Question:

When and how do consumers get their tax rebate on home loan that is offered by the Government?

Answer:

Business tax deductions and tax rebate on home loan and other types of consumer credit have always been available. However, additional rebates have been announced in early 2008. Government money is supposed to hit consumers and employers within 2 months from enactment.

How to Receive Tax Rebate on Home Loan

Consumers don't need to apply and beside tax rebates on home loans this particular rebate does not depend on mortgage size. This is government money purposed to directly reach consumers and boost the economy.

Rebates will be mailed by check - there is no need to apply. The size of mortgage and consumer credit rebates depend on the income and household size. Individual rebates are available from $300 to $600 for incomes ranging from $3000 to $75,000. Joint filers with income of up to $150,000 will receive twice the individual amount. Households with children will receive $300 per child. The limit for family income is $186,000 to receive rebates. Families with income over $150,000 will receive less in rebates than other families.

Examples of tax rebates (home loan amount is of no importance):

  • Those, who earned less than $3000 last year, are disqualified. No rebates.
  • A couple with two kids and joint income of $120,000 qualifies for $1800 check rebate.
  • Someone who made $7,000 and has a child qualifies for $600 rebates.
  • A family with $180,000 with 4 children gets no rebate money.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: