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Old 01-29-2009, 09:30 PM
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Changes to the First time homebuyers credit

Greetings,

Newbie, so be gentle. So I qualified for the first time homebuyer tax "credit" after purchasing a home in august of 2008. I can opt in for the credit but have to repay the loan over ten years. I have just read that a similar tax credit as part of President Obama's stimulus plan except the new credit would not have to be payed back. Should I wait to file and see if I qualify under the new credit? Or do I have no chance and missed out on not having to pay this thing back.

PS I realize that a tax free loan isn't without value. Just making sure I making financially responsible decisions.



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Old 01-30-2009, 11:33 AM
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I have the same question. I purchased my home in June of 08 I am wanting to know if I will be eligible under the new stimulus provisions to take this as a true tax credit and not be required to repay.

Thanks for any advice.



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Old 01-30-2009, 12:24 PM
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Remember, a Bill is simply a proposal, but once Congress approves it is a Law. However, I really don't think that this part of the bill would undermine the current "First Time Homer Buyer Credit" as an enormous amount of time was spent drafting this bill and eventually having it passed in the law!

Still, it seems that you have become quite familiar on this subject and perhaps you should wait a month or so before filing your taxes. Until then, just wait it out. If you elect to choose the new proposal, clearly I would think that the offset would be receiving less in terms of the tax credit, so as a taxpayer you have to weigh out your options carefully and discuss this with your CPA or Tax Adviser.

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Old 01-30-2009, 12:28 PM
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Thanks for the reply. I have read conflicting reports on the issue. I think that I will take you advise and play a bit of the waiting game and talk it over with a pro.



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