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8,000 tax credit update. Will it be more or less??

Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation.

Posted by David Van Noy Jr. <<<< on 02/17/2009 11:29 AM

Comments (3)

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first time buyers

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3 Comments on 8,000 tax credit update. Will it be more or less??

FEB

My husband and I bought a house at the end of September 2008. It's my understanding that the new 8K tax credit will need to be paid back but there are certain penalties/payback provisons if you sell your home withinn 3 years. This is certainly more attactive than the 7500 "interest-free" loan that we would qualify for. While it woulf be nice to get some extra cash back we will not be taking the 7500 "credit", I don;t need an additional debt hanging over my head for 15 years.

MAR

Dear David,

Realtors need to get the word out about the NEW 8000. tax credit incentive for first time home buyers who purchase homes in 2009. I don't think many people realize how it works and that it does not need to be re-paid, which is the big advantage over the 2008 7500. first time buyers home incentive. Excellent job in this post.

Debra Kukulski, Northern Illinois Real Estate

AUG

Hi guys. Howard Hughes was able to afford the luxury of madness, like a man who not only thinks he is Napoleon but hires an army to prove it. I am from Tome and know bad English, give please true I wrote the following sentence: "We would like to inform your community of a new publication.Buy a business for sale or sell a business for free." THX :), Lotte.

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