The great furniture giveawa

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  #1  
Old 11-02-2007, 12:24 AM
brandonma5 brandonma5 is offline
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Default The great furniture giveawa

I hadn't heard this before but it seems that when you take advantage of the furniture fest, it greatly affects the mortgage process as the incentive detracts from the 20 % down that is required. If you can't make up the cost of the furniture, you are charged mortgage insurance and don't forget that you are also taxed on the amount.
  #2  
Old 11-02-2007, 01:52 AM
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Default Re: The great furniture giveawa

This is only if you require a mortgage?
  #3  
Old 11-02-2007, 02:21 AM
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Default Re: The great furniture giveawa

You might be correct Brandon but i certainly hope that not too many newbies are putting down less than 20% on their TV house. I can see having a little mortgage on your retirement home but not an 80% or more loan.
  #4  
Old 11-02-2007, 02:48 PM
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Default Re: The great furniture giveawa

The initial statement is correct though, you do pay property tax on the "free furniture" since it's in the price of the house.
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  #5  
Old 11-02-2007, 03:06 PM
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Default Re: The great furniture giveawa

Some homebuyers prefer to go online or order furniture directly from companies around High Point, NC where there are tremendous discounts, no tax and free shipping.
  #6  
Old 11-02-2007, 04:47 PM
Lil Dancer Lil Dancer is offline
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Default Re: The great furniture giveawa

Actually, we bought in North Carolina 2 years ago, and things have changed. They do charge shipping, and although they don't charge tax there, when the furniture truck goes over the Fl state line, the trucks get inspected, have to produce their bill of lading, and you will get a tax bill from the state of Florida. So, there is some savings, because their prices are so discounted, but not as much as there used to be.
  #7  
Old 11-05-2007, 06:11 PM
GERALDINE GERALDINE is offline
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Default Re: The great furniture giveawa

Doesn't the "Free" furniture deal end today?
  #8  
Old 11-05-2007, 06:58 PM
poromo poromo is offline
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Default Re: The great furniture giveawa

I was told by my TV salesperson that a new promotion will begin tomorrow. Will the buyers who take advantage of the furniture giveaway promotion be required to report the amount received as income on their year end tax return? Are TV required to provide the buyers with a 1099 Miscellaneous Income form and report the amount of the giveaway to the IRS?
  #9  
Old 11-05-2007, 07:04 PM
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Default Re: The great furniture giveawa

Did they say how long the promotion will last?
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  #10  
Old 11-05-2007, 07:29 PM
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Default Re: The great furniture giveawa

I will be in Hickory, NC on Thursday of this week visiting furniture dealers. If there is anything you want me to ask I'll gladly do so and provide the answer to you after the visit.
  #11  
Old 11-05-2007, 07:57 PM
poromo poromo is offline
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Default Re: The great furniture giveawa

He said TV will change the promotions every month. He also said there may be no promotion at all.
  #12  
Old 11-05-2007, 08:09 PM
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Default Re: The great furniture giveawa

I'd be very willing to bet this or a similar promotion will be available until the housing market picks up again.
  #13  
Old 11-05-2007, 10:57 PM
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Default Re: The great furniture giveawa

Sure would like to know what the deals are in Hickory. Hope you will share your info.
My daughter lives about 50 miles southwest of their. Maybe I could have a dual purpose visit next time.



Quote:
Originally Posted by jfl319
I will be in Hickory, NC on Thursday of this week visiting furniture dealers. If there is anything you want me to ask I'll gladly do so and provide the answer to you after the visit.
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  #14  
Old 11-05-2007, 11:00 PM
Hyacinth Bucket Hyacinth Bucket is offline
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Default Re: The great furniture giveawa

jfl319

Can you please list the furniture companies in NC that you will be visiting.

Thanks,

HB
  #15  
Old 11-09-2007, 06:57 PM
jfl319 jfl319 is offline
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Default Re: The great furniture giveawa

I visited over 20 factory outlets (Broyhill, Lane, Lazy Boy, Kincaid,etc. ) and a number of furniture companies (Bonita, Stephens, etc!). The furniture companies will all quote on furniture from many manufacturers. If you find an item you want, get the model # and manufacturer and call any one of them. They will quote it and will probably save you 20-30% (That's what they said). You do have to pay for shipping but it's really fairly reasonable. If your buying a group of furniture it can be well worth it. One website to look at is www.hickoryfurniture.com
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