evan9381 Posted February 5, 2009 Report Share Posted February 5, 2009 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 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 but only for first-time homebuyers. 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? Quote Link to comment Share on other sites More sharing options...
TimTaylor751647545500 Posted February 5, 2009 Report Share Posted February 5, 2009 I think the max is $7500 Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 5, 2009 Report Share Posted February 5, 2009 Will this help someone who is going to refinance in the next month? Should I wait? Quote Link to comment Share on other sites More sharing options...
Casper Posted February 5, 2009 Report Share Posted February 5, 2009 This is only for first time home buyers who bought after 04/08. Right now it's $7500 tax "credit" which you file for on your income taxes. It must be paid back, over 15 yrs, tax free, again with your income taxes. If you move before it's paid off, you have to pay the remainder immediately. The new bill, if it passes as is right now, ups that amount to $15,000 and it won't have to be paid back. Again, this is only for first time home buyers who bought after 04/07. I really wish they would push that date back to, oh, 10/07. Oh well. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted February 5, 2009 Author Report Share Posted February 5, 2009 This is only for first time home buyers who bought after 04/08. Right now it's $7500 tax "credit" which you file for on your income taxes. It must be paid back, over 15 yrs, tax free, again with your income taxes. If you move before it's paid off, you have to pay the remainder immediately. The new bill, if it passes as is right now, ups that amount to $15,000 and it won't have to be paid back. Again, this is only for first time home buyers who bought after 04/07. I really wish they would push that date back to, oh, 10/07. Oh well. if so, the not paying back part, that'll be f'n ballin. im closing in about 30 days . was just curious because the assessed value from 07 (and im sure it'll go down with the market a bit) was 115,300 per auditors website, and im getting it about 30k less. wasnt sure if they'd do it off the value, which could be ~100k or the price paid, ~78k. hmm Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.