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hviola · 01-21-2009, 05:54 AM

Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return.
But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this?

01-21-2009, 05:54 AM	#33
hviola YT 1000 Club Member Join Date: Jun 2008 Location: Casey, IL Posts: 1,175	Well, Ive been looking for other ways to have some emergency funds around. When I was working on my taxes last night, I saw that I qualified for a first time homebuyers credit of $7500. You actually get this in cash on your return. But......starting in 2010 you pay it back using part of your return for 15 years. There is NO interest on this at all. Our return is usually 1700, so it would reduce our return to about 1200 for 15 years. Thats the only bad thing. But it would be money in my savings account that I can count on to be there for emergencies. What do you think about this? __________________ Heather, mommy to Drake (7 yr old son), Triss (yorkie), spike (dachshund), ash and misty (my cats), and a baby on the way due Oct 1st!