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Was the tax credit extension a good idea?
Federal Tax Credits 2008 - 2009 Part I - 2009/2010 Part 2
First, there was the 2008 Housing & Economic Recovery Act $7,500 "tax credit" that is, in fact, an interest free loan that must be re-paid over a 15-year period. This program was effective April 8, 2008 and ended December 31, 2008. Then came the 2009 American Recovery & Reinvestment Act $8,000 tax credit. What I call a "just kidding" moment. If you closed on your home on December 31, 2008, you have to pay your tax credit back, but if you closed on January 1, 2009 you don't have to ... plus you get an extra $500. And then, adding insult to injury, the extended and expanded tax credits of the 2009 Homeownership & Business Assistance Act threw a cold bucket of water on a real estate market just regaining a faint pulse.  Great news for long term homeowners and the expanded $6,500 tax credit that benefits them, as long as they close after November 6, 2009 (too bad for you if it was even one day before that). I've had clients who felt ripped off both times. Every extension, every revision of these tax credit programs, creates an ... more

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