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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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can someone read over this and help me out? please
tax incentive
so, if I buy now, next year on our taxes we get 7500 back(if I purchase home for 150K)
the after that, ever year we file, we pay back 6% of the 7500?
thanks!
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Posted 10/22/08 8:17 AM  |
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jax1023
LIF Adult
Member since 3/07 1165 total posts
Name:
Jackie
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Re: can someone read over this and help me out? please
Yes, you get back 7500 dollar tax credit- so if you owed 2k, you would get a check for 5500. then you pay back 500a year for 15 years, unless you sell the house sooner. Then a lump sum is due for the remainder of the $
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| Posted 10/22/08 8:41 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: can someone read over this and help me out? please
thanks!
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| Posted 10/22/08 9:00 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: can someone read over this and help me out? please
DH and I are planning to file for this.
It's an interest free loan. The $7500 will come in the check with your tax return. Then $500 will be deducted from your return every year for 15 yrs.
We are going to use it pay off our debt!
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| Posted 10/22/08 10:13 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: can someone read over this and help me out? please
Posted by Janice
so, if I buy now, next year on our taxes we get 7500 back(if I purchase home for 150K)
We plan on filing for this! 
Where did you see that the home has to be over $150k?
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| Posted 10/22/08 12:06 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: can someone read over this and help me out? please
Where did you see that the home has to be over $150k?
oh no....I was just thinking and typing that I would be spending about 150K
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| Posted 10/22/08 3:42 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: can someone read over this and help me out? please
bump
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| Posted 12/28/08 2:21 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: can someone read over this and help me out? please
Somehow I am still a bit confused on this! Is it 7500 or no more than 7500? Those who spent say 450k would get back 4500 right?
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| Posted 12/28/08 4:50 PM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: can someone read over this and help me out? please
Posted by Jackie24
Somehow I am still a bit confused on this! Is it 7500 or no more than 7500? Those who spent say 450k would get back 4500 right?
this is what i thought when I read it as well....even though i would love for it to be 7500!!!
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| Posted 12/28/08 5:12 PM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: can someone read over this and help me out? please
Posted by Jackie24
Somehow I am still a bit confused on this! Is it 7500 or no more than 7500? Those who spent say 450k would get back 4500 right?
It's up to 10% of the purchase price of your home. The highest you can get is 7500. If your home was 450K you would get 7500. You don't start paying it back until 2010.
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| Posted 12/28/08 5:12 PM |
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