Home buyer tax credits: Are you in?
I asked you to give the Senate's proposed tax credits for first-time and repeat home buyers a thumbs up, down or sideways, and oh boy, you responded. As of 10 p.m. last night, nearly 500 people had weighed in on the Wonk poll.
Almost 80 percent of voters offered a thumbs up. Five percent don't love it or hate it and gave it a sideways thumb. The rest say no thanks.
Some commenters wondered what personal situations were influencing these choices. Sounds like a poll:
Need a refresher? The tentative Senate deal would extend the $8,000 first-time home buyer tax credit -- you could sign a contract through April 30 as long as you closed by June 30. It would also create a new tax credit of up to $6,500 -- starting Dec. 1 -- for repeat buyers who have been in their current homes for at least five years and are getting a new primary residence.
For more details (income limits, price limits, etc.), read this home buyer tax credit post.
Posted by Jamie Smith Hopkins at 7:00 AM | Permalink
| Comments (7)
Categories: First-time buyer tax credit
Categories: First-time buyer tax credit
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Comments
I am a repeat home buyer who bought after Jan. 2009. I think the repeat home buyer credit should be given to all of us who bought in 2009.
Posted by: bob | October 31, 2009 9:43 AM
The personal situations influencing the choices... ha!
Jamie are there any records kept of IP addresses or control over multiple posting?
I'm not a big fan or frequent participant in polls but what about the raw number of votes? is 500 typical?
Posted by: MrRational | October 31, 2009 10:22 AM
The thumbs poll got the most votes of any on this blog by far. Usually the polls get somewhere between 50 and 120 votes. Multiple voting by the same person is blocked by cookie, though I'm sure that wouldn't stop someone who really, really wanted to vote multiple times.
I don't prevent multiple votes by IP address because that would stymie spouses, co-workers, etc.
Posted by: Jamie Smith Hopkins | October 31, 2009 2:33 PM
Jamie, you forgot to include "I don't qualify, but I'm gonna claim it anyway".
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/22/AR2009102200812.html?hpid=topnews
Posted by: Kevin R | October 31, 2009 8:57 PM
True! I'd like to think all Wonk readers are upstanding, law-abiding citizens. :-)
Posted by: Jamie Smith Hopkins | October 31, 2009 9:57 PM
In my rent-vs-buy argument, the tax credit tipped the scales to the buy side. Although when the search took so long it appeared we would miss the original Nov. 30 deadline, we went on with the search and made more offers.
Has anyone examined the impact of the tax shift? So I get $8,000 from the federal government and start paying $3,000-3,500/year in property taxes, which are all state/local taxes. Moreover, that amount will be deducted from my federal gross income, along with the mortgage interest. I'll be taxed less by the feds and state alike.
It seems as though the federal impact is being understated (just $8,000/6,500 per homebuyer instead of that + future deductions) while the state/local impact is being overlooked.
Am I looking too far into this?
Posted by: Peter | November 2, 2009 2:47 AM
Peter, RE taxes are paid for the apartment where you currently live and for the houses you are looking to buy.
At best, it is "pocket games" as to who is paying how much to which agency.
What (psychological) benefits the tax credit offered to ease the collective mind at the height of the sturm und drang has been achieved and that reasons for it have passed.
To continue it now is just opening us up to other "pocket games" with prices and capital and principal payments.
Posted by: MrRational | November 2, 2009 9:52 AM