i know theres not many, if any tax experts on here, but i'll post anyways...
i read today on MSN and yahoo, this bill got passed/will be passed...basically, what its stating is
now, as i've heard right now, the "credit" now, is intrest free loan, for 15 years, and is 10% of the PURCHASE PRICE of a new home, up to the $7,500 limit (75k$ home).
with this, it says a tax credit of 10% of the VALUE of the home, up to $15,000 ($150k$ home)
so, lets say someone buys a home for $75k, and when they get into it theres a good bit of equity right off the bat. lets say it gets appraised at $110k (just for a round number). would the tax credit be $7,500 on the purchase price, or would it be $11,000 for the value of the home?
thoughts/opinions?