Senate approves $15,000 tax credit for homebuyers (sales, mortgage, loan)

[hollikee]

Senate approves $15,000 tax credit for homebuyers - BostonHerald.com (http://www.bostonherald.com/news/us_politics/view/2009_02_05_Senate_approves__15_000_tax_credit_for_ homebuyers/ - broken link)

As a first time homebuyer myself, this comes as a relief to me because I will be able to afford the many updates that a house in my price range needs. However, I can see where there will be many that are not in favor of this.

[njkate]

I thought it was capped at $7500?? They have doubled it??

[block911]

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.

[nicolem]

Originally Posted by njkate

I thought it was capped at $7500?? They have doubled it??

Before you know it we taxpayers will be buying people a new home free and clear. I also heard on the news that they also want to add a 4% flat mortgage rate for new homebuyers. Add this to the tax credit currently being proposed for people buying new cars, this is really getting out of hand.

[njkate]

Originally Posted by block911

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.

WOW that would help son & DIL out big time for a few upgrades and bank the rest for emergencies as they paid close to $300k..it's still techically a loan that has to be paid back??

Do you have a link that explains...thx

[wileynj]

Originally Posted by njkate

WOW that would help son & DIL out big time for a few upgrades and bank the rest for emergencies as they paid close to $300k..it's still techically a loan that has to be paid back??

Do you have a link that explains...thx

It's true... B&C is eligible for $7500.00. She doesn't want to take it but I smacked her around a bit - explained to her that Americans love to give away free money and that she has to take it

[block911]

Originally Posted by njkate

WOW that would help son & DIL out big time for a few upgrades and bank the rest for emergencies as they paid close to $300k..it's still techically a loan that has to be paid back??

Do you have a link that explains...thx

No its a flat break, what you are thinking of is the 7500 load/credit for buying before summer of this year.


Its amazing it like a year end sales event for cars

[njkate]

Originally Posted by block911

No its a flat break, what you are thinking of is the 7500 load/credit for buying before summer of this year.


Its amazing it like a year end sales event for cars

Ok not comprehending....This is different from the 7500 tax credit (loan)??
Cripes there has to be a link somewhere explaining this

[njkate]

Originally Posted by wileynj

It's true... B&C is eligible for $7500.00. She doesn't want to take it but I smacked her around a bit - explained to her that Americans love to give away free money and that she has to take it

Wiley...splain please, I don't want to give the kids false info
They closed on 06/30/08 which was in the paramaters for the original 7500 credit

[hollikee]

This $15,000 tax credit would not be a loan as the previous was. Free and clear, perhaps spread over 2 income tax returns though.