Dan Druff asked:
I recieved the $7500 repayment credit this year as a first time home buyer. Does obama’s new $8000 Home Buyer Credit Tax Stimulus plan nullify my repayment? Or did we just buy a little too soon?
Clarence
I recieved the $7500 repayment credit this year as a first time home buyer. Does obama’s new $8000 Home Buyer Credit Tax Stimulus plan nullify my repayment? Or did we just buy a little too soon?
Clarence
Erik
The $8000 credit that does not have to be paid back is effect for purchases between 1/1/09 and 12/31/09.
Comment by Wayne Z — November 4, 2009 @ 2:15 am
Wayne
It also has to be signed into law first, words don’t make a law.
Comment by Phil P — November 4, 2009 @ 8:07 pm
Shannon
It seems that you bought the home a little too soon. You have to repay it.
This credit is available for first time home buyers and those who did not own home in last three years. It is in fact interest free loan of up to $7,500. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly.
Comment by Jss — November 5, 2009 @ 8:54 am