I think it's ridiculous and unfair that people who purchased [a home] after April 2008 now get stuck with paying back the $7,500 [tax credit] given to them ["First-Time Home Buyer Tax Credit: 6 Things to Know," usnews.com]. Now, only a few months later, people get $8,000 and do not have to pay it back. It seriously makes me want to just return my home back to the bank.
Comment by Zulma of FL
[The tax credit] is to stimulate potential buyers sitting on the sidelines to purchase a home this year, which would in turn help the housing industry rebound. Wasting more taxpayer dollars on homes that have already been purchased in prior years would do nothing for the current economy.
Comment by Courtney of CA
I closed on my house 12/29/08. Yes, this ticks me off! Why not have the new home buyers repay if they choose to take the credit just like I have to, or make the whole program retroactive. I know I would put that money back into the economy by doing improvements to my home. Now I'm likely to do something more tax friendly with that money.
Comment by Rob of CO
What's so bad about having purchased in 2008 and "only" getting a $7,500 interest-free loan? How about the poor folks who purchased in 2005 who need to sell for one reason or another and owe more than their home is worth? Not everyone qualifies for a short sale. Be happy with what you have gotten, and remember that if you lose money when you sell your home that you purchased with the $7,500 interest-free loan, you won't have to pay back what is still owed to the IRS if it is less than that loss.
Comment by Mary of CT
Why didn't they make this retroactive. I purchased my house in September and now I have to repay the tax credit, where if I had waited like everyone else I would not have to repay. Why not wait like everyone else and in the next bailout they will have $15k that you don't have to repay. Obama is the worst president, but at least I knew better than to vote for him! A note to everyone who is looking to buy a home, just wait. Eventually, we will need another bailout and Obama will be throwing you more money!
Comment by Rick of CA
I would imagine that the payback clause (15 years @ $500/yr) will likely be waived before they actually collect a penny from you guys. But either way I am happy to have purchased on January 30!
Comment by Todd of MA
The intent of the credit is to give buyers who may not have bought otherwise a reason to buy now.
It is not a matter of "fair and unfair." It is not intended to be a handout to the masses.
It is intended to stimulate purchases in a deteriorating housing market which will, hopefully, turn some of these bad loans into performing ones. It will also help put a floor in real estate prices which benefits all homeowners. Like it or not, the $7,500 loan last year helped provide you an incentive to buy last year. You have already acted. Giving you this money now would accomplish nothing for the country as a whole.
Comment by David K of CA