Comments on: New $7,500 Tax Credit For First Time Home Buyers. http://www.mytwodollars.com/2008/08/18/new-7500-tax-credit-for-first-time-home-buyers/ A place to discuss money...for the rest of us. Thu, 24 May 2012 01:22:07 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: $7,500 First Time Home Buyer Tax Credit - Details on $7,500 First Time Home Buyer Tax Credithttp://www.mytwodollars.com/2008/08/18/new-7500-tax-credit-for-first-time-home-buyers/#comment-29018 $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 http://www.mytwodollars.com/?p=1618#comment-29018 [...] New $7,500 Tax Credit For First Time Home Buyers at My Two Dollars [...] [...] New $7,500 Tax Credit For First Time Home Buyers at My Two Dollars [...]

]]> By: The Friday gathering: Whoosh editionhttp://www.mytwodollars.com/2008/08/18/new-7500-tax-credit-for-first-time-home-buyers/#comment-28306 The Friday gathering: Whoosh edition Fri, 22 Aug 2008 11:21:23 +0000 http://www.mytwodollars.com/?p=1618#comment-28306 [...] 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! [...] [...] 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-Uphttp://www.mytwodollars.com/2008/08/18/new-7500-tax-credit-for-first-time-home-buyers/#comment-28242 Start-Up Mon, 18 Aug 2008 19:02:42 +0000 http://www.mytwodollars.com/?p=1618#comment-28242 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. 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.

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