My first 1st Time Home Buyer thru my door *sigh*

[Larmil]

It is a loan today but may be not next month. The house bill does not require pay back if the owner keeps it for 36 months as principal residence.

Sorry, my Crystal Ball is broke.

[solomon]

I emphasized that the credit is actually a loan. So far I have had two that qualified for the credit and both referred to it as "the loan". I print out a repayment schedule for them.

It is a loan today but may be not next month. The house bill does not require pay back if the owner keeps it for 36 months as principal residence.

[tpnl]

my client that qualified for $7450 of the credit is already behind in mortgage payments and lost his job. He is very excited about the additional money. His refund was already $6000+ for a total of over $13,000.

I explained this is a loan and may be required to pay the entire amount back in the year it ceases to be his main home.

[Larmil]

In my your end letter

I emphasized that the credit is actually a loan. So far I have had two that qualified for the credit and both referred to it as "the loan". I print out a repayment schedule for them.

[BP.]

Now that's 15 years of tax prep gratitude for ya !!!!!!

Maybe no love from the (ex) clients, but thanks for sharing your amusing story with us.

[BHoffman]

Joan, that is just diabolical.

[Jesse]

Think there may be trafficking in fake settlement sheets now?

"Are We DONE Yet?"

[joanmcq]

Think there may be trafficking in fake settlement sheets now?

[TaxLadyinPA]

Hmmmmm I now agree that this First Time Home Buyer Credit is going to be a nightmare and a PITA for us.

Here is my first one in the door ………

Clients I have known and prepared their taxes for 15 years …. Never had a pot to P in ….. rented old run down trailer that I wouldn't let my dog use as a dog coop … 4 kids …..

This year they come in all excited …. And inform me They are now FIRST TIME HOME BUYER'S ….. and want the new credit with the $ 7500… They read in the newspaper about it and they qualify for it (so says they) and all their friends told them about it too.

I ask them to see the settlement sheet on the purchase … They don't know what I am talking about …. But here is their story and they are sticking to it ……

They bought their old trailer that they have been renting forever from their landlord and 1 acre of ground for …. $ 1.00 yep … for just one dollar …. And they want that $ 7500 that the IRS is GIVING AWAY to first time home buyer's.

OK … I'm rolling my eyes now …… and start to explain to them that they don't qualify with a piece of land for $ 1 and a free house. That if they did the formula they would qualify for ten cents if we considered the land purchase as their buying a home .. but because we round off when we do taxes now … it would round down to zero … So I was sorry but they get 0 …

They are upset .. and they are going to talk to some other tax preparer because I don't know what I'm talking about….. They bought their first home and they want the $ 7500 !!!

Now that's 15 years of tax prep gratitude for ya !!!!!!

Wait til they find the next preparer will NOT hold their check for tax prep fees until their refund lands in their account. (Something I do for my clients when they need)