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$15,000 Home Buyer Tax Credit Possible!

Update: The $15,000 home buyer tax credit was eliminated in the compromised bill. It’s now an $8,000 First Time Home Buyer Tax Credit [1].

A reader, Keith, left the following comment about the $7500 First Time Home Buyer Tax Credit [2]:

I just read that the $7500 home buyer tax credit is going to be jumping up to $15000. I wish I was buying a house this year!!!

Good catch Keith! The Senate voted yesterday to expand the $900 billion economic stimulus package to include the $15,000 home buyer tax credit. Here are some of the key points of the tax credit.

$15,000 Home Buyer Tax Credit

  • The tax credit is for 10% of the purchase price of a primary residence up to $15,000.
  • It will be for homes bought within one year of the date of the enactment.
  • The tax credit would be available to all home buyers, unlike the $7500 home buyer tax credit [2], which is only available to first time home buyers.
  • It would not have to be repaid as long as a buyer lives in the house for at least two years.
  • The idea came from a similar successful tax credit in the 1970s.

We’ll have to stay tuned to see what happens next! If you are in the market to buy a house, this could be a terrific help!