OFFICIAL 2008 TAX THREAD

[jr916]

No offense, but i really doubt you are getting that much back. There has to be something you arent doing right. Unless you have 6+ kids, you arent seeing nearly $13000 in returns making less than $250,000 in a year.

no fuckin way

 

[TONY206]

No offense, but i really doubt you are getting that much back. There has to be something you arent doing right. Unless you have 6+ kids, you arent seeing nearly $13000 in returns making less than $250,000 in a year.

no fuckin way

I just quickly calculated and came up with $8,400 if he claimed S0 on his W4 and paid mortgage interest and taxes. Didn't take any other deductions such as medical and don't know what his interest and taxes were so it is quite possible.

Not to mention if he had additional with held from his checks.

 

[Gueroloco]

I just finished doing mine and i'm getting $1,415..... gonna use it to upgrade my bed from a full size to a queen!

 

[5-Dime NwK]

guess getting a new bed is the thing to do. im getting $1,200 back, gonna get me a nice bed, instead of a queen box spring and mattress thats sittin on the floor in my room.
whatever i got left over is going into a JL 12 in my trunk.

 

[epoxy]

im getting 750 back. time for a tat

 

[Ghostly]

havent got my w2 back yet..hopefully ill get 1800 to 2000 back.. I made 50,000 this year, but fuck it.. ill use it to pay off all my cards and get back on track.. tired of these fuckers calling my cell phone

 

[Dz Nutts Radio]

DONT HATE , CONGRADULATE!! STEP UR PAPER UP!

LOOK.. I RENT, I HAVE 1 KID, CLAIMED HEAD OF HOUSE HOLD! I GOT BACK 11,596 LAST YR, NOT 12,500 MY BAD!! I AINT NEED TO LIE TO SHOW HOW BIG MY DICK IS ON THIS LIL WEBSITE BUT TO ALL U FUCKIN HATERS THAT BEEN CALLIN MFAS OUT LOOK NICCCCCAS LOOK! SO WHEN I POST A VIDEO OF DUDE ASSED OUT OFF 1 COOKIE OR I SAY I GOT BACK THIS MUCH BACK ITS THE TRUTH!! DONT HATE , STEP YA SHIT UP!!

 

[FANATIKAL]

Anybody know about the FHA Tax credit for new home buyers?

it's $7,500 and it works like a 15 year interest free loan.

but as far as I know you can only apply the credit to the years taxes your claiming

I/E I wont be able to claim the credit on my 2008 return that Im about to file, since Im purchasing a home right now in 2009, I will have to wait till next year when I file my '09 taxes...

BUT

the website says this:
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. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

http://www.federalhousingtaxcredit.com/


Does anyone know for sure?

I've tried calling hella different Tax places but they are all fuckin retards, you know how that goes... The real CPA's that know their shit are to busy to be answerin dumb ass questions

 

[lenbiasyayo]

10$ from fed 179$ from state wooooooooo

 

[TONY206]

Anybody know about the FHA Tax credit for new home buyers?

it's $7,500 and it works like a 15 year interest free loan.

but as far as I know you can only apply the credit to the years taxes your claiming

I/E I wont be able to claim the credit on my 2008 return that Im about to file, since Im purchasing a home right now in 2009, I will have to wait till next year when I file my '09 taxes...

BUT

the website says this:
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. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

http://www.federalhousingtaxcredit.com/


Does anyone know for sure?

I've tried calling hella different Tax places but they are all fuckin retards, you know how that goes... The real CPA's that know their shit are to busy to be answerin dumb ass questions

Available for a limited time only, the credit:

*
Applies to home purchases after April 8, 2008, and before July 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.

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.

Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.

If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Basically if you buy a house within the period of April 8 2008 - Dec 31st 08 you can only claim it on your 08 Taxes. If you bought it with in Jan 1 09 - July 1 09, you can claim it on either.

 

[FANATIKAL]

Basically if you buy a house within the period of April 8 2008 - Dec 31st 08 you can only claim it on your 08 Taxes. If you bought it with in Jan 1 09 - July 1 09, you can claim it on either.

Nice!

Thanks brotha

 

[kayvee]

tony do you think the credit is worth taking considering it is basically a loan?

~k.

 

[FANATIKAL]

If your in my boat it is... Im buyin a house that I would like to make some improvements on.. Most of my savings is going towards down payment, so I planned on fixing up the house with credit. Assuming average credit has around 10% APR, this is a hell of a deal being that its no interest/no payments, they just deduct straight out of your federal return. Which aint shit now cus my returns are gonna be fat from all the interest being paid...

 

[TONY206]

tony do you think the credit is worth taking considering it is basically a loan?

~k.

Yes. Beginning 2010 you pay an extra $500 in taxes and if you're the type of person who always claims single 0 to get a larger refund, you'll hardly notice it.

You can also just add it on your w4 by asking to withhold an additional amount each paycheck. If you get paid biweekly (every 2 weeks) it is only a little less than $20 per check you would need to withhold.

Plus like fanatikal said, when you buy a house you're going to start itemizing your deductions if you haven't already and you'll pay a lot less in total taxes.

 

[TONY206]

Nice!

Thanks brotha

Why wait though? If you want to file your 2008 tax return now, go ahead and do so. Then when you buy your house, file a 1040X (amended) return and get your money quicker than waiting until 2009.

 

[FANATIKAL]

^ I didnt know you could do that... Im in Escrow right now, my house Is supposed to close by March 1st. I figured I had to just wait to file my 08' returns and do it all at once..

You're sayin I can go file my taxes now, get my regular return, then once I close the house, go back and file again with my '08 W2 to claim the credit?

 

[TONY206]

Yes, read the last paragraph.

If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

 

[Fucky McFuckerson]

LOOK.. I RENT, I HAVE 1 KID, CLAIMED HEAD OF HOUSE HOLD! I GOT BACK 11,596 LAST YR, NOT 12,500 MY BAD!! I AINT NEED TO LIE TO SHOW HOW BIG MY DICK IS ON THIS LIL WEBSITE BUT TO ALL U FUCKIN HATERS THAT BEEN CALLIN MFAS OUT LOOK NICCCCCAS LOOK! SO WHEN I POST A VIDEO OF DUDE ASSED OUT OFF 1 COOKIE OR I SAY I GOT BACK THIS MUCH BACK ITS THE TRUTH!! DONT HATE , STEP YA SHIT UP!!

First of all, this has nothing to do with "hate". So please, shut the FUCK up.

Second, I was wrong. I have never heard of anyone getting anything like that in the past....ever. People who rent, had no kids, dont usually get 12 grand back, EVER. If youre duping the IRS, more power to you. THe fuck do I care?

 

[TONY206]

& I do not claim my kid.

That's fucked up, why don't you like him?



I keed I keed!

 

[FANATIKAL]

get 15 hookers at once, all different races, and do rails off all of em butt naked baby oil everywhere


then spend the rest on your son... lol