BULL SHIT!!!
This is NOT money they made but was credited to them off their tax returns - so in essence they saved a few bucks on their tax returns! They did NOT have it has cash!
No one got the full amount of that money, it only helped in the amount of taxes paid for the year!
BUT now the IRS - U.S. govt. is MAKING THEM PAY BACK THE FULL CREDIT!
What a FU**ing SCAM!
This REALLY PISSES ME OFF - If you can't tell!
Trillions given to banks! YET - a few thousand as A CREDIT on tax returns for people - THEY HAVE TO PAY BACK!
Portion of Article:
It sounded like a great deal: become a first-time homebuyer and pocket up to $7,500 in a tax credit. But if you bought that house in 2008 and received the credit, you're required to start paying it back - now.
That's because the credit was actually an interest-free loan provided by the government to stimulate a near-dead housing market.
The 2008 credit was available to qualified homebuyers who purchased after April 8, 2008, through the end of that year. The IRS has sent letters reminding folks who fall into this category, including 45,865 taxpayers in New York State.
Many have been caught off-guard. They either forgot that the credit was a loan, or believed the loan had been forgiven as Congress subsequently passed different versions of the homebuyer credit that did not require a payback.
