I bought my first house last July and I qualify for the $7500 tax credit and i'm trying to decide on the best thing to do with it. My first thought is that i'll just take all of it and put it as a one time payment to my mortgage. My bills are all paid up so i dont have any credit cards to put it towards. I'm selling my car and truck this spring and both of them are paid off and those are going to my investments. So i have all my debt taken care of and investments too. Any other ideas on what to do with it?
$7500 tax credt..what to do
- Thread starter bolinger06
- Start date
From my understanding, this is a repayable loan in the amount of $500 a year for the next 15 years, I guess if you don't need it, why take it??
because its a 0 percent loan... and they take it out of your tax return each year... its free money... I am taking advantage of this as well... plus.. you don't have to start paying on it for two years... and you don't have to pay it back if you sell your house for a loss.
My girlfriend is taking this for a home being purchased in June of this year. The pending legislation no longer requires the 7500 to be paid back. Hopefully they extend it back to when you purchased. Its currently only going to remove the payback requirement for purchased from Jan 09 - July 09. Either way, take it and do something with it.
Earn interest on it is my choice. If they extend back, you won't even have to pay back 1 cent of it.
Earn interest on it is my choice. If they extend back, you won't even have to pay back 1 cent of it.
What is this money and how do you get it?
you have to have bought a home between april 2008 and now to qualify for this. You get it through your tax return.
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Thats a good idea, can you actually use the tax credit towards the down payment?
My first home was a 2 family and acorn actually helped me with my down payment.
My first home was a 2 family and acorn actually helped me with my down payment.
Meh....tell the government to shove their loans where the sun dont shine. With all this crap going on today, I want as little to do with our government as possible.
What if you lost your job next year and are never able to repay that $7500?
What if you lost your job next year and are never able to repay that $7500?
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I'm gonna be taking advantage of it! Like someone else said, it's an interest free loan. Those are kinda hard to come by. haha
Wintermute
Banned
OP, make your engine bay look like this guys. Thats what you do with it.
But get some better times out of it lol.
Exactly which tax form do you use to claim the interest on your mortgage as well as opting for this $7500 loan or credit?
My accountant did it for me :shrug: Why wouldn't you take an interest free $7500 loan? I am paying for a foundation under my new home (its on post and pier). Also im paying for our honeymoon in june! :banana:
Heres something to keep an eye on. 1. They are pushing to make it so its a true credit, i.e. no repayment, its already passed the house, and is working its way through the senate.
2. Senators are pushing to bump it to 15k!
Personally if you have no other debt, throw it on the principal.
2. Senators are pushing to bump it to 15k!
Personally if you have no other debt, throw it on the principal.
so since we bought in 07 we get nothing? :dw:
Any idea when we will find out when it's passed or not??
Thanks :beer:
Where are you finding out this information?? Any idea when we will find out if they are bumping it up to 15k?
Also if there are two people who are first time buyers purchasing the home do they both qualify for the loan or does just one of the buyers qualify??
Thanks
:beer:
Plkdb, I'd also like to know where you heard this. Very interesting information.
Also, About2bite I believe if you are married, each person will get one half of the money.
If you co-own, there are a few examples of how the money could be divided HERE Examples begin at the bottom of Pg. 3
Also, About2bite I believe if you are married, each person will get one half of the money.
If you co-own, there are a few examples of how the money could be divided HERE Examples begin at the bottom of Pg. 3
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It's crazy how many ppl dont actually know about this...I think i'm gonna finish some home improvements with part of it then max out my roth ira and just put the rest in savings for the time being. I dont plan on being in this house for more than 3 years probably so just gonna use most of it on remodeling the house for future sale. Interested in some more info on the bill being passed?
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