Please read my article that I will post on Wednesday morning of this week about the new bill and how it deals with the $7,500 tax credit. Joe

You cannot apply for the credit until you close on the home, otherwise you will not have the necessary information to file the form. As I am sure you know, only $8,000 is going to be available for qualifying home buyers. Joe

As soon as I know the answer, I will post an article. Joe

I am currently reading the stimulus bill, as soon as I know whether or not they will be forgiving the $7,500, I will post an article. Joe

Unfortunately, you will not qualify for the $8,000 tax credit, but for the $7,500 tax credit. I’m currently reading the stimulus bill to see whether or not they are forgiving the $7,500. Joe

If you purchased the home in July of 2008, then you can only qualify for the $7,500 tax credit. I am reading the bill now to see whether or not you will have to pay it back. Check back for a post in the next day or so. Joe

You probably know by now, but the bill included an $8,000 tax credit, not the $15,000 that was first introduced. It only applies to homes purchased in 2009, not those purchased in 2008. Those who purchased homes in 2008 could still qualify for the original $7,500 tax credit. Joe

The $7,500 tax credit that was passed in 2008 was called a tax credit, but it was really an interest free loan. The new $8,000 tax credit is an actual tax credit that does not need to be repaid. In an early version of the stimulus bill there was a provision to forgive the $7,500 interest free loan and make it an actual tax credit. I do not know if this has actually made it into the final bill, as I have not finished reading it. As soon as I know, I will post about it so keep checking back. If yoour accountant said you qualify for the $7,500 tax credit, then you probably do, but I don’t know whether it is still an interest free loan or a true tax credit. Joe