The Federal Tax Credits Blog

Posts Tagged ‘tax credit extension cnn’

Question: Clarification on new homeowners credit extension…can it bundle together with the $6,500 for 14500 total?

I’m buying a house and i’ve heard from actual news sources (time, cnn) that it that first time buyers could get 14,500. However since congress passed the bill, it has been stated 8000 for new buyers and 6500 for homeowners who plan to buy another house, or people who have lived on the house for at least 5 years (depends on source). Does this mean they will promise to live 5 years in that house and pay back if the buyers dont live 5 years or that the tax credit will be granted once they live 5 years in the residence? I will gladly accept any clarifications, thank you.

Answer: No. You must have ALREADY lived in the house for 5 years to get the $6,500. It is physically impossible to get both amounts.

Biden predicts Dems will have good 2010

‘I think we’re going to do a great deal better than anyone gives us credit for,’ Biden said of Democrats’ chances in the 2010 elections. (CNN) – Despite rampant speculation Democrats are in for a tough 2010 election cycle, Vice President Joe Biden is dismissing notions the party will witness a “grand debacle” come November. [...]

FOX News Interview with Chip Cummings – First Time Homebuyer Tax Credit