Tax Credit Used As Down Payment
May 18th, 2009
Question: new tax credit for down payment?
me and my husband are saving for a house, we know we have to have %3.5 of our own money for a down payment, is that 7500 tax credit additional, or could that be less we have to save?. would it be say our 5000 plus that 7500 or we save 3000 and use 7500 and have a 10500 down payment? please no guesses, only people who actually know
i read that website already, u can put that u bought the house 12/31 and get it before u buy, i know u have to pay it back. 0% 15 years, works out to be 502 a year i believe
and you don’t have to start paying it back till 2010
ok i kind of get how it works now, so which a tax credit would my federal income tax return be larger?
Answer: What? You are confused.
The 7500 is a tax credit, you will get it when you file taxes in 2010.
There will be no check arriving, you do not receive the money as cash.
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