What questions would you like answered about the 8,000 tax credit?

**jamesww** · 05-14-2009, 04:06 PM

I will be sitting down with a CPA next tuesday and was wondering what questions people would like to have answered about the 8k first time home buyer tax credit. I am going to make a video blog out of it and want the serious questions that have to be answered by a CPA.

**RedCarpetSchool** · 05-14-2009, 04:54 PM

Does it need to be used the same year of closing or can it be carried forward or back a few years?

Can it be used on property bought last year or the year before?

**avo81** · 05-15-2009, 04:34 AM

Maybe this is a dumb question, but how exactly does it work? I buy a house this year and I get an extra $8k in my income tax refund next year? Then for the next how many years a portion of that is owed along with my income tax, so I will pay it back over time, but with no interest? Also, can it be used as a down payment? If I am correct in my assumption that I would receive the money next year, I'm guessing no, not directly, but are banks allowing you to use it as collateral? Say I'm $8k shy of 20% of the purchase price, can I get a loan at the same rate as if I had the full 20% for a down payment, given that I can pay the bank the additional $8k next year when I get it?

**Greg** · 05-15-2009, 06:41 AM

Originally Posted by [LEFT

avo[/LEFT]81;57823]Maybe this is a dumb question, but how exactly does it work? I buy a house this year and I get an extra $8k in my income tax refund next year? Then for the next how many years a portion of that is owed along with my income tax, so I will pay it back over time, but with no interest? Also, can it be used as a down payment? If I am correct in my assumption that I would receive the money next year, I'm guessing no, not directly, but are banks allowing you to use it as collateral? Say I'm $8k shy of 20% of the purchase price, can I get a loan at the same rate as if I had the full 20% for a down payment, given that I can pay the bank the additional $8k next year when I get it?

You do not have to pay it back anymore. It is a true credit for first time home buyers.

The down payment option will be on FHA loans when and if this becomes a reality.