Some Questions (And Answers) On The $7,500 Home Tax Credit

Q. Can you change your W-4 form so that less income tax is withheld to get the money sooner than applying for the credit?

Q. If you take this tax credit for 2008, when would you begin owing payments?

Q. Because this is a loan from the IRS, will the IRS be sending an annual loan statement to taxpayers?

Q. Can I pay off the loan early?

Q. What happens if someone does not pay the debt back on time or at all?

Q. Will this be a debt that has to be settled at closing if you sell the house?

Q. If there is not a lien on the property, how will a settlement company know the debt is due when a homeowner sells?

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