From Yahoo!: The Hidden Tax Traps in the Housing-Rescue Bill.
First, we have a $7,500 credit for new homeowners that's not really a credit. It's a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home -- up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is purchased.
So it's not a tax-credit after all. It's just an interest-free loan that you have to pay back for the next 10 years.
I love this country. You get to shear the sheep all day long, and not only do they not object, but then afterwards, they even thank you for it.
"Thank you, sir! May I have another?"
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