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Tax credit

Has any one heard about that $15,000.00 tax credit if someone buys a home during this year? I heard anyone that buys a home will get it no matter what.

  • February 05 2009 - Bolingbrook
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Answers (5)

Last year it was $7500, to be paid back over 15 years @ $500/yr.  It is now $8000....it's actually more like a "rebate"... and you do not have to pay it back.  I believe you must buy and close by December 1, 2009, but you can claim it either on your 2008 or 2009 taxes.

There are some income requirements, $75,000 or less for single.  And you cannot have owned a home in the last 3 years...You must also live in the new home for 3 years, or the government can "reclaim" part of the money back if you do not.

If I can be of assistance to you, your family or friends please feel free to call me. I'd love to help you in the future.

Take care,
Teri Engelhardt









  • March 26 2009
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Profile picture for anhthu_ttm
Same here, i bough a house in March 28, 2008. do you still get that 7500 tax credit ?  I'm only 10days short to the timeline (april 8-Juy09).  it is not fair if i don't get that 7500 tax credit.
  • February 09 2009
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Follow this link for information regarding the current tax credit. (This does not apply to any future tax credits, only the one currently in law.)

http://www.irs.gov/newsroom/article/0,,id=187935,00.html
  • February 06 2009
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Profile picture for dinmuq

I bought my house in Feb 2008, and it went down already close to 80K, do i qualify for the tax credit?

  • February 06 2009
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It has not passed the senate and is a provision in the stimulus package which is an enhancemnet on the already existing home buyers credit of $7,500. As it stands now you get $7,500 tax credit that must be paid back over the course of 15 years or if you sell the house. You are elligable if you have not owned a home for the last three years prior to purchase. The updated version (if it passes!!!) will be $15,000 tax credit that does not need to be paid back but only if you did not won a home in the last three years.
  • February 06 2009
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