Is this a tax credit or a rebate? I’m not clear on the details of the first-time-homebuyer credit, but Cavuto makes it sound like all you have to do is fill out some paperwork after you buy your house, and soon after, the check is in the mail. IOW, a rebate.
It is a tax credit. It can be used as part of the downpayment or closing costs if the buyer is using certain state run mortgage programs (like NJMFA, New Jersey Mortgage Finance Agency) which help the less wealthy.
Is this a tax credit or a rebate? I’m not clear on the details of the first-time-homebuyer credit, but Cavuto makes it sound like all you have to do is fill out some paperwork after you buy your house, and soon after, the check is in the mail. IOW, a rebate.”
I always heard “tax credit” , which would mean that until the 2009 1040 gets filed, there could be no money applied to whatever taxes you owe-—
OR: If you only owed say, $4000 in Federal taxes, which you had dutifully paid quarterly if you were self-employed ,and you were legally entitled to the $8000 credit, that would trigger a $4000 tax refund to you!!
Again: I have heard of no limit on the number of “$8000 tax credits”, so there could be millions of ones- even liegitimate ones- which would mean that tax income to the US Treasury for 2009 income of citizens would be woefully reduced.
NO money to pay off the debt this administration has gleefully racked up.
Don’t worry - the IRS will doublecheck this program against the voter rolls.