950,000 to Repay Homebuyer Tax Credit

September 14, 2010 by  
Filed under Short Sale/Loan Modification Blog

950,000 Homebuyers are to return the first-time homebuyer tax credit for 2009!!!

Apparently over half of the 1.8 million homebuyers who took the credit on their 2009 tax returns are required to payback the credit.  So what was the issue?

http://www.trexglobal.com/property-management/wp-content/uploads/2009/08/first_time_home_buyer_tax_credit.jpg

The issue is that there were 2 separate tax credits.  One which was in 2008 and the other in 2009.  Those who bought their homes in 2008 were able to deduct 10% or $7,500, whichever amount was less; that was a no interest loan that was to be repaid in 15 years.  Although for those who purchased in 2009, they received a similar credit as a rebate that they were able to keep. 

Comments

2 Comments on "950,000 to Repay Homebuyer Tax Credit"

  1. weight on Tue, 28th Sep 2010 3:28 am 

    yeah my dad will like this

  2. Online Games Valley on Tue, 5th Oct 2010 7:23 am 

    Hello, I think your blog is epic. Congrats.
    Online Games Valley

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