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By: Ben

I agree with Cindy Girl, that there is a possibility in the future that re-payment will be forgiven for thos who bought in 2008. It would be tough to sort out who has to repay and who does not,...

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By: Mike

The Wall Street Journal online has a great blog explaining the two versions of the tax credit. It goes into details. I think this blog will be help As far as stimulating demand for housing is...

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By: John Moore

Folks – Google and read the Amendment! The only thing I have to ad is this – It’s only for Single Family Residences. Good Luck All! John

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By: Ashley

We are buying a house with a close date of March 20th. We don’t mind if we get the $7,500 and have to repay it back because it helps us right now. The $15,000 on the other hand would not help us...

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By: Cindy

Ashley, As it stands now with the Senate version, you would not be eligible for the 7,500 “loan” and that credit is “sunsetted” upon the enaction of the 15,000 credit. Thus, you only would be eligible...

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By: Solon

Kelly, That would be true if everyone who bought a home were selling a home, but that is not the case. For one, there is a population of buyers who are currently renting. This added incentive along...

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By: Andy

The tax credit was doubled after 8 months only. Shows the sorry state of the housing market. With median home price in the USA aroun $160K, the government is essentially paying the downpayment. Yet...

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By: Dustin

Ginger & Robin, I am right with you on the 5% down payment stipulation. I did not hear about it until today. It will be nice to see the dust settle and have some real answers. We are looking to...

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By: Shawn

Another quick question for anyone. I purchased a house in september of 2008. Say I took the first time homebuyer credit of 7500 but then sold my house this spring for what I piad for it or a slight...

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By: John Moore

Folks, here the text of the actual Amendment. BTW , nothing about 5% down at all… John SA 106. Mr. ISAKSON (for himself and Mr. LIEBERMAN) submitted an amendment intended to be proposed to amendment SA...

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By: brad

Just saw this on CNN. But it is Rumored the “$15,000 Tax Credit” in the Senate will not remain exactly as is (you know, as seemingly everyone on here said it wouldn’t). Looks like they are really...

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By: Jason

According to the report I just saw on Yahoo the whole 15,000 plan has been nixed. If thats true it would not suprise me. Why help the little man when the billionaires need help. I love this government.

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By: Dustin

Jason, Just saw the same thing on CNN and Fox News. If were not fixing the housing market then what a waste.

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By: Ginger

Yep, looks like the $15k is likely to be wiped out, as they have pared the stimulus package down to $789 billion. I wonder if the $7500 will remain in effect until July, as originally planned? I hate...

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By: Ginger

I meant “interest” free loan…

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By: Heidi

wow, that is crazy…. since $0 down, $0 closing is long gone how else would the govt expect people to consider buying a home if they now get rid of the 7500 and/or the 15k in the market we’re in….ginger...

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By: Mary

I read an article on Reuters that the Senate version is dead, but the $7,500 version that was passed by Congress is still a possibility.

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By: Mary

From CNN at 5:00 EST The homeowner tax credit has been kept but significantly reduced.

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By: Ryan

Does anyone know what the tax credit was reduced to?

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By: C L Paro

I’m glad the credit was nixed, it was insulting to every current homeowner in America.

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By: Mike

Every comment on this board has completely missed the mark. My question to everyone that is so excited about receiving this credit is, “Would you feel comfortable knocking on your neighbors door and...

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By: Sam

It’s the same as someone who has kids, they get a tax credit from my money to raise their own children

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By: Heather

Those of us with children aren’t getting your tax money. We are getting some of our money back. Do you have any idea what it costs to raise a child? If you want the money have some kids. And quit...

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By: Sam

Then don’t have kids if it costs so much and the truth is what I pay in federal withholding is only the amount I can get back so I’m just getting to keep my money

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By: C L Paro

Mike, I agree and well said and maybe you should re-read the forum , many people agree with you. So your “Every comment on this board has completely missed the mark. ” is not acurate.

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By: Dan

Here is the latest: Per LA Times First-time home-buyers could qualify for an $8,000 tax credit. The credit is slightly larger than the $7,500 credit in existing law, but it is substantially less than a...

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By: Ben

Any word on income limits with the new combined (house and senate) bill?

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By: Mary

Mike, I agree with you, but the majority of Americans voted for an administration that openly expressed the opinion that we should “spread the wealth”.

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By: John Moore

Mike, On Monday I was going to receive a $15,000 refund – now – zip. C’est la guerre ; ) The fundamental objective of our government is to “provide for the general welfare” of its citizens. Right now,...

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By: Shawn

Can someone please answer this?? Another quick question for anyone. I purchased a house in september of 2008. Say I took the first time homebuyer credit of 7500 but then sold my house this spring for...

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By: John Moore

Call the IRS at 1 800 829-1040. I’m virtually sure that “the year” is 365 days after you settled on the current house. John

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By: Mike

Ok, I’m done after this. I obviously didn’t expect to change anyone’s mind so there’s no point in going back and forth forever. Mary, The Constitutition is in place to specifically protect citizens...

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By: Robert

So .. is the $7500 credit that we have to pay back still in effect? I bought a home in August 08, and I took advantage of that interest free loan on this years tax return. The Fed’s have already put...

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By: tyler

Robert – the money you already received is yours – you WILL have to pay it back at $500 a year for 15 years starting two years from now. The new bill (as it stands)only takes the current law, and...

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By: Robert

Tyler, thanks.. that’s what I assumed, but I am okay with that. When I took it, I originally assumed I would be paying it back, so no surprises there. I should be able to lower my mortgage interest...

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By: Ben

Does anyone have the text to the new housing stimulus wording (or have a link to a website with the final legistlation being considered)? Thanks

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By: tyler

here’s the final versions: http://www.huffingtonpost.com/.....66604.html see section B for the homebuyers credit information

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By: tyler

to summarize the text- senate version is eliminated – they basically take the current law ($7,500 interest free loan) and make the following changes: For homes purchased by first time homeowners...

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By: John Moore

Mary, And one of those powers specifically delegated to the Congress is the power to legislate taxes…which is exactly what they are doing. You’re working rather hard to avoid facts that don’t support...

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By: John Moore

Mary, Please forgive me, I intended my previous post to be addressed to Mike. John

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By: Cindy Girl

Shawn: based on the info you gave, it appears that you may not have to pay it back (under current rules). I interpret it that you can’t sell it in the year you bought it and if you can demonstrate to...

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By: Lauren

We bought our first house at the end of April 2008, I know that i qualify for the $7,500 that we have to start paying back in 2 years $500 each year for 15…but can I qualify for more money? The $15,000...

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By: Ben

Lauren – There actually is no $15,000 credit anymore, the bill was not approved. An $8,000 credit was approced for 2009 homebuyers that does not have to be repaid. For the 2008 homebuyers, right now...

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By: April

is this actually true?

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By: John Moore

Yes, it is actually true. Read the earlier posts – all the details are already in those posts. It’s all there. There’s nothing more.

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By: April

i thought this wouldn’t be true.

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By: John Moore

and…?

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By: Denise Brown

I think this is great! We just bought our home in June and it is nice to know that we have something to look forward to when we file next year.

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By: carolyn

I need help with my home, If I don’t find away to get 15,000 my home will be foreclosed. I got divorced and the economy got bad and I got behind on my mortgage. I’ve been in my home 18 yrs. This is...

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By: Scarlett

Credit or no credit….Now, if only we would send the capitalist pigs that made the real estate market a derivative market go to prison…one can dream. And perhaps the taxpayers should be punished to some...

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