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Zaximus

Senate approves $15,000 tax credit for homebuyers...

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Yeah I bought my house in Feb 07' so I'm screwed from all this.

I know someone that did that $7500 thing a few days ago, I think they have to owe $500 on their returns for 15 years though?

Wonder if this is the same, just more money?

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If it's like the $7500 credit that already exists, it's nothing but a 15 year interest free loan.

< currently under contract on a house so I'm very interested.

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I did not read the article I bought my house in '06 so what does that mean?

It means that I hope someone that has some input worth reading replies to this thread lol.

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It means that I hope someone that has some input worth reading replies to this thread lol.

Oh, you thought somebody gave a damn about your thread... Thats cute.

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It means nothing until the President signs it. Remember, this is not the House's plan so it has to go back to them first. There will probably be more changes and that homebuyers credit might be tweaked, expanded or removed.

Wait until the final bill makes to the president's desk before trying to figure it out.

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Oh, you thought somebody gave a damn about your thread... Thats cute.

I don't know why it wouldn't matter to people? Question: How's it feel to be a moron?

Yeah it seems like they change/update that page and that part was "updated" out. Basically they want to give a $15000 tax credit/break for new home buyers in 2009 I think. Not sure if it's like the $7500 from last year (where it's really a 0% interest loan) and that's what I was wondering.

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If it's like last years it's not really a credit, more like a 0% loan. Which, is still not bad if you took that money and invested it somehow to paid off debt, but if you just take it to buy crap it's about worthless.

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If it's like last years it's not really a credit, more like a 0% loan. Which, is still not bad if you took that money and invested it somehow to paid off debt, but if you just take it to buy crap it's about worthless.

How is that? Looks like a straight up tax credit to me.

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npr buyer tax credit

Isakson said the new tax break for homebuyers was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

Isakson's office said the proposal would cost the government an estimated $19 billion.

The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars.

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