tax 'credit'

[vwboomer]

I have the option of putting in for the first time homeowners tax credit. It's  a $7500 addition to my federal return. Sounds great. But after two years it's got to be repaid over a 15 year period.

Think it's worth it? It's basically an interest free loan which is nice. But I wouldn't really consider it a 'credit'. Wish I had known about that before I took 5k out of my 401k to finish paying off my truck 

Of course, if I actually get laid off next month it would be very handy cuz I might be able to avoid selling the S4R for food

[somegirl]

It's a better deal than the loan from your 401(k)...if you get laid off you may have to pay that 5k back right away.

[derby]

if you consider the time value of money, it's not a bad deal.

[TiAvenger]

Its "free" money. We are taking it and paying off cc and student loan debt.  Paying 0% apr is better than 4-16%

[NAKID]

Got a link to that credit? Is that something new? I have owned the house since Jan 05, wonder if I qualify?

[Statler]

Got a link to that credit? Is that something new? I have owned the house since Jan 05, wonder if I qualify?

http://www.federalhousingtaxcredit.com/faq.php

[nateqwik]

Got a link to that credit? Is that something new? I have owned the house since Jan 05, wonder if I qualify?

You don't. It's for first time homeowners who bought or built  in 2008. Uncle Sam want to "give" you the "credit" in hopes that you will spend it on a new plasma tv or something else to try and get the economy going again.

[NAKID]

That sux. I'd like a $7500 interest free loan...

[vwboomer]

Yeah it's pretty sweet. I didn't know anything about it until yesterday. So I'll take it. And if I keep my job, I'll get central air and maybe the new tattoo. Rest is bank! If I lose my job, pay back the 401k loan, and buy some Top Ramen!