2008 First-Time Home Buyers Keep Your Money!

For those of us who have bought houses for the first time before January 1, 2009 a tax credit was issued. This tax credit was 10% of the purchase price up to $7500. This credit is to be repaid over 15 years in increments of $500 a year starting in 2010.

On February 17, 2008 President Obama signed a stimulus package that will allow first-time home buyers to receive a tax credit. The tax credit will be 10% of the purchase price of the home, purchased after January 1, 2009, up to $8000. This money does not have to be repaid.

I believe those people who bought houses, in a time of great trouble for the USA, should be rewarded for their trust in the market before the new stimulus bill was passed. I believe those first-time home buyers who purchased their home between January 1, 2008 and December 31, 2008 should be allowed to keep the tax rebate that has been or will be issued in their 2008 taxes.