Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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$8,000 Tax Credit for Homebuyers passes, not $15,000 that everyone hoped for..READ THE BILL. LasVegas

Well folks, it is a done deal now...But, not the $15,000 that was originally submitted...See previous blogs Senate passes $15,000 credit for homebuyers..but wait...its not a done deal yet...

Senator Johnny Isakson, a Georgia Republican who sponsored the amendment has said..said. "I'm extremely disappointed the members of Congress negotiating the final package decided to eliminate my $15,000 tax credit for all Americans who purchase a home. I will continue to pursue my proposal as stand-alone legislation..Read more here

Even though the credit is 10% of the homes value, capped at $8,000,(whichever is less), that is still better than getting 0!  A big plus is that the credit is refundable.

There are restrictions and changes, some of which are...

To qualify, you have to buy a house between Jan. 1 and Dec. 1 and use it as your primary residence.

You must be a first time home buyer (OR.. you haven't owned a house in at least three years)

The credit won't have to be repaid, unless the property owner sells within three years

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

 

Recovery.gov  Read the Bill  You have to go down to about pg 203, HR1 - 192 Div B Tax Provisions Title 1 Sec. 1006

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Dawn Barrier
Liberty Realty
2920 S. Durango
Las Vegas, Nv 89117

(702) 812-4550

www.DawnBarrier.com

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Dawn Barrier    EXP REALTY Las Vegas   (702) 812-4550 

 
 
 
 
 
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Comment balloon 2 commentsDawn Barrier • February 19 2009 10:58AM
$8, 000 Tax Credit for Homebuyers passes, not $15, 000 that everyone…
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Well folks, it is a done deal now… But, not the $15, 000 that was originally submitted… See previous blogs Senate passes $15, 000 credit for homebuyers.. but wait… its not a done deal yet… Senator Johnny Isakson a Georgia Republican who… more
Senate passes $15, 000 credit for homebuyers.. but wait… its not a…
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This is an update from yesterday's post $15, 000 Home Buyers Tax Credit -It may get Buyers off the Fence. Well, todays vote of 61/37 officially passes thru the Senate the stimulas plan, but now has to pass thru both Houses before the President… more
$15, 000 Home Buyers Tax Credit -It may get Buyers off the Fence.
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The Senate voted last Wednesday night to give a tax break of up to $15, 000 to homebuyers in hopes of revitalizing the housing industry, but it isn't official yet… Senator Johnny Isakson a Georgia Republican who sponsored the amendment,… more
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