Comments on: New $7,500 Tax Credit For First Time Home Buyers.

By: $7,500 First Time Home Buyer Tax Credit - Details on $7,500 First Time Home Buyer Tax Credit

Wed, 24 Sep 2008 14:43:42 +0000

[...] New $7,500 Tax Credit For First Time Home Buyers at My Two Dollars [...]

By: The Friday gathering: Whoosh edition

The Friday gathering: Whoosh edition — Fri, 22 Aug 2008 11:21:23 +0000

[...] New $7,500 Tax Credit For First Time Home Buyers. – I SO wish they would do something like this for all homebuyers, not just first time. I really hope this does help the market though, as I need to sell my house! [...]

By: Start-Up

Start-Up — Mon, 18 Aug 2008 19:02:42 +0000

I’m very happy about this tax credit as I am purchasing a condo on October 3rd. Unfortunately I won’t be able to use the money for my down payment, but I’m sure I can find a way to put a 7500 interest free loan to good use.

There is another interesting provision of the bill that I might be able to take advantage of. Since I will only have mortgage payments and property tax payments for three months, I will most likely still use a standard deduction instead of itemizing. This bill will allow me to increase my standard deduction by the value of my property tax payments, with a cap of $500. I’ll take any deduction the government will allow me to.