Holey Moley
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a $15,000 tax CREDIT to buy a home! If that passes it'll go a long way towards moving the economy.[^] The question is though, what's the eventual downside? Back in the 70's a recession was turned around by a $2,000 tax credit for house purchases made by first time buyers and if memory serves, it had a positive effect. This credit sounds outlandish, I can't imagine anyone could predict the results. fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip. I could see this gamed pretty heavily. For example, say a neighbor and I both love our homes so we have no reason to buy another. He sells me his, I sell him mine and we're both $15,000 richer. To sweeten the pot, we both sell significantly under market to make our property taxes lower. Then we reverse the sales, I buy mine back and he buys his back. We now have lower property taxes and $15,000 in our pockets. Sounds like that'll help out the old economy, especially when we go out and pick up a couple of these with our tax credit.[^]
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
Or you could just by one on the $10 homes in Detroit and save a bundle on closing costs.
this thing looks like it was written by an epileptic ferret Dave Kreskowiak
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a $15,000 tax CREDIT to buy a home! If that passes it'll go a long way towards moving the economy.[^] The question is though, what's the eventual downside? Back in the 70's a recession was turned around by a $2,000 tax credit for house purchases made by first time buyers and if memory serves, it had a positive effect. This credit sounds outlandish, I can't imagine anyone could predict the results. fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip. I could see this gamed pretty heavily. For example, say a neighbor and I both love our homes so we have no reason to buy another. He sells me his, I sell him mine and we're both $15,000 richer. To sweeten the pot, we both sell significantly under market to make our property taxes lower. Then we reverse the sales, I buy mine back and he buys his back. We now have lower property taxes and $15,000 in our pockets. Sounds like that'll help out the old economy, especially when we go out and pick up a couple of these with our tax credit.[^]
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
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Brady Kelly wrote:
such conduct is prohibited.
I assume you're referencing the gaming concept. The deal is though, legislation is being written and changed so quickly that there'll surely be all sorts of loop holes and I'd be honor bound to take advantage, in our faster gun capitalistic every man for his-own-self environment.
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
Mike Gaskey wrote:
I assume you're referencing the gaming concept. The deal is though, legislation is being written and changed so quickly that there'll surely be all sorts of loop holes and I'd be honor bound to take advantage, in our faster gun capitalistic every man for his-own-self environment.
I reckon you'll find that your Property Tax Collectors will take little note of what you sell the property to your neighbour for when evealuating said Property Tax. They Independently value the land as they see fit and tax you accordingly. Someone else, somewhere else in the system will also decide that you can't sell the property at your lower price as they will miss out on sales tax/commission and if they do, you will only be able access equity in the property to the value you bought it. You can't have your cake and eat it too, even in Alleric to U land.
Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
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Depends on the city. In Sydney, entry level is 1 million +. Here, you could get something for 150 if you don't mind being woken by gunshots, and 250 would get a unit somewhere.
Christian Graus Driven to the arms of OSX by Vista.
Christian Graus wrote:
Depends on the city. In Sydney, entry level is 1 million +.
Christ! Christian, that's exclusive Eastern Suburbs and waterfront property prices. Inner Western Suburbs/Josh Gray prices house prices $500,000.00+, suburbs < hour to Sydney $300,000.00+ depending as always.
Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
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a $15,000 tax CREDIT to buy a home! If that passes it'll go a long way towards moving the economy.[^] The question is though, what's the eventual downside? Back in the 70's a recession was turned around by a $2,000 tax credit for house purchases made by first time buyers and if memory serves, it had a positive effect. This credit sounds outlandish, I can't imagine anyone could predict the results. fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip. I could see this gamed pretty heavily. For example, say a neighbor and I both love our homes so we have no reason to buy another. He sells me his, I sell him mine and we're both $15,000 richer. To sweeten the pot, we both sell significantly under market to make our property taxes lower. Then we reverse the sales, I buy mine back and he buys his back. We now have lower property taxes and $15,000 in our pockets. Sounds like that'll help out the old economy, especially when we go out and pick up a couple of these with our tax credit.[^]
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
Read the fine print---for homes purchased after 4-8-2008 and the second year after you take the credit you have to start paying it back over a 15 year period. I bought a home last year and I deducted the interest and sales tax but I didn't go for the first time home buyer business because I don't want the 7500 to 15K debt.
The needs of the many outweigh the needs of the few or the one
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a $15,000 tax CREDIT to buy a home! If that passes it'll go a long way towards moving the economy.[^] The question is though, what's the eventual downside? Back in the 70's a recession was turned around by a $2,000 tax credit for house purchases made by first time buyers and if memory serves, it had a positive effect. This credit sounds outlandish, I can't imagine anyone could predict the results. fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip. I could see this gamed pretty heavily. For example, say a neighbor and I both love our homes so we have no reason to buy another. He sells me his, I sell him mine and we're both $15,000 richer. To sweeten the pot, we both sell significantly under market to make our property taxes lower. Then we reverse the sales, I buy mine back and he buys his back. We now have lower property taxes and $15,000 in our pockets. Sounds like that'll help out the old economy, especially when we go out and pick up a couple of these with our tax credit.[^]
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
Mike Gaskey wrote:
fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip.
not true--you have to pay it back over a 15 year period starting the second year after you take the credit. I just did my taxes and even though I bought a home last year I opted out of that one.
The needs of the many outweigh the needs of the few or the one
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Mike Gaskey wrote:
I assume you're referencing the gaming concept. The deal is though, legislation is being written and changed so quickly that there'll surely be all sorts of loop holes and I'd be honor bound to take advantage, in our faster gun capitalistic every man for his-own-self environment.
I reckon you'll find that your Property Tax Collectors will take little note of what you sell the property to your neighbour for when evealuating said Property Tax. They Independently value the land as they see fit and tax you accordingly. Someone else, somewhere else in the system will also decide that you can't sell the property at your lower price as they will miss out on sales tax/commission and if they do, you will only be able access equity in the property to the value you bought it. You can't have your cake and eat it too, even in Alleric to U land.
Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
Michael Martin wrote:
Someone else, somewhere else in the system will also decide that you can't sell the property at your lower price as they will miss out on sales tax/commission and if they do, you will only be able access equity in the property to the value you bought it
The government isn't quite as all powerful and ubiquitous on this side of the Pacific.
Jon Smith & Wesson: The original point and click interface Algoraphobia: An exaggerated fear of the outside world rooted in the belief that one might spontaneously combust due to global warming.
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Michael Martin wrote:
Someone else, somewhere else in the system will also decide that you can't sell the property at your lower price as they will miss out on sales tax/commission and if they do, you will only be able access equity in the property to the value you bought it
The government isn't quite as all powerful and ubiquitous on this side of the Pacific.
Jon Smith & Wesson: The original point and click interface Algoraphobia: An exaggerated fear of the outside world rooted in the belief that one might spontaneously combust due to global warming.
Oakman wrote:
The government isn't quite as all powerful and ubiquitous on this side of the Pacific.
Ring me when Joe Average manages to do this, not Donald Trump. The Government, the IRS, the local Sherrif or who fucking ever is not going to allow the housing (?) handouts to be manipulated by anyone who isn't running Wall Street and they will have their hand in the mix soaking up any easily exploitable loophole and lining their pockets more than likely via magically appearing taxes.
Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
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Read the fine print---for homes purchased after 4-8-2008 and the second year after you take the credit you have to start paying it back over a 15 year period. I bought a home last year and I deducted the interest and sales tax but I didn't go for the first time home buyer business because I don't want the 7500 to 15K debt.
The needs of the many outweigh the needs of the few or the one
That makes it less shiney, but if your problem is finding liquidity for the initial purchase it's still worth considering.
Today's lesson is brought to you by the word "niggardly". Remember kids, don't attribute to racism what can be explained by Scandinavian language roots. -- Robert Royall
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Oakman wrote:
The government isn't quite as all powerful and ubiquitous on this side of the Pacific.
Ring me when Joe Average manages to do this, not Donald Trump. The Government, the IRS, the local Sherrif or who fucking ever is not going to allow the housing (?) handouts to be manipulated by anyone who isn't running Wall Street and they will have their hand in the mix soaking up any easily exploitable loophole and lining their pockets more than likely via magically appearing taxes.
Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash One Fine Saturday. 24/04/2004
Michael Martin wrote:
Ring me when Joe Average manages to do this, not Donald Trump. The Government, the IRS, the local Sherrif or who f***ing ever is not going to allow the housing (?) handouts to be manipulated by anyone who isn't running Wall Street and they will have their hand in the mix soaking up any easily exploitable loophole and lining their pockets more than likely via magically appearing taxes.
And wake you from your fantasies? I wouldn't be so cruel.
Jon Smith & Wesson: The original point and click interface Algoraphobia: An exaggerated fear of the outside world rooted in the belief that one might spontaneously combust due to global warming.
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a $15,000 tax CREDIT to buy a home! If that passes it'll go a long way towards moving the economy.[^] The question is though, what's the eventual downside? Back in the 70's a recession was turned around by a $2,000 tax credit for house purchases made by first time buyers and if memory serves, it had a positive effect. This credit sounds outlandish, I can't imagine anyone could predict the results. fyi - by credit they mean an offset, if you owe $15,000 and you purchase a home then you'd owe zip. I could see this gamed pretty heavily. For example, say a neighbor and I both love our homes so we have no reason to buy another. He sells me his, I sell him mine and we're both $15,000 richer. To sweeten the pot, we both sell significantly under market to make our property taxes lower. Then we reverse the sales, I buy mine back and he buys his back. We now have lower property taxes and $15,000 in our pockets. Sounds like that'll help out the old economy, especially when we go out and pick up a couple of these with our tax credit.[^]
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
Mike Gaskey wrote:
To sweeten the pot, we both sell significantly under market to make our property taxes lower
Property taxes are based on the sales value? Here it is based on how much the city thinks your house is worth, regardless of how much you paid for it.
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Read the fine print---for homes purchased after 4-8-2008 and the second year after you take the credit you have to start paying it back over a 15 year period. I bought a home last year and I deducted the interest and sales tax but I didn't go for the first time home buyer business because I don't want the 7500 to 15K debt.
The needs of the many outweigh the needs of the few or the one
Dirk Higbee wrote:
Read the fine print
this is now being reworked. the repayment portion is close to being dropped.
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
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Brady Kelly wrote:
such conduct is prohibited.
I assume you're referencing the gaming concept. The deal is though, legislation is being written and changed so quickly that there'll surely be all sorts of loop holes and I'd be honor bound to take advantage, in our faster gun capitalistic every man for his-own-self environment.
Mike - typical white guy. The USA does have universal healthcare, but you have to pay for it. D'oh. Thomas Mann - "Tolerance becomes a crime when applied to evil." The NYT - my leftist brochure. Calling an illegal alien an “undocumented immigrant” is like calling a drug dealer an “unlicensed pharmacist”. God doesn't believe in atheists, therefore they don't exist.
I'm referring to the offering of incentives for using credit.