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01-29-2009, 10:42 AM
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1,462 posts, read 4,416,663 times
Reputation: 1014
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Had a quick question...
The Stimulus Bill that is currently under review has a provision to change the 7500 tax credit (in reality, a no-interest loan to be paid back over 15 years) into a true tax credit, with no payback required.
However, CNN said that it only applies from 1/1/2009 to the end of August.
That seems a little incorrect, IMHO - can anyone clarify this?
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01-29-2009, 10:47 AM
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526 posts, read 1,315,117 times
Reputation: 74
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Quote:
Originally Posted by SweepTheLeg
Had a quick question...
The Stimulus Bill that is currently under review has a provision to change the 7500 tax credit (in reality, a no-interest loan to be paid back over 15 years) into a true tax credit, with no payback required.
However, CNN said that it only applies from 1/1/2009 to the end of August.
That seems a little incorrect, IMHO - can anyone clarify this?
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The current tax credit is $7500, the payback provision has been waived from what I have heard. it still expires on July 1 2009. |
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01-29-2009, 11:01 AM
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Location: South Jersey
7,780 posts, read 20,152,279 times
Reputation: 2338
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not according to the website. You still have to pay it back..
Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/ - broken link)
Quote:
Originally Posted by JamesBoyer
The current tax credit is $7500, the payback provision has been waived from what I have heard. it still expires on July 1 2009.
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01-29-2009, 11:11 AM
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Location: High Bridge, NJ
3,858 posts, read 9,184,546 times
Reputation: 3364
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As of this moment if you take the credit it must be paid back. If the stimulus bill passes with the abovementioned provision in it, it will be a straight credit with no obligation to pay it back. However, this provision is in the current House version of the bill. There will be a different Senate version and the two will need to be reconciled and sent to the President which basically means anything could happen between now and then. I'm taking it either way because even if it has to be paid back, an interest free $7500 loan is a hell of a deal.
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01-29-2009, 02:03 PM
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Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
Reputation: 11387
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Quote:
Originally Posted by shaunamc
Remember its 10% up to 7500. A lot of people seems to think it's 7500, unless you're purchasing a 750K home, you're not looking at 7500.
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Huh???? 10% of a home that costs $750,000.00 is $75,000
$7,500.00 would be 10% of a home that costs $75,000.00
The max is $7,500.00 credit so if your home did cost $750,000.00 thats all you are going to get $7,500.00 |
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01-29-2009, 02:06 PM
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Location: High Bridge, NJ
3,858 posts, read 9,184,546 times
Reputation: 3364
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Quote:
Originally Posted by njkate
Huh???? 10% of a home that costs $750,000.00 is $75,000
$7,500.00 would be 10% of a home that costs $75,000.00
The max is $7,500.00 credit so if your home did cost $750,000.00 thats all you are going to get $7,500.00
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LOL-I'd love to get 10% of $750K! Alas, the credit is $7500-no more, no less. |
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01-29-2009, 02:09 PM
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Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
Reputation: 11387
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Quote:
Originally Posted by Badfish740
LOL-I'd love to get 10% of $750K! Alas, the credit is $7500-no more, no less.
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Wouldn't we all...lol |
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01-29-2009, 02:12 PM
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Location: South Jersey
7,780 posts, read 20,152,279 times
Reputation: 2338
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incorrect. If your home is at least $75k you get the $7500 back. 75,000 x 10% = 7500.
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01-29-2009, 02:12 PM
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Location: Essex
12 posts, read 35,988 times
Reputation: 15
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LMAO....Oops.
Sorry guys, guess I've been working too many long hours. The mind is gone.
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01-29-2009, 02:12 PM
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Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
Reputation: 11387
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Quote:
Originally Posted by njkate
Huh???? 10% of a home that costs $750,000.00 is $75,000
$7,500.00 would be 10% of a home that costs $75,000.00
The max is $7,500.00 credit so if your home did cost $750,000.00 thats all you are going to get $7,500.00
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Oh I guess the poster realized their math faux paux and deleted the post
So Tahiti I am orphaned...lol |
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