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$15,000 Tax Credit For Homebuyers.

Guess it’s time for me to start looking for a house again, huh?

“The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama’s recovery plan. The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only. Isakson’s office said the proposal would cost the government an estimated $19 billion.”

A $15,000 homebuyers tax credit? That doesn’t have to be repaid? For everyone? Score one for the regular guy.


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Comments (8)

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  1. frugalcpa says:

    I was just reading about this. Kind of makes me question my plan to rent when I move later this year . . .

  2. Nick says:

    Where does this article say it doesn’t need to be repaid? I am pretty sure it is a tax free loan… I know Dave Ramsey isn’t a fan of the current $7500 tax break for homeowners.

    http://www.daveramsey.com/etc/askdave/index.cfm?event=dspAskDave&intContentItemId=11340

  3. david says:

    It is not a loan, whereas the original version of $7,500 was an interest free loan. If it passes as it stands now, you will not have to repay it.

  4. Nick says:

    Can you post a link where it says “you will not have to repay it” ?

  5. Nick says:

    I don’t see any mention of free money. Quote the line where it says it is free, does not require repayment.

    It is is a loan, not a free $15k. Read the dave ramsey link. Read the comments of the blogs you listed, people are saying the same thing as me.

  6. Nick says:

    Still can’t find the part about the free money. It says it is a tax credit, but it doesn’t say they will cut you a check.

  7. david says:

    Nobody said it was a check. It’s a tax credit, not a cash payment.

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