sundaynfl Posted August 14, 2008 Share Posted August 14, 2008 It's an interest free loan that several people will be able to take advantage of: Homebuyer Tax Credit Quote Link to comment Share on other sites More sharing options...
Atlanta Cracker Posted August 14, 2008 Share Posted August 14, 2008 ...but you have to pay it back. It should be called "Really confusing loan" And I guess there are some but how many houses where you live sell for less than 75k where phaseouts come into play? Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 14, 2008 Author Share Posted August 14, 2008 ...but you have to pay it back. It should be called "Really confusing loan" And I guess there are some but how many houses where you live sell for less than 75k where phaseouts come into play? Not really that confusing... but if you are easily confused by reading and mathematics, you should see an accountant or try Hooked on Phonics; by the way the phaseouts are for income levels not the price of the house! Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 14, 2008 Share Posted August 14, 2008 And you have to be a first-time home-owner (or at least not have owned a home in the last three years). Quote Link to comment Share on other sites More sharing options...
Atlanta Cracker Posted August 14, 2008 Share Posted August 14, 2008 Not really that confusing... but if you are easily confused by reading and mathematics, you should see an accountant or try Hooked on Phonics; by the way the phaseouts are for income levels not the price of the house! Well the 10% doesn't go above 75k ($7,500 max credit). Not saying that it isn't worth knowing or using but I wonder what the % of the amount claimed will actually get repaid over the next 15 years? What if people get laid off and have no income for a couple of years so to speak or "forget" to include it. Why call it a credit if it isn't a loan? Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 14, 2008 Share Posted August 14, 2008 Why call it a credit if it is a loan? Because "credits" get votes and saying that you are giving out new loans for people to buy houses in this economy just sounds stupid. Now, having said all of that, I am closing on my first home tomorrow and I am happy enough to get an interest free loan for doing something that I was already going to do anyway. :highrollingwelfareking: Quote Link to comment Share on other sites More sharing options...
major-tom Posted August 14, 2008 Share Posted August 14, 2008 Because "credits" get votes and saying that you are giving out new loans for people to buy houses in this economy just sounds stupid. Now, having said all of that, I am closing on my first home tomorrow and I am happy enough to get an interest free loan for doing something that I was already going to do anyway. :highrollingwelfareking: congrats Quote Link to comment Share on other sites More sharing options...
westvirginia Posted August 14, 2008 Share Posted August 14, 2008 Would someone please explain this to me? Is it a tax credit or a loan? What's the deal? Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 14, 2008 Share Posted August 14, 2008 Would someone please explain this to me? Is it a tax credit or a loan? What's the deal? It's a tax credit of up to $7,500 on this year's tax bill. You will have to pay it back in "extra" taxes of $500 for the next 15 years. Quote Link to comment Share on other sites More sharing options...
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