Housing Tax Credit Stimulus Bill
July 30th, 2010
Question: Stimulus eligibility for new home buyer?
I recently bought a house in July of 2008, and I understand that Bush passed a law that gave a $7500 tax credit/loan to new home buyers. The loan would be repaid over 15 years and it would come out of your taxes. With Obama’s new stimulus, I’m confused on if that affects me at all. I know that the new housing deal is if you buy a home between January 2009 – December 2009, but I’ve read that this stimulus may also affect the previous housing bill? Can anyone clear this up for me?
Thanks!
Answer: I do think this will be signed as is:
Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit’s expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.
It will not affect anyone buying in 2008.
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Tags: buying, credit, home, housing tax credit stimulus bill, stimulus bill, tax, tax-credit, taxes