IRS Form 8859

[Black Bart]

Anybody ever heard of or used this form?

[Unregistered]

yes and yes.

[djack1040]

Form 8859

Form 8859 is the District of Columbia-First Time Home Buyers Credit.

Instructions and the form can be found at www.irs.gov Forms and Publications

[sea-tax]

BB have heard and used it once I think in 2004 or 2003 filing. No longer have the client.

Boy talk about special interest legislation. This just screams of some politcians son or daughter needing to buy a house inside DC. I have never been to Dc before but those who have say you need more than some credit to get someone to live there. I here it is pretty bad.

[Bird Legs]

State of Virginia

Is that why most of the politicians live in Virginia?

[Black Bart]

Special interests

talk about special interest legislation.

Yeah, that's what immediately sprang to mind when I ran across a mention of this in a tax pub the other day. Where's my Arkansas (or the other 49) first time home-buyer's credit?

I'll bet there wasn't much opposition to this legislation and it was probably done late-at-night or buried in another bill.

[sea-tax]

Yeah, that's what immediately sprang to mind when I ran across a mention of this in a tax pub the other day. Where's my Arkansas (or the other 49) first time home-buyer's credit?

I'll bet there wasn't much opposition to this legislation and it was probably done late-at-night or buried in another bill.

maybe we should just blame Bush and the pther Republicans for this one too , it seems like the right thing . People want to blame him for everything anyways.

I say under rev. ruling "you got to be kidding" that you can take the deduction for 1st home in ARK_KANSAS. Let me know how it turns out.

Wait BB you better grease some hands first before you go that route. I will send you a couple of dollars for the sweeky wheel.

[Black Bart]

Gee, that's a pretty good credit.

I never noticed it before -- it goes on line 54 on the back of the 1040 and applies against and up to the smaller of income tax due or five thousand dollars! And that's for buying a house, not an exclusion for selling one like we (and they also) get.

Think I'll write my congressman and ask if he'll see about getting legislation introduced for first-time plasma-TV buyers in Arkansas.

Come to think of it, this concept has great possibilities. I can think of almost a jillion things I'd like to buy and take credit for on my tax return. I don't know why we're always complaining that politicians don't know what they're doing -- this is absolute proof that they can write up a superb tax credit if they really put their minds to it.

[Unregistered]

https://www.fanniemaefoundation.org/programs/pdf/dctaxcredit_rpt.pdf

The intent of the DC Homebuyer's credit was to encourage low to moderate income taxpayers to purchase a home in DC. Home ownership benefits everyone in a community by stabalizing the tax base. It's not a perfect credit -- the only time I used it was for an elderly (but relatively wealthy) client whose apartment complex in DC went condo. However, there are so many special corporate tax credits out there now, that this one seems reasonable.

BB - keep lobbying for that Arkansas Plasma TV Credit -- some day you may actually get it.

[sea-tax]

https://www.fanniemaefoundation.org/...credit_rpt.pdf

The intent of the DC Homebuyer's credit was to encourage low to moderate income taxpayers to purchase a home in DC. Home ownership benefits everyone in a community by stabalizing the tax base. It's not a perfect credit -- the only time I used it was for an elderly (but relatively wealthy) client whose apartment complex in DC went condo. However, there are so many special corporate tax credits out there now, that this one seems reasonable.

BB - keep lobbying for that Arkansas Plasma TV Credit -- some day you may actually get it.

Hey UR if this is so reasonable and such a good way to stabalize a tax base then how come they don't provide this same credit for other depressed cities. This credit is simply another special interest tax credit to help some politicans kid or family friend out.
Why not the Detroit Tax Credit, or New Orleans Tax Credit?

[Bird Legs]

First Time Home Buyer

Read the instructions carefully. It does pertain to first time home buyers in D. C.
However, it does not exclude a homebuyer that has previously purchased a home elsewhere, from taking the credit.

[Unregistered]

Hey UR if this is so reasonable and such a good way to stabalize a tax base then how come they don't provide this same credit for other depressed cities. This credit is simply another special interest tax credit to help some politicans kid or family friend out.
Why not the Detroit Tax Credit, or New Orleans Tax Credit?

Hey Sea-Tax -- I'm not saying it's not, but where's your research? Stop speculating and prove your point if you're so convinced of this. Also, are you so naive to think that there aren't other special interest corporate welfare tax credits out there?

[sea-tax]

Hey Sea-Tax -- I'm not saying it's not, but where's your research? Stop speculating and prove your point if you're so convinced of this. Also, are you so naive to think that there aren't other special interest corporate welfare tax credits out there?

UR
No, I think there is " corporate welfare tax credits" out there. My question to you is , so what ? How does one relate to the other? I simply think it is not right to give one area of the country privelges from mine and your tax dollars that other areas don't get. And before you reply I know "life is not fair " and I whole heartedly agree with that life isn't fair, but that doesn't stop me from bi**ing about it.


As to showing you my research to prove my point, I can't nor did I ever say that my assesment was fact, but rather my opinion.

As many on this board told me once , if you want to be a little more respected on this board you better buck up and register so that we know those with which we speak or write to. We would not want to assume that you are some uneducated taxpayer and talk over your head.

[Unregistered]

UR
No, I think there is " corporate welfare tax credits" out there. My question to you is , so what ? How does one relate to the other? I simply think it is not right to give one area of the country privelges from mine and your tax dollars that other areas don't get. And before you reply I know "life is not fair " and I whole heartedly agree with that life isn't fair, but that doesn't stop me from bi**ing about it.


As to showing you my research to prove my point, I can't nor did I ever say that my assesment was fact, but rather my opinion.

As many on this board told me once , if you want to be a little more respected on this board you better buck up and register so that we know those with which we speak or write to. We would not want to assume that you are some uneducated taxpayer and talk over your head.

If you can't understand how "one relates to the other", maybe you shouldn't be posting your opinions here. Conservatives such as yourself whine and complain about any tax benefit or credit which might directly benefit any particular city/economic group, unless of course, it directly benefits you. Have you ever been to DC? If so, you'd understand why this credit makes sense. We certainly wouldn't want to assume that you, too, are some uneducated taxpayer.

[sea-tax]

If you can't understand how "one relates to the other", maybe you shouldn't be posting your opinions here. Conservatives such as yourself whine and complain about any tax benefit or credit which might directly benefit any particular city/economic group, unless of course, it directly benefits you. Have you ever been to DC? If so, you'd understand why this credit makes sense. We certainly wouldn't want to assume that you, too, are some uneducated taxpayer.

It is apperant that you can't read UR or you would have seen that I worte in an earlier thread that I have never been to DC. Furthermore it is my opinion that you simply want to argue, still while hiding like a coward behind your UR title which provides us no insight as to your qualifications. I am sure I have proven to the local "tax book" community my qualifications and level of knowledge through my registerd posts and bio . My question is have you?