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Should I postpone my closing tomorrow to see what happens with the 15k tax credit?

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February 11 - Memphis

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Associated Press is reporting the 15,000 tax credit was stripped out of the bill in committee after the Office of Management and Budget estimated the cost to be far higher than was originally estimated. The $7,500 tax credit for first time home buyers is still in effect.

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

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February 11

a_w_jr
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Tell him what's he won jim: NOTHING!!!!! Get the 7500 if you can and run!!!!

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February 11

Mark75NYC
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There will be no 15K housing tax credit; it's dead.

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wetdawgs
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What penalties do you pay for delaying the closing?

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February 11

NTETS, "Caveat Emptor"
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NTETS, "Caveat Emptor"

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well from what i hear the senate is pushing for that to be stricken from the bill or shrunk to save that 37billion or whatever it is, so the standard caveat applies, but yes, if at all possible. you are making the choice between:

a) a $7500 loan repaid over 15 years

b) a tax holiday if you made ~75k last year or the ability to stretch it over 2 years and get 2 tax holidays as long as you make ~60k more or less. if you make less than 40k you WILL NOT get the full 15k, though you will get your two years taxes back, just not above what you paid in.

in almost ALL cases (even if you paid less than 7500 in taxes over the last 2 years combined) b) is exponentially superior to a)

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February 11

unclsu
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unclsu

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I think it was thrown out????? I close on Friday

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February 11

acrewdog
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I would put it off a week if possible. The goal right now is to get the stimulus bill signed by Monday. Give it a couple more days for luck. A week from now there should be much more clarity

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February 11

cmcinfo007
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cmcinfo007

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If your decision is based on needing the 15K then delay it by all means. Very likely it will be scaled back to original amount to make room for "House Spending" like giving your paycheck away to combat STD's in Zimbabwe

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February 11

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Should I postpone my closing tomorrow to see what happens with the 15k tax credit?

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Question Should I postpone my closing tomorrow to see what happens with the 15k tax credit?

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