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Old 01-29-2009, 10:42 AM
 
1,462 posts, read 4,416,663 times
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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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Old 01-29-2009, 10:47 AM
 
526 posts, read 1,315,117 times
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Quote:
Originally Posted by SweepTheLeg View Post
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?
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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Old 01-29-2009, 11:01 AM
 
Location: South Jersey
7,780 posts, read 20,152,279 times
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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 View Post
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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Old 01-29-2009, 11:11 AM
 
Location: High Bridge, NJ
3,858 posts, read 9,184,546 times
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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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Old 01-29-2009, 02:03 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
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Quote:
Originally Posted by shaunamc View Post
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.
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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Old 01-29-2009, 02:06 PM
 
Location: High Bridge, NJ
3,858 posts, read 9,184,546 times
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Quote:
Originally Posted by njkate View Post
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
LOL-I'd love to get 10% of $750K! Alas, the credit is $7500-no more, no less.
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Old 01-29-2009, 02:09 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
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Quote:
Originally Posted by Badfish740 View Post
LOL-I'd love to get 10% of $750K! Alas, the credit is $7500-no more, no less.
Wouldn't we all...lol
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Old 01-29-2009, 02:12 PM
 
Location: South Jersey
7,780 posts, read 20,152,279 times
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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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Old 01-29-2009, 02:12 PM
 
Location: Essex
12 posts, read 35,988 times
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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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Old 01-29-2009, 02:12 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,710,701 times
Reputation: 11387
Quote:
Originally Posted by njkate View Post
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
Oh I guess the poster realized their math faux paux and deleted the post
So Tahiti I am orphaned...lol
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