$8,000 Tax Credit For Downpayment Update
May 24th, 2009 Categories: Real Estate News
The Ups and Downs of the $8,000 Tax Credit For Down Payment
There is a lot of rumbling going on about being able to borrow the $8,000 tax credit for a down payment. Some say it is going away, that is NOT TRUE according to a spokesperson from the U.S. Department of Housing and Urban Development or HUD. It is a logistical issue, it has to go through state agencies, then these state agencies will loan the money and then collect it.
Well as you can imagine these same state agencies have lots of questions. Here’s a good question. What are the rules? Seems fair enough to me. One of the biggest problems I see is how is it determined that a person is actually getting an $8,000 credit? If someone has a $10,000 tax liability then they would only have a $2,000 liability afterwards.
Then how do you collect it? Does the IRS send the credit to the agency?
I think they better hurry, because to get the credit you have to buy a home by December 1st, 2009. Hmmm, I smell an extension don’t you but I wouldn’t bet on it.
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