Question: Temporary credit for home buyers

[nayekal]

Originally Posted by ivar

I am not sure if people who bought houses in 2008 would get anything because i am not sure if the current bill replaces the earlier one or this bill is addition to the older bill. If the older bill still holds good than definately we get $7500 0% loan for 15 years, if not that we don't get anything.

Thanks,
R.

I did my tax returns and I got $7500 as 0% loan, which is repayable in 15 years ($500 each year) starting from 2011 tax year. I bought my house in may 2008.

[ivar]

Originally Posted by nayekal

I did my tax returns and I got $7500 as 0% loan, which is repayable in 15 years ($500 each year) starting from 2011 tax year. I bought my house in may 2008.

Thanks Nayekal, Good to know that 2008 bill still holds good.

Thanks,
R.

[ivar]

Originally Posted by DSLStart

1. 2008 First Time Homebuyer Tax credit of $7500 still holds good. If you bought home in 2008, you still can claim for $7500 tax credit (repayable in 15 years)
2. In order to get benefit of tax credit of $7500 for last year, your tax liability does NOT have to be minimum $7500. In other words if your withheld taxes were $7000 and your actual taxes were $6000, then you would receive $1000 (refund) + $7500 tax credit = $8500. Also if someone had no tax liability, would get $7500.
3. Only thing not yet clear is about the repayment part after the new bill becomes law. i.e. it is still not clear if they have waived the repayment condition of tax credit only to 2009 first time buye
   rs or it includes 2008 buyers as well.

DSLStart,

Good to know that 2008 bill still holds good.

Thanks,
R.

[ivar]

Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.

This is fair..

Thanks,
R.