Are you a first home buyers? Here is $ 7,500

Are you a first home buyers? Here is $ 7,500

Question by emersonzamora: I bought a home in 12/08. Is there a risk of me not getting the 00 tax credit if I don't file taxes soon? I know that the economic stimulus plan may have a tax credit of $ 15,000 for home buyers, but from what I've read, it will only take effect on the day that Obama signs the bill. At that point, it will sunset the $ 7500 credit - which means it will no longer be available. Correct? Best answer for I bought a home in 12/08. Is there a risk of me not getting the 00 tax credit if I don't file taxes soon?:

Answer by dlk
The so called tax credit in this spending bill will NOT hit until the year the bill is passed. Sorry, you just may be a year too soon.

Answer by Senor Magoo
Great now I have to subsidize your damn house as well as pay my own mortgage. thanks for nothing Obama.

Answer by Just rambling too
No, the only thing that matters is the date of your purchase.

Answer by nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn
the stimulus bill has passed, complete your return for 2008 and see

Answer by Galaxie Girl
I don't know if you are aware of this, but the $ 7,500 tax credit has to be paid back over the next few years as you file your taxes. You aren't just getting a bunch of money for having purchased a home. I just bought a house last year, too, and probably won't be using that tax credit, since according to every tax guy my parents have talked to said not to do it.

[obama 7500 tax credit home]

All the details on the first time buyer credit Obama signed in to effect Tuesday

mortgagecalculator-tips.blogspot.com 8000 First time Buyer Stimulus Credit

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Have you ever heard of Housing and Recovery Act of 2008? Well, today we are focusing on the benefits of credit, the $ 7.500 First House Tax IRS.

http://www.firsttimehomebuyerloans.goodarticlesite.com/are-you-a-first-home-buyers-here-is-7500/

Even with interest rates at historic lows and a wide range of discounted homes on the market to buy is not the people, the government came up with this tax credit to stimulate and support for First Time Home Buyers Get financialinstead of waiting.

The first $ 7,500 â€" Time Home Buyer Tax Credit IRS applies only to the first - the buyer buys a house principal residence between April 9, 2008 and July 1, 2009.

It 'important to understand that this is a tax credit and tax deduction is not one. Now, a tax credit is a reduction in income tax due! In other words, if a buyer their taxes for the year 2008 the house was purchased (April- July 2009) may be able to amount to $ 7,500 for federal income tax, which can be set to deduct more money in your pocket, how to get a greater tax refund or reduce the amount of tax has yet to pay.

However, this tax credit is not free. Yes, this is not a hand from Uncle Sam, is a loan that must be repaid. Repayment begins two years after the claim is required and must be repaid within 15 years. So this is a $ 500 payment per year. This is ainterest-free loans for 15 years.

Now, before you turned to get this loan, we take a look at the benefits of providing a tax credit $ 7,500. Most of the time of first home buyers have left the closing table with a space or savings and current accounts as soon as a house purchase is completed. Now they have to furnish a house to furnish, and in some cases to repair and paint. The majority of these at home firstBuyer will now have to pay their credit cards to the costs that will come with a fairly high interest rates. So, if compared to a credit card that comes with interest, Versus and $ 7,500 interest-free loans ….. Now it seems a bit 'more attractive.

Now, for those of you under the first home buyers who are doing well economically a bit 'more, this can still take advantage …. here's how.

Assuming a $ 200,000 loan was necessaryBuy a house at 6.0% interest rate fixed for 30 years. What if the tax credit $ 7,500 for a refund, we used pre-pay your mortgage? By the simple mathematical interest that an annual saving would be $ 437.50, and the fact less than the $ 500 per year for payment of the tax credit for $ 7,500 loan.

The main advantage here is not only the payment of outstanding savings, but the balance of $ 7,500 and guides for each future mortgage payment will be reduced to a mutual savingsgrowing interest and principal reduction mortgage. As each monthly mortgage payment will be used to reduce the balance and less interest guides. Together, these savings exceed the cost of $ 500 for reimbursement of the tax credit. The advantage of a long-term interest rate on savings and the reduction is the main drug. Speaking of good old Uncle Sam to help pay a mortgage in advance!

http://www.firsttimehomebuyerloans.goodarticlesite.com/are-you-a-first-home-buyers-here-is-7500/

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