Financing in 64105>Question Details

Jared, Home Buyer in Kansas City, MO

$7,500 Tax Credit

Asked by Jared, Kansas City, MO Fri Jan 23, 2009

I noticed that the current senate bill includes not having to repay any of the $7500 tax credit if youpurchased the home after January 2009. What about me who purchased a home in May 2008 and plan on applying for the tax credit? Will I have to repay the $7500 credit from the government?

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Yes, Congress drafted the bill so that people who purchased last year will still have to repay. Bummer.
0 votes Thank Flag Link Sat Mar 14, 2009
Good news, it is now up to $8000 and is not paid back. Also, in Missouri you can get 6% of first time home buyer's credit toward the downpayment that is paid back after you get your tax break from the fed!
0 votes Thank Flag Link Thu Mar 12, 2009

We are currently in uncharted waters and many things are unclear. Our hope is the future will bring greated clarity for amny things including the "tax credit" issue.
0 votes Thank Flag Link Sun Feb 1, 2009
So far, not this year; you may have to repay in future years if you sell before the time limit. There is still ongoing discussion regarding this Bill. There is information on the IRS site which may help you figure your taxes including the credit this year (if you are doing your own). If the President has his way, you will not ever have to repay the credit; not all the members of congress and the senate are in agreement at the present time.
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0 votes Thank Flag Link Sat Jan 31, 2009
Jared,I agree that the rules are still in review. I know there is discussion to make this a forgivable loan for everyone. You don't start repaying the credit until 2010 as I understand it. By then, the repayment rules may go through various changes. Ultimately the worse I think it would be is the current 15 year, interest free version.
0 votes Thank Flag Link Fri Jan 23, 2009
Jared, 6.67% is repaid each year for 15 years. If you sell before the 15 years is up it is due and payable then, hope this helps for now, keep an eye on future changes like the other agent suggested.
0 votes Thank Flag Link Fri Jan 23, 2009
no one knows yet. The rules are constantly changing and getting realigned. Each year, check the tax rules as you get ready to file your taxes.
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0 votes Thank Flag Link Fri Jan 23, 2009
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