Will the15k tax credit for home buyers have to be payed back?
March 14th, 2010 by admin
In the new stimulus plan that will likely get passed in the next couple weeks, there is a provision for a up to 15k tax credit for home buyers. There is already a 7.5k credit, but it is only for first time buyers and has to be payed back when selling. What are the details of the new law supposed to be?
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It doesn’t have to be your “first home.” ANY home purchased in 2009 would be eligible as long as you fit requirements (income etc).
The 15,000 is part of an economic stimulus package to increase home sales and stimulate the economy. You won’t have to pay this back. The idea is you put it back into the economy and everyone wins.
The $15,000 is a maximum. It’s UP TO $15,000 (or 10% of the purchase price of the home).
You will have to have a 5% down payment on the home. (which makes no sense to me as they will turn around and give it right back to you…)
It’s possible this won’t pass at all, or will be amended/ changed before it passes.
Don’t worry about it until it’s a done-deal.