Law passed for $15k tax credit on buying homes

[snowbank]

Senate OKs $15,000 tax break for homebuyers - Yahoo! News

Anyone know much detail on this?

 

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[Qjet50]

This proposal just represents one Senate approved component of the massive stimulus bill making its way through the legislative process. Likely lots of compromises will occur once House and Senate leaders meet to hammer out the differences. This proposal may or may not survive that process.

 

[kurtyordy]

Senate OKs $15,000 tax break for homebuyers - Yahoo! News

Anyone know much detail on this?

This proposal just represents one Senate approved component of the massive stimulus bill making its way through the legislative process. Likely lots of compromises will occur once House and Senate leaders meet to hammer out the differences. This proposal may or may not survive that process.

Selfishly, since I will be buying soon, I hope survives and passes quickly.

 

[Yankees338]

Is this gonna be one of those offers limited to people buying homes for personal use? I skimmed the article and didn't see any mention of this, but wasn't there some provision like that with one of the programs instituted to help get rid of foreclosures?

 

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[hatterasguy]

Fantastic, maybe it will motivate people to buy more homes.

 

[BryanC]

If you buy a house and you pay cash and 15K is more than your payments into the system, do you actually get the difference back from the IRS?

Like, yearly net income $50,000 and $7,500 Deposit into the IRS for taxable income taxes. Will I end up with a $7,500 check from the Treasury? Or is the credit only good towards reducing the amount of taxes you pay into the system?