Do I Have To Pay Back My 7500 Tax Credit All Locations : Advice

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Rachel Anker…, Real Estate Pro in 24060
Rachel Anker-johnson answered:
Hi, I'm hoping you can explain about the tax credit. Is it true that I can get $8K in cash if I buy now? ...
Hello Cashseeker, thanks for your question. You are not alone if you are confused about the tax credit - there is a lot of misinformation floating around. Hopefully, I can help you un ... more
0 votes Share Flag Sat May 2, 2009 Home Buying in 24073
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
Cindi Hagley, Prudential answered:
If i tell my bank that i can no longer keep up with my condo and i would like a deed in lieu of foreclosu ...
I doubt if your lender will agree...I haven't seen one of these accepted in the last couple of years. If they do indeed deny this, contact a local Realtor about a short sale. Good luck ... more
0 votes Share Flag Wed Jun 3, 2009 Foreclosure in 33139
Christine Ho…, Real Estate Pro in Painesville, OH
Christine Howlett answered:
8000 Tax Credit
P.R., you may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov). A home is considered as “purchased” when all events have occurred th ... more
0 votes Share Flag Mon Jul 27, 2009 Home Buying in Tampa
Terrence Cha…, Home Owner in Allentown, PA
Terrence Charest answered:
Can the $8000 tax credit be used for a buyer's down payment?
No, the tax credit is just that. A credit given when you file your taxes in 2010 for 2009.

Terrence Charest, e-Pro
0 votes Share Flag Wed May 27, 2009 Financing in Bethlehem
Randy Hooker, Real Estate Pro in Phoenix, AZ
Randy Hooker answered:
Am i still able to receive the $8000 tax credit instead?
Yes, Amanda, you should qualify for the increased amount of $8,000. But you'll most likely need to amend your tax return. And for that, I would recommend that you seek the services of ... more
0 votes Share Flag Fri Dec 31, 2010 Home Buying in Queen Creek
Tony Grech, Real Estate Pro in Michigan
Tony Grech answered:
Shoud I sell my house? I just bought it (REO properties) on 11/08 for 385K and spent 10K to fixed
Hi Thanhduy,

That is a tricky question. $60,000 is a big hit to take, but iI'm inclined to say that if that's the price you pay for happiness then it may be worth it. At least you' ... more
0 votes Share Flag Wed Feb 16, 2011 Home Selling in 92683
Terrence Cha…, Home Owner in Allentown, PA
Terrence Charest answered:
tax credit?
The tax credit is just that, a credit for what is owed on your taxes which is up to $8000 when you file for your 2009 income taxes. You must not have owned in home in the three years pr ... more
0 votes Share Flag Thu Nov 5, 2009 Home Buying in 19114
CJ Brasiel, Real Estate Pro in San Jose, CA
CJ Brasiel answered:
I bought a home in October in hopes of getting the original tax credit of 7500. With the new bill passing, ...
Nichole -

Based on your purchase date you will be able to apply for the $7500. Check with your tax preparer/accountant to confirm your eligibility. Here a web site with FAQs:
http ... more
0 votes Share Flag Sat Jun 6, 2009 Financing in San Jose
Maureen Fran…, Real Estate Pro in Birmingham, MI
Maureen Francis, Birmingham MI answered:
How can I find out if a sinlge person qualifies for the $8000 tax credit.. can I use that money for downp ...
Janet,

No, you cannot use the money for down payment. It is a credit you will get when you file your income taxes next year.

I wrote a post about it yesterday. At the bottom of t ... more
0 votes Share Flag Thu Jan 28, 2010 Home Buying in Tampa
Randall Sand…, Real Estate Pro in Charleston, SC
Randall Sandin answered:
Is the $7500 dollar tax credit going to have to be paid back?
Hi Brittaney - My advice is to speak your tax person on this, they will know best.

Thanks, Randall Sandin
843-209-9667
rsandin@carolinaone.com
0 votes Share Flag Thu Feb 19, 2009 Home Buying in 29745
Geovanni Roma, Real Estate Pro in Orlando, FL
Geovanni Roma answered:
I am planning to buy a house.
Rosa,

According to the tax credit that is yet to be approved by the House and president, the credit applies to any house that you will be occupying as a primary residence and the amo ... more
0 votes Share Flag Mon Feb 16, 2009 Home Buying in Orlando
Kary L. Kris…, Real Estate Pro in Renton, WA
Kary L. Krismer answered:
How's the market in Kirkland (Rose Hill), WA?
Laura, no one can tell you what the market will do more than about 2 months in the future, so don't listen to those who claim they can.

I would question though what other asset you t ... more
0 votes Share Flag Mon Oct 26, 2009 Market Conditions in 98033
Carl Medford, Real Estate Pro in Fremont, CA
Carl Medford answered:
Senate OKs $15000 Bonus for Home Buyers...
Muthu:

Tough times call for courageous measures. In just such an action, and with a resounding chorus of “Ayes,” the U.S. Senate voted on an amendment of the American Rec ... more
0 votes Share Flag Fri Feb 13, 2009 Home Buying in 94536
Barbara, Real Estate Pro in Butler County, PA
Barbara answered:
i am confused about this 7500 tax credit biz.some websites say one thing and others say something else.i go ...
Congress is actively considering an expanded home buyer tax credit, and the Senate has approved the following improvements:
•The tax credit amount increases to $15,000.
†... more
0 votes Share Flag Mon Nov 9, 2009 Home Buying in Orlando
Barbara, Real Estate Pro in Butler County, PA
Barbara answered:
Homebuyer's Tax Credit Bait and Switch
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. I ... more
0 votes Share Flag Fri Feb 13, 2009 Home Buying in Oak Park
Lee Taylor, Real Estate Pro in 30030
Lee Taylor answered:
What does everyone think about the new $15,000 Homebuyer Tax Credit approved by the Senate last night? ...
I think it's sexy, just like you Deryk.
0 votes Share Flag Thu Feb 5, 2009 Home Buying in Atlanta
Steve Ornell…, Real Estate Pro in Fremont, CA
Steve Ornellas answered:
Buyer's rebate?
Hi Pc, what is typical is that Buyer's Agents do not rebate commissions; at least those that offer full service. Why? Well, would you choose a heart surgeon based on his rebate? Perhaps ... more
0 votes Share Flag Thu Feb 3, 2011 Home Buying in San Francisco
New2phl, Home Buyer in not yet
New2phl answered:
First-Time Homebuyer Credit Question
Were you aware that this credit is interest free? if you wouldn't have the 7500 savings in 15 years, then you must not have the $ today to cover your regular taxes? Honestly, I would go ... more
0 votes Share Flag Tue Feb 3, 2009 Home Buying in Philadelphia
Terrence Cha…, Home Owner in Allentown, PA
Terrence Charest answered:
Hey, Why are so many of you buyers/investors still sitting on the fence - THIS is the time to buy!
Buyers are hoping that the homes get cheaper and the rates go down even further than they have been for..... hmmm decades.

Sellers are waiting for the home prices to go back up when ... more
0 votes Share Flag Wed Feb 4, 2009 Market Conditions in Berks County
Lesley Denney, Real Estate Pro in Millington, TN
Lesley Denney answered:
im a 24 y/o male construction worker currently with an apt in feasterville, pa im paying 900 a month rent
Good Evening Steve,

First of all Steve it is great to know you want to be a Home Owner!
The best advise I can give you is to speak to a Real Estate Proffessional in your area, they ... more
0 votes Share Flag Wed Jan 28, 2009 Rent vs Buy in Philadelphia
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