Home Buying in Three Rivers>Question Details

Heather, Home Buyer in Three Rivers, MI

THE STIMULUS CREDIT FOR 2008 IS STILL IN EFFECT CORRECT?

Asked by Heather, Three Rivers, MI Mon Feb 16, 2009

I PURCHASED MY HOME IN NOV 2008 DUE TO MY ACCOUNTANT INFORMING ME OF THE $7500 TO $15000 TAX CREDIT. I AM NOW CONFUSED DO I STILL QUALIFY OR DID THEY REVOKE IT? I BOUGHT MY FIRST HOME BECAUSE OF THIS CREDIT I DON'T THINK IT'S RIGHT TO SAY NOW YOU DON'T GET IT!

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3
Confirm with your accountant.

My understanding is that if you bought in 2008, you are still eligible for the 7500 credit, which must be repaid. You still get it. It is repaid over 15 years.

Those who buy in 2009 are eligible for up to 8,000, and it does not have to be repaid.

Congratulations on your home purchase!

I have a post coming out about it tomorrow on my blog. The link is below. Check there tomorrow.
Web Reference: http://miOaklandCounty.com
1 vote Thank Flag Link Mon Feb 16, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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I believe that the $7500 was raised to $8000 and not only is it a tax credit, it may not have to be paid back. it's actually 10% of the purchase price of the home up to 7500 or 8000. Before there were some income limitations, now I'm not sure. With all the media coverage, haven't seen the actual language of the "package". Doubt if I ever will, maybe thousands of pages. Glad to see you bought a home. We agents need to see more buyers with confidence in the country.
1 vote Thank Flag Link Mon Feb 16, 2009
Not sure why you would have been advised of a $15,000 tax credit last year?? It was in a recent DRAFT of the latest stimulus bill to replace the $7,500 interest-free loan (which sounds like is what you have), but the $15,000 was scrapped. I agree with Maureen that you further need to discuss with your financial and/or tax professionals.
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Mon Feb 16, 2009
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