Grab That $7,500 Handout Before June ’09
Well, perhaps that’s a bit harsh, but anyway, April 9, 2008 through June 30, 2009 is the period to qualify for an up to $7500 home purchase tax credit created by the humongous housing bill Congress created to solve the housing mess.
Many Redfin readers have criticized Congress’s efforts to bail out taxpayers, but with this tax credit, recipients have to pay back the up to $7500 they’ll get for a first-time home purchase. (You can also get it if you haven’t owned for three years, Ken Harney explains in a recent column.)
Of course, it’s true that if you sell the house during the up to 15-year repayment process, you don’t have to pay the credit back. Basically this is an interest-free loan you pay back over 15 years. Since buyers are expected to repay, seems like this is a relatively benign attempt to encourage buying, yes? (Photo: respres)
