Blog: What's Up With The $7,500 Tax Credit?

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From: Linda: You were talking on WSB this passed Sunday morning about a $7,500 tax break for buying a house I did not catch the full story. Where could I find that information? Thanks.

From Ilyce: At the moment, what's available is a $7500 tax credit -- a dollar for dollar reduction in the total amount of tax you pay. It's available only to first-time buyers (although that group might include anyone who hasn't owned a home in the past 3 years).

But you have to pay the tax break back at a rate of $500 per year over 15 years. So, it's really like a no-interest loan from Uncle Sam. But there's talk about removing the repayment requirement for anyone who buy a house in 2009 (or maybe the first half of 2009). Watch this spot because as soon as the federal gov't decides what to do, we'll report on it.

January 20, 2009

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Related Topics

• home buying, 
• tax deduction, 
• taxes

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