Saturday, February 18, 2012

Did they pass the legislation to forgive the $7500 tax credit if you bought a house this past year?

I heard that there was language in the Recovery Act that said they would forgive the tax credit given to the persons who bought a house last year. Just wondering if anyone knew what happened or have links? I just can't find anything online and have searched everywhere.Did they pass the legislation to forgive the $7500 tax credit if you bought a house this past year?It is all spelled out in IRS Form 5405 which you can download from irs.gov. If you got up to $7500 tax credit for a purchase in 2008, it is still a no interest loan that you need to pay back. But you get up to $500/yr property tax credit ($1000 if married filing jointly) even if you do not itemize, which should help pay it back.Did they pass the legislation to forgive the $7500 tax credit if you bought a house this past year?no. the $7,500 must repaid over 15 years. for those who purchased a home on or after 1/1/09 they receive $8,000 and do not have to repay it if they live in home 36 months.Did they pass the legislation to forgive the $7500 tax credit if you bought a house this past year?no, you still have to pay it back.
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