits, depending on when their homes were purchased.

Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home's purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years. Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan. Now, the IRS is developing a strategy for separating the 2009 taxpayers who are required to repay the credit from those who are not.

A review by the Inspector General earlier this year found that the IRS could not easily distinguish between home purchases made in 2008 and 2009. That heightened concerns that some claims could be erroneous or even fraudulent, that buyers could, for example, claim their purchase came later than it actually occurred.


Poster's Comments: Another Obama scam/fraud is exposed. Almost a million Americans had to learn the lesson, again, the the government is out to screw you, not enrich you.

SUCKERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Post Comment   Private Reply   Ignore Thread  


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#1. To: Nebuchadnezzar, war (#0)

The catch: The [Homebuyer tax credit] money was a no-interest loan that had to be repaid [by 950,000 idiots] within 15 years.

Analysis, war?

Liberator  posted on  2010-09-11   13:25:33 ET  Reply   Trace   Private Reply  


#2. To: Liberator, wAR (#1)

Analysis, war?

Oh, his "explanation" will be spot-on.

Just watch.

Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554

Nebuchadnezzar  posted on  2010-09-11   13:54:44 ET  Reply   Trace   Private Reply  


#3. To: Nebuchadnezzar, war (#2)

Oh, his "explanation" will be spot-on.

Just watch.

It always is.

*snicker*

Liberator  posted on  2010-09-11   14:07:00 ET  Reply   Trace   Private Reply  


#4. To: Liberator, War (#3)

War, get your ass in here. You have some explaining to do son.

Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554

Nebuchadnezzar  posted on  2010-09-11   17:39:29 ET  Reply   Trace   Private Reply  


#5. To: Nebuchadnezzar (#4)

War, get your ass in here.

ASSHOLE...do you REALLY need me to tell you that Obama wasn't POTUS in 2008, your hero was, and that the law changed in 2009 when Obama actually was POTUS?

PS: If you EVER PING me like that again boy, you're going on BOZO and never coming off.

war  posted on  2010-09-12   7:16:02 ET  Reply   Trace   Private Reply  


#6. To: war, Nebuchadnezzar (#5)

If you EVER PING me like that again boy, you're going on BOZO and never coming off.

a) Dwarf NEVER addressed the issue (as we knew he wouldn't)

b) His bozo list equals a small island nation.

c) Re: his "threat" - BOO-EFFIN-HOO!!

Liberator  posted on  2010-09-12   12:31:32 ET  Reply   Trace   Private Reply  


#7. To: war (#5)

PS: If you EVER PING me like that again boy, you're going on BOZO and never coming off.

Did you wake up with a full diaper?

Jethro Tull  posted on  2010-09-12   12:40:38 ET  Reply   Trace   Private Reply  


#8. To: Jethro Tull (#7)

Did you wake up with a full diaper?

Slumming again. What's the matter? Don't your own posters on 4um appreciate your efforts to 'properly' redirect their discussions back to photoshopped Obama pictures? Especially when the topic is Jewish history? LOLOL

mininggold  posted on  2010-09-12   13:10:21 ET  Reply   Trace   Private Reply  


#9. To: Jethro Tull (#7)

I don't wear a diaper.

You obviously woke up with a half wit.

It doubled overnight.

war  posted on  2010-09-12   13:14:20 ET  Reply   Trace   Private Reply  


#10. To: war (#5)

PS: If you EVER PING me like that again boy, you're going on BOZO and never coming off.

If you put me on Bozo, putz, you lose and I win.

Now STFU and explain your defense of these moronic scams perpetrated by the government.

DO YOU UNDERSTAND ME LABIA?

Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554

Nebuchadnezzar  posted on  2010-09-12   13:45:47 ET  Reply   Trace   Private Reply  


#11. To: Nebuchadnezzar (#10) (Edited)

If you put me on Bozo, putz, you lose and I win.

I;d like to see that logic.

On second thought...

On the other hand, I would miss you being an absolutely hysterical moron as you've been on this thread blaming Obama for something Boy Blunder, the guy you voted for in 2000 and 2004, did.

war  posted on  2010-09-12   14:23:07 ET  Reply   Trace   Private Reply  


#12. To: war (#11)

I;d like to see that logic.

On second thought...

On the other hand, I would miss you being an absolutely hysterical moron as you've been on this thread blaming Obama for something Boy Blunder, the guy you voted for in 2000 and 2004, did.

War, I called your bluff. You're a pussy, first, last and always.

I win (again) and you lose (as always).

Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554

Nebuchadnezzar  posted on  2010-09-12   17:52:07 ET  Reply   Trace   Private Reply  


#13. To: Nebuchadnezzar (#12)

War, I called your bluf

There are no cards here except for you.

You rudely pinged me to this thread asking me to explain what? That Boy Blunder was POTUS in 2008 when the "credit" was, in fact, a 15 year tax deferral and when Obama became POTUS in 2009, he changed it to an outright credit?

Okay...fine...here's the explanation...Boy Blunder was POTUS in 2008 when the "credit" was, in fact, a 15 year tax deferral and when Obama became POTUS in 2009, he changed it to an outright credit.

Got it?

Now it's my turn. Explain to me how in the fuck you ***thought*** that was was somehow Obama's fault when he wasn't even POTUS in 2008?

war  posted on  2010-09-12   17:56:04 ET  Reply   Trace   Private Reply  


#14. To: Nebuchadnezzar (#12) (Edited)

I win (again) and you lose (as always).

You're right...I just cannot compete in the Rollicking Realm of the Retard as well as you...I concede and leave the playing field...

war  posted on  2010-09-12   17:58:07 ET  Reply   Trace   Private Reply  


#15. To: Nebuchadnezzar (#12) (Edited)

Sept. 16, 2008

WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008 .

Available for a limited time only, the credit:

*Applies to home purchases after April 8, 2008, and before Jan. 1, 2009. * Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. * Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site.

If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit.

war  posted on  2010-09-12   18:03:31 ET  Reply   Trace   Private Reply  


#16. To: Nebuchadnezzar (#12) (Edited)

Get your ass in here boy. You have some explaining to do.

[snicker]

war  posted on  2010-09-12   18:12:55 ET  Reply   Trace   Private Reply  


#17. To: war (#16)

[snicker]

(laughing)

Fred Mertz  posted on  2010-09-12   18:31:12 ET  Reply   Trace   Private Reply  


#18. To: war (#16)

Get your ass in here boy. You have some explaining to do.

The fact the claimed it when it was a loan only goes to show how stupid the whole program is (was).

Also, at least the taxpayer gets the money back under Bush's plan as opposed to Obama giving away my children's future.

[[Chuckles]]

Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554

Nebuchadnezzar  posted on  2010-09-12   19:53:10 ET  Reply   Trace   Private Reply  


#19. To: Nebuchadnezzar (#18)

The fact the claimed it when it was a loan only...

ROFLMAO....WHAT THE FUCK ARE YOU BABBLING ABOUT?

Also, at least the taxpayer gets the money back under Bush's plan

Thanks for admitting that you LOVE taxes.

[snicker]

war  posted on  2010-09-12   20:20:48 ET  Reply   Trace   Private Reply  


#20. To: Fred Mertz (#17)

Hey man...check this thread out...Nebby pinged me because he was afraid I'd miss him being stupid.

As if...

How's it going?

war  posted on  2010-09-12   20:21:51 ET  Reply   Trace   Private Reply  


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