Senate OKs $15,000 tax break for homebuyers – I believe investors too eligible for this tax credit

[scaredyclassic]

this just doesnt inspire confidence for me. im looking to buy a house and for some reason this frightens me, makes me not want to buy. what, are they going to up it to 25k in the fall? it’s kinda like watching prices fall every week on redfin, it just makes you feel like it’s an opening bid. wheres my 4% where’s my bigger tax credit? i think they ought to leave it alone and let it sort itself out

[scaredyclassic]

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[4scommon]

What are the eligibility criteria?
Does it apply only to homes purchased after Dec 31st 2008?

[4scommon]

What are the eligibility criteria?
Does it apply only to homes purchased after Dec 31st 2008?

[4scommon]

What are the eligibility criteria?
Does it apply only to homes purchased after Dec 31st 2008?

[4scommon]

What are the eligibility criteria?
Does it apply only to homes purchased after Dec 31st 2008?

[4scommon]

What are the eligibility criteria?
Does it apply only to homes purchased after Dec 31st 2008?

[ariffe22]

nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.

[ariffe22]

nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.

[ariffe22]

nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.

[ariffe22]

nobody should count their chickens before they hatch here, but it appears as the bill is written it applies to purchases after 12/31/08. In addition it appears that you need to put at least 5% down on the home to be eligible for the credit and the home must be a “principal residence”. There are recapture provisions if it does not meet the principal residence test within the first 36 months.
Then again, this has not passed the joint congressional committee and obtained the President’s signature. Congress says they will be done with this by President’s Day 2/16. We will see.

[Author]

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