Remember the $7.5K First Time Home Buyer credit? (advantage, Realtors, borrow)

[SXN]

Looks like the credit will now be permanent if the house proposal passes.

Tax breaks aimed at home buyers, tuition payers in House plan - MarketWatch

Would-be home buyers also would benefit: A new law in 2008 offered a $7,500 first-time home buyer tax credit -- but that credit had to be repaid over time. Under the House proposal, that credit would no longer have to be repaid for homes bought from January through June 30, 2009.

I think the $500 singles and $1000 married tax credit is also still there for the people that aren't going to itemize.

[le roi]

So it looks like they turned the "Tax Credit" into a tax credit.

However, you say it is now permenant. I don't see that in the article, which says that it still expires this summer.

[SXN]

Clarification: "permanent" as in you don't have to pay back the credit over a set number of years. Still only qualify if done before June 30th '09.

[Braunwyn]

Well, that's good news providing I actually find a home. I was hoping to do so before I filed my taxes for 2008.

[AnimalLover]

Keep in mind it's only a proposal at this point. NAR (National Association of Realtors) is lobbying hard to make it permanent.

[ilovebdj]

....and I see that it's only an actual tax credit if you buy from January through June. I bought last year and will take advantage of the credit but will have to pay it back. Oh well, I'm just happy I'm getting something.....

[aneftp]

Originally Posted by bboy1977

Looks like the credit will now be permanent if the house proposal passes.

Tax breaks aimed at home buyers, tuition payers in House plan - MarketWatch

Would-be home buyers also would benefit: A new law in 2008 offered a $7,500 first-time home buyer tax credit -- but that credit had to be repaid over time. Under the House proposal, that credit would no longer have to be repaid for homes bought from January through June 30, 2009.

I think the $500 singles and $1000 married tax credit is also still there for the people that aren't going to itemize.

Yeah, but what are the REAL details. Are there income limits? If you make more than 250K a year, will this exclude you from the proposed, "tax credits?"

[tortoisegirl]

I'm really hoping they will have some sort of credit available through the end of 2009. As far as I know the original tax credit had income limits...not sure about this new proposal. The original one didn't sound all that appealing to me.

[Jamesww]

Originally Posted by aneftp

Yeah, but what are the REAL details. Are there income limits? If you make more than 250K a year, will this exclude you from the proposed, "tax credits?"

Yes, it gets phased out based on your income level. Which means it will help the lower end of the market and may or may not have any affect on the upper end of the market.

[theS5]

Yeah, the NAR needs to keep the bubble inflated and people borrowing