The Federal Tax Credits Blog

Posts Tagged ‘homeowner tax credit news’

Question: Info about the new housing law signed this morning — up to $7500 credit for 1st time homeowners?

I have read reports from the news websites about how this new law will assist first time homeowners by providing a tax credit of UP TO $7500 if purchased between April 08 and July 09.

What are the specifics on that?
Who qualifies and for how much?
wayne, do you have a link for that?

Answer: Good News: Up to $7500 refundable credit for first-time home buyers under the income limits. (I am not sure of the income limits but I think that I saw $75k for Single and $150k for Married.)

Bad News: It must be paid back on you tax returns for the next 15 years. In other words your taxes will go up by $500 for the next 15 years if you get the whole $7500. Also, if you sell be for 15 years, you must pay back the balance immediately.

It really isn’t a true “credit”. It is just an up to $7500 interest free loan.

Is London ready for the Big Squeeze?

There is something strange going on in London’s clubbing world this spring. From the louche nocturnal haunts of St James’s to the vast dance caverns of the suburbs, takings have fallen — and fallen dramatically.

Retirement Plans: Navigating IRS Info – May 2010