Upcoming Foreclosures

$7,500 US Government Foreclosure Tax Credit ?

Is that per house or just one home

Public Comments

1. It is not a "foreclosure" tax credit, it is a "first time homeowner's" tax credit. See www.irs.gov.
2. It only applies to "First Time Homebuyers".
3. There is no $7500 tax credit on foreclosures. There is a credit for first time homebuyers who BUY a house during a particular period of time that started 4/9/08. It's really a loan that is paid back at $500 per year for 15 years.
4. There is no "Foreclosure Tax Credit." There is a "First Time Buyer's Credit" that is actually an interest-free loan that must be repaid over a 15 year period. If you sell at a gain before paying it off, the balance is due upon sale of the home.