Paying Taxes on the 10% Furniture deal

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Old 10-11-2007, 07:20 PM
grateful grateful is offline
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Default Paying Taxes on the 10% Furniture deal

Hi All,
Does anyone know if the 10% furniture deal offered by TV is taxable as regular income. If so, that means an additional $5,000 in taxes next year on a $250,000 home purchase. Even so, still seems like a great deal! We are thinking about buying a new home in TV by first of November, unless a previously-owned Lantana come on the market between now and Nov. 1. We plan on moving to TV in April, '08. So if someone has a Lantana they want to sell NOW, but still wants to live in it until April, some kind of a deal could be worked out. Thanks for your comments. Being Grateful.
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Old 10-11-2007, 08:44 PM
conn8757 conn8757 is offline
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Default Re: Paying Taxes on the 10% Furniture deal

I asked our realtor that question and was told it would not be income, but you do have to pay the taxes on what you use it for whether a golf car or furniture.
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Old 10-12-2007, 05:30 AM
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F16 1UB F16 1UB is offline
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Default Re: Paying Taxes on the 10% Furniture deal

I'm no H & R Block guru but I'd say that the 10% credit is no dif than receiving a coupon from any other business. You don't HAVE to buy anything and you're also stuck paying taxes. Now if you want to claim it on your taxes and help my pension that would be nice. ;D

Steve
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