$7500 Tax Credit

[Anonymous]

Does this tax credit show on credit report?

[Anonymous]

It's not a tax credit, it's an interest free loan from the govt.

[llecs]

And it doesn't appear on your CR.

[Anonymous]

It doesn't have to be used does it? 

[DallasLoanGuy]

The consumer does NOT have to take the credit. Optional. And while I cannot issue a blanket comment in the open forum that it is good for everyone... it should be.

Think about it.... you put $7500 in this low stock market and by the time you pay it of it may have grown to $25K - $40K or MORE!!!! Great way to save for that college fund. Like, who is gonna have a hard time paying $500 per year at tax time? Just adjust your w-4 accordingly.

Real simple... The guv gives you $7500 and you pay it back $500 at a time over 15yrs interest free.

I have never heard anything about them reporting this loan to the bureaus.

[Anonymous]

It definitely is a good deal, but this isn't a loan you want to default on.

Trying to screw the IRS outta a loan isn't going to go over well for you. So I wouldn't be concerned about whether it's reported to your credit or not (it's not).

[eddymvp]

What is this Tax credit and how do you get it?

[Anonymous]

If you are a first time homebuyer and buy between April 2008 and and the end of June 2009, you may be eligible for a tax credit of 10% of the purchase price up to $7500.  There are income limits.  Also the credit must be repaid starting 2 years after you purchased and spread over 15 yearly payments.  More details at IRS site here.

[DallasLoanGuy]

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@Anonymous wrote:

It definitely is a good deal, but this isn't a loan you want to default on.

Trying to screw the IRS outta a loan isn't going to go over well for you. So I wouldn't be concerned about whether it's reported to your credit or not (it's not).

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that was helpful, how?

 

 

[Anonymous]

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@Anonymous wrote:

It definitely is a good deal, but this isn't a loan you want to default on.

Trying to screw the IRS outta a loan isn't going to go over well for you. So I wouldn't be concerned about whether it's reported to your credit or not (it's not).

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Sorry, but I'm just curious: where was it implied that the OP was even considering defrauding or cheating the gubmint in ANY way, shape or form?

Just wondering if my reading-for-comprehension's shot to heck -- 'cause I didn't see anything remotely suspicious or untoward about their post. o_O

I *think* the OP's post was more concerned about whether or not it would **look** like an installment loan on their CRs. That could very well screw up their DtI in re loans, credit cards, etc.

I DON'T think it implied an intention to cheat Unky Sam.

Message Edited by Wonderin on 01-12-2009 08:14 PM