The Senate passed a tax credit in April of this year HR 3221 for the
real estate market. What does that mean to you as a seller or buyer
in the housing market? It means that you will receive a tax credit
when you file taxes for the home you bought in 2008 or 2009.
(this bill is good from April 9, 2008 to July 1, 2009) of $7,500.
This is only for new home buyers. New home buyer is defined
however as not owning a home within the last three years.
You do not have to pay back the tax credit until 2 years
after the home is bought, paying $500 each time.
The loan does not increase because of interest over the 15 year loan period. The purchase price of the home is not to exceed the $7,500 tax credit (which is 10 percent at a time). Single people can take up to ten percent of $75,000 of the purchase price of their home. Married people can take up to ten percent of $150,000 of the purchase price of their home. After a $170,000 home purchase the tax credit disappears. The loan repayment is over a 15 year period. As soon as you sell that home; that tax credit is due to the government. However if you do not sell your home at a profit the loan is forgiven. TALK TO YOUR TAX ACCOUNTANT to make sure everything is filed right on your income tax returns for this real estate tax credit.
****http://www.hud.gov/offices/cpd/about/conplan/foreclosure/senatefinancesummary.pdf
Subscribe to:
Post Comments (Atom)
2 comments:
Interesting tidbit. Have you sent your link out to friends to have them take a look?
Yes, I did...I think it will take some time for everyone to get in the habit to look. I also sent out about 10 postcards with that information. When I get time I will do some more.
Post a Comment