Tax Credit Law
December 31st, 2008
Question: Will they change the first time home-buyer tax credit?
What do you people think, will they increase the first-time home buyer tax credit with the new stimulus packages (if it ever actually gets passed)?
If they do, I bought my first house on January 23, would I still qualify for the larger amount even though I closed before the law passed?
I’m waiting on them to figure that damn thing out so I can file my taxes.
Answer: I just read that they may not include that credit after all… It’s a way to cut some of the unnecessary stuff out. (go figure, something that would help real people) I don’t have a good answer for you, because I am wondering the same thing. I bought in December.
The original plan is a $7500 tax credit for people who buy your first home between April 8, 2008 and before July 1, 2009. It must be paid back over 15 years.
The stimulus package was supposedly going to make it a true credit vs. a loan. Keep your eye out for details just in case it goes through. Then it would be worth taking.
Or, put the $7500 into a savings account that earns 3% for 15 years. Take 500 out per year to pay it back. At the end, you will have approximately $1761 paid to you in interest.
Michigan continues tax credit for donated vehicles
Michigan motorists who donate vehicles to charities can continue claiming a state tax credit.
Understanding the First Time Homebuyer Tax Credit
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