Comments on: First Time Home Buyers – Don’t Shun the $7500 Tax Credit http://www.californiamortgagerate.com/californiacurrent/first-time-home-buyers-%e2%80%93-don%e2%80%99t-shun-the-7500-tax-credit/ Up to Date Rate Info and More | California Current Fri, 10 Sep 2010 09:46:56 +0000 http://wordpress.org/?v=2.3.2 By: Heindrick http://www.californiamortgagerate.com/californiacurrent/first-time-home-buyers-%e2%80%93-don%e2%80%99t-shun-the-7500-tax-credit/#comment-46 Heindrick Tue, 19 Aug 2008 21:06:11 +0000 http://www.californiamortgagerate.com/californiacurrent/first-time-home-buyers-%e2%80%93-don%e2%80%99t-shun-the-7500-tax-credit/#comment-46 Per the FAQs: "The program is called a tax credit because it operates through the tax code and is administered by the IRS." "So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed." It seems as though it will be "paid" through your yearly tax returns since this would be according to how the credit was issued in the first place. Per the FAQs:

“The program is called a tax credit because it operates through the tax code and is administered by the IRS.”

“So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed.”

It seems as though it will be “paid” through your yearly tax returns since this would be according to how the credit was issued in the first place.

]]> By: Dawn http://www.californiamortgagerate.com/californiacurrent/first-time-home-buyers-%e2%80%93-don%e2%80%99t-shun-the-7500-tax-credit/#comment-45 Dawn Tue, 19 Aug 2008 20:44:50 +0000 http://www.californiamortgagerate.com/californiacurrent/first-time-home-buyers-%e2%80%93-don%e2%80%99t-shun-the-7500-tax-credit/#comment-45 Do you have to send in a monthly payment or does it come out of your tax return every year or your taxes deducted from you paychecks? Do you have to send in a monthly payment or does it come out of your tax return every year or your taxes deducted from you paychecks?

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