Zillow Advice: Home Buying - Can I claim both $7,500 and $15,000 if I buy before July 1st

Any answer to any question ...

Sun, 08 Feb 2009 15:43:00 GMT

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.

The $7,500 credit may ...

Sun, 08 Feb 2009 15:16:00 GMT

The $7,500 credit may be getting superceded by the $15,000 credit.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.

No, it sunsets the previous ...

Sun, 08 Feb 2009 04:21:00 GMT

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