15K primary residence tax credit in stimulus bill

[30ashopper]

This has been completely reworked. The tax break was cut in half, there are now income limits, and the break only applies to new homes.

 

[ClintClint]

I believe that's " first time homebuyers" not "new homes"

 

[traderx]

I believe that's " first time homebuyers" not "new homes"

I believe you are correct. It has been cut to $8k but no longer has to be paid back.

 

[30ashopper]

I believe you are correct. It has been cut to $8k but no longer has to be paid back.

Yep you guys are right. The old program gets converted over, so people don't have to repay, and it's specifically for first time buyers. The income limits remain in place as well apparently.

 

[traderx]

Yep you guys are right. The old program gets converted over, so people don't have to repay, and it's specifically for first time buyers. The income limits remain in place as well apparently.

Yes, income limits are the machine guns and hand grenades of class warfare.

 

[SHELLY]

I believe you are correct. It has been cut to $8k but no longer has to be paid back.

As it reads at time of posting:

FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.

Unlike a similar credit that Congress provided last year, you don?t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years.

 

[Bob]

cue the crickets, very underwhelming