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

LasVegasHotHomes

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

(702) 812-4550

www.DawnBarrier.com

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Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

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Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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HOMESMART ENCORE Las Vegas Dawn Barrier

(702) 812-4550

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Comments

Maybe now buyers will get off the fence and stop waiting to see what else their UNCLE will give them.

Posted by Scott Guay, Associate Broker. Ocean City and Ocean Pines MD (Berkshire Hathaway Home Services PenFed Realty) almost 12 years ago

Scott,

Yes, I think this will help so many first time homebuyers.  I'm not sure if it will put that big of a dent in inventory.  I'm sure if they had of also let "anyone-not just 1st time homebuyers" use the credit it would have moved a lot of inventory.

Dawn

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) almost 12 years ago

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