Profile picture for mlr2

Can you use both the $7500 first time homebuyers credit & the $8000 credit from the new stimulus pkg

I know that the $7500 first time buyer credit had to be repaid over a 15 year period.  But under the new stimulus package the $8000 credit does not.  Can you use both credits and repay the $7500?
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February 18 2009 - Little Rock
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Answers (9)

Profile picture for prakashamin
No
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February 22 2009
No, you cannot use both.  Please talk with a professional tax advisor on how to use either of these!
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February 22 2009
Profile picture for Real Little
Looks to me like the only possibility to use both would be if you close on Jan. 1 ,2009.  It's my bet there were no closings on that holiday.
 
Otherwise you must have closed between 4-9-08 and 1-1-09 to be eligible for the 7500
OR between 1-1-09 and 12-1-09 to be eligible for the 8,000.

Happy house hunting.
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February 21 2009
Profile picture for SlickPoetry
samuel,

no you can not.
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February 18 2009
Profile picture for samuel09
yes I can use both and in time pay back the $7500.00 I am corrently searching for a new home. 
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February 18 2009
Profile picture for brutus11
Where can I find more information on the $8000 credit?  I haven't heard anything about this...?  Thank you!
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February 18 2009
Profile picture for Mr Caveat
nope the first one overrides the second
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February 18 2009
The $8,000 tax credit is an amendment to the previous legislation not a separate bit of legislation, so no you can't get both. You might check with your local lender about first time home buyer programs in your city that might allow you to borrow additional money outside of the federal law.
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February 18 2009
Profile picture for SlickPoetry
My understanding is that you don't get both. The $7500 credit has been phased out and replaced by the $8000 credit. If you bought before January 1, 2009 you get the $7500 credit, which still needs to be paid back. If you bought after January 1, 2009 you get the $8000 credit, which doesn't need to be paid back..
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February 18 2009
 
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