Homeowner Tax Credit 2010
August 8th, 2010
Question: Why does $7,500 tax credit for 1st homeowners have to be paid back by the owners if it’s a free gift from O?
$7500 first time Home Owners Tax Credit on the IRS website.I don’t know where the $8,000 came to be known as the amount but it’s actually capped at $7,500 except for special circumstances . Anyway, it is not a cash amount you receive in the mail (another misconception), it is a tax credit and has to be repaid in 15 installments by reporting the first installment when you file your income taxes in the year 2010. Granted it is akin to an interest free loan but it is not in any shape, fashion or form a “gift” from the government.
SOURCE: Rusty, YA top contributor
Answer: The 8000 dollar one is part of the Obama giveaway, and does not need to be paid back. It is pure crap because it only applies to first time home owners. I have had a few houses now and nobody ever gave me a 8000 dollar handout!
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