Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Can I claim both $7,500 and $15,000 if I buy before ...

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 364
US
Illinois
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:
Chicago
Nearby Cities
- Alsip
- Arlington Heights
- Bartlett
- Bellwood
- Bensenville
- Berwyn
- Blue Island
- Buffalo Grove
- Burbank
- Calumet City
- Chicago Heights
- Cicero
- Deerfield
- Des Plaines
- Dolton
- Elgin
- Elk Grove Village
- Elmwood Park
- Evanston
- Evergreen Park
- Franklin Park
- Glenview
- Hanover Park
- Harvey
- Hoffman Estates
- La Grange Highlands
- Lansing
- Maywood
- Melrose Park
- Morton Grove
- Mount Prospect
- Niles
- Northbrook
- Oak Forest
- Oak Lawn
- Oak Park
- Orland Park
- Palatine
- Park Forest
- Park Ridge
- Rolling Meadows
- Roselle
- Schaumburg
- Skokie
- South Holland
- Streamwood
- Tinley Park
- Wheeling
- Wilmette
Don't see it?

Find:
Neighborhood
Nearby Neighborhoods
Don't see it?

Find:

Can I claim both $7,500 and $15,000 if I buy before July 1st

Contributions: 27

Q&A

:1
Disc

:15
Photos

:11

View full profile

If $15,000 proposal is signed into law, I wonder if I can claim both credits if I buy my first home before July 1st.

Flag content

February 07 - Chicago

RSS

Answers (3)

Jay Thompson, "PhoenixRealEstateGuy"
Contributions: 19

Jay Thompson, "PhoenixRealEstateGuy"

Phoenix, AZ Area

Real Estate Agent

View my 1 listings

Contributions: 19

Q&A

:8
Disc

:11

View full profile

Any answer to any question on the $15,000 tax credit should include a big giant disclaimer -- the tax credit isn't law yet.

The language in the Stimulus bill could be changed before it passes the Senate, and it could be changed again in the conference committee that will reconcile the differences between the House and Senate versions.

As it is currently written, the credits are "one time" -- language that in effect means you can't "double dip" and get both the older $7500 "credit" (which is really a zero interest loan) AND the new $15,000 credit.

Flag content

February 08

DasDrachenFeuer
Contributions: 5

DasDrachenFeuer

Contributions: 5

Q&A

:4
Disc

:1

View full profile

The $7,500 credit may be getting superceded by the $15,000 credit. The good news is, the $15,000 plan is being back dated to 2008 and is going to cover anyone that buys a house before 2010. Also, you don't have to pay back this credit unlike the $7,500 one.

Flag content

February 08

drfoley
Contributions: 15

drfoley

Contributions: 15

Q&A

:9
Disc

:6

View full profile

No, it sunsets the previous Bill ( H.R. 3221 ) ... meaning where it says '1st July 2009' would be replaced, with the date at which the current Bill gets signed into law ... (probably as soon as Feb 16th !!. Also this is a non refundable, but then again non-repayable tax credit which means it only offsets your tax obligation. Meaning if you owe or payed $15k in taxes this year or last you can get it all.

As it stands, you can split it equally between the year you purchase in and the next one ... so if you only can use a portion this year (or next) you, can use up to $7500 in the year following your purchase.
Here's the amendment as it stands :

http://isakson.senate.gov/Amdt_106.pdf

Flag content

February 07

Have a question? Ask it here.

Most Active Chicago Real Estate Agents

Conlon A Real Estate

431 listings

Local Expert
Matt Laricy

66 listings

Local Expert
Robert John Anderson

48 listings

Local Expert
Karen Biazar

32 listings

Local Expert
Bryan Schmidt

29 listings

Local Expert

See more Chicago real estate agents

Question Chicago closing fees

Latest answer by Sean Cochran
November 03

In Buying Process
1 Answer - 147 Views

Question What to do when home inspection goes bad

Latest answer by Sean Cochran
November 03

In Home Buying
4 Answers - 308 Views

Question FHA Loan for short sale in illinois???

Latest answer by Sean Cochran
November 03

In Buying Process
2 Answers - 327 Views

Question How early can I legally rent out my property?

Latest answer by Gregorio Denny
October 30

In Investing
6 Answers - 167 Views

Question I own a 2 flat building , purchased in 1987 , do I qualify for the 2009 stimulus rebate of 8,000 ?

Latest answer by Michael Emery
October 28

In Home Buying
5 Answers - 148 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide About First-Time Home Buyer Tax Credit

In Home Buying
Edited July 22

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Picking the Best Comps

In Using Zillow to buy
Edited May 04

See more articles about Home Buying

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:146px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by crannell

What sales tool do you think best advertises a home for sale?

MLS entry with pictures.

Advertising in local newpapers.

Post cards sent by listing agent.

FSBO Internet sites.

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

All Results (95)

Zillow FAQs (0)

Home Buying (0)

Home Selling (1)

Mortgage (1)

Housing Market (0)

Local Topics (9)

Home Ownership (1)

Home Improvement (0)

Home Q&A (83)

Pro-to-Pro (0)

Other (0)

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Can I claim both $7,500 and $15,000 if I buy before July 1st

Contributions: 27

Real Estate Agent

Contributions: 19

Contributions: 5

Contributions: 15

Have a question? Ask it here.

Most Active Chicago Real Estate Agents

Related Questions

Question Chicago closing fees

Question What to do when home inspection goes bad

Question FHA Loan for short sale in illinois???

Question How early can I legally rent out my property?

Question I own a 2 flat building , purchased in 1987 , do I qualify for the 2009 stimulus rebate of 8,000 ?

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Nearby Cities

Nearby Neighborhoods

Can I claim both $7,500 and $15,000 if I buy before July 1st

Contributions: 27

Main Image

Answers (3)

Real Estate Agent

Contributions: 19

Contributions: 5

Contributions: 15

Have a question? Ask it here.

Most Active Chicago Real Estate Agents

Related Questions

Question Chicago closing fees

Question What to do when home inspection goes bad

Question FHA Loan for short sale in illinois???

Question How early can I legally rent out my property?

Question I own a 2 flat building , purchased in 1987 , do I qualify for the 2009 stimulus rebate of 8,000 ?

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor