Does anyone have information about this? I know that they increased the amount to up to 15K - and I think if it's you buy a home before July - and then you pay back 1K per year for 15 years - but I was just wondering if there was more information I could read up on about this....
futuremrsfab
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Re: First Time Homeowner Tax Credit
I read a little bit on it- but I dont understand it to be honest- we are going to ask our accountant when we get our taxes done in 2 weeks.
I had heard recently though that if you bought a house in 2009 that you dont have to pay the credit back! Not sure if thats true, but it sounds like it would be since they are trying to stimulate the economy
Mici n KC
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Re: First Time Homeowner Tax Credit
We just did our taxes yesterday and we got it. It's only up to $7500. You had to have purchased your home between a specific date in April - a specific date in July. We closed in June so we got it. You pay it back in $500 increments each year (basically comes out of your taxes each year).
futuremrsfab
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Re: First Time Homeowner Tax Credit
Posted by Mici n KC
We just did our taxes yesterday and we got it. It's only up to $7500. You had to have purchased your home between a specific date in April - a specific date in July. We closed in June so we got it. You pay it back in $500 increments each year (basically comes out of your taxes each year).
yea it went from April 2008- July 2009 from what I remember
Future Mulligan
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Re: First Time Homeowner Tax Credit
Posted by futuremrsfab
Posted by Mici n KC
We just did our taxes yesterday and we got it. It's only up to $7500. You had to have purchased your home between a specific date in April - a specific date in July. We closed in June so we got it. You pay it back in $500 increments each year (basically comes out of your taxes each year).
yea it went from April 2008- July 2009 from what I remember
i think that they recently changed it - maybe even within the last week the change was made - i think its 10% of the value of your home up to 15K.....but i think you still have to pay it back......i feel like i remember seeing an article about it but i didn't get a chance to read it.....
Future Mulligan
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Re: First Time Homeowner Tax Credit
hmmm i found this, it says senate has approved it and congress is considering it - whatever that means
http://www.federalhousingtaxcredit.com/
Mici n KC
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Re: First Time Homeowner Tax Credit
Posted by Future Mulligan
hmmm i found this, it says senate has approved it and congress is considering it - whatever that means
http://www.federalhousingtaxcredit.com/
It hasn't passed yet so it's still only up to $7500.
So if it passes by the end of the month and you close the following month you could qualify for up to that amount.
futuremrsfab
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Re: First Time Homeowner Tax Credit
here nicole- I found this on the realtor.com website- its a basic background of the bill- its a little dated and doesnt have the new information that you mentioned- but maybe it will help
We just did our taxes yesterday and we got it. It's only up to $7500. You had to have purchased your home between a specific date in April - a specific date in July. We closed in June so we got it. You pay it back in $500 increments each year (basically comes out of your taxes each year).
yea it went from April 2008- July 2009 from what I remember
i think that they recently changed it - maybe even within the last week the change was made - i think its 10% of the value of your home up to 15K.....but i think you still have to pay it back......i feel like i remember seeing an article about it but i didn't get a chance to read it.....
Yes, you have to pay it back. It's an interest free loan. It's worth it to me, especially since you know that owning a home you will get back more than $500 each year from the federal gov't in your taxes. This is why we did it. We get to do a lot more on our house this year instead of waiting.
The $15,000 credit that is EXPECTED to pass is not a loan, unlike the $7500. The $15,000 would be a tax credit that does not have to be paid back. The info isn't up on the IRS site yet because the bill hasn't been passed yet.
The $15,000 credit that is EXPECTED to pass is not a loan, unlike the $7500. The $15,000 would be a tax credit that does not have to be paid back. The info isn't up on the IRS site yet because the bill hasn't been passed yet.
do you know if it does pass will it only apply to 1st time homeowners???
TrueLoveIn2008
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Re: First Time Homeowner Tax Credit
I heard about a grant that a friend of Dh's got ... and you have to use some of it on improvements ... anyone know anything about this? He is a first time home buyer and got $7500 but had to use some of it for things the house needed, like windows or an oil burner .... dh doesn't see him often so that's all he knows ...
Kris0703
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Re: First Time Homeowner Tax Credit
we turned it down. Honestly we don't NEED it right now and I feel like I would be kicking myself the next 15 years of paying it back, lol. Every year for the next 15 years we will be getting 500 dollars less - didn't seem worth it for us. We could be more in need of as much money as we can get out of our taxes in the future.
