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Something else that is not clear - This $15k tax credit bill appears to be a "Tax Credit", which would enable you to apply it to your tax liability for two years. If you do not have a tax liabilityequal to the credit, you will lose that credit that is not used.
Something else that is not clear - This $15k tax credit bill appears to be a "Tax Credit", which would enable you to apply it to your tax liability for two years. If you do not have a tax liabilityequal to the credit, you will lose that credit that is not used.
Yeah. I mentioned this in one of my posts. No idea how that works or is handled.
To much conflicting confusing info
What exactly does "Sunset" the prior credit if this is passed translate to??
Good Grief somebody publish this in plain old english not legalese"
This is how I understand it and I'm pretty positive I'm right.
1. They will make it retro active to Jan 1. 2009. So if you buy or have a bought a house in 2009 then you will get the 15k.
2. For those of us who have bought between April 08' to December 08' as a new home buyer (Which means you had not owned a home 3 years prior) then we get $7500 back when we file our taxes. It's a straight up check for $7500.00 as long as you don't owe taxes. Example: If you owe 1k in taxes then you would get $6500.00 back.
3. For those of us who bought between April 08' to December 08' and claim the $7500 tax credit. We have to pay it back over 15 years. So starting in 2010 you will have to pay back $500 every year.
4. For those of us who have bought so far this year. We will get 15k and WILL NOT have to pay it back.
5. I bought in November 08' so I will qualify for the $7500 "LOAN" and I'm pissed off because I feel I helped the economy when I purchased in 08 and all I get is a $7500 loan that I have to pay back.... when someone buying in 09' gets 15k and does not have to pay it back. Total B.S. if you ask me.
Holy moly. I'm closing on a new house in May/June. As a first time buyer I was psyched about the 15-year $7500 interest free loan but a $15,000 gift is just crazy. I wish I could read more details to see if it really is a loan that doesn't have to be repaid.
5. I bought in November 08' so I will qualify for the $7500 "LOAN" and I'm pissed off because I feel I helped the economy when I purchased in 08 and all I get is a $7500 loan that I have to pay back.... when someone buying in 09' gets 15k and does not have to pay it back. Total B.S. if you ask me.
Yeah, and since I'm not even a First Time Buyer I don't even qualify for the $7500. You feel shafted I'm sure. I feel doubly so.
Yeah, I was thinking that too. The people who bought during a tough time (08') and were not first time home buyers (owned a home within the last 3 years before buying another one) get shafted the most.
I would love to get 15k and put it right towards the principle on my home.
Holy moly. I'm closing on a new house in May/June. As a first time buyer I was psyched about the 15-year $7500 interest free loan but a $15,000 gift is just crazy. I wish I could read more details to see if it really is a loan that doesn't have to be repaid.
I'm telling you man. It really is a gift and you will not have to pay it back. Thats been agreed on both sides of the isle already. Now as long as the stimulus passes in the senate you are 15k richer.
I'm stuck with the $7500 15 year interest free loan. It's better than nothing but I still don't think its fair.
I can't even find this in the stimulus bill From what I am reading on several different forums this will apply to those who purchase the day after it is signed into law and will be valid for 1 year from that date.
Some are saying it will be signed on the 17th. I am closing on the 13th. Not sure what to do. It may not even pass and it may pass much later.
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From what I am reading on several different forums this will apply to those who purchase the day after it is signed into law and will be valid for 1 year from that date. 
