$8,000 tax credit easily passes Congress, allowing more and more buyers to use their tax “gift” at closing for fees and down payment, says FHA and Fannie Mae.
Sarasota Realtor Mike Payne helps Canadians Dave & Alda buy their winter home!
$8,000 Tax Credit extension called “The Extended and Expanded Tax Credit Agreement” hopes to resuscitate a struggling economic recovery now burdened with commercial failures dropping like dominos.
Oh well, that’s another (depressing) topic. Right now, it’s party time!
Extended Tax “Gift” hands $8,000 to first-time homebuyers (those who haven’t owned a property in 3 years). It’s the same definition as current law.
But wait, there’s something new here:
Extended Tax “Gift” also allows for $6500 to repeat home purchasers, those who have used previous home as principal residence 5 of the 8 previous years. Naturally, there is an income limit of $125,000 for single filers/$225,000 for joint filers. Same for first-time & repeat/move-up buyer. You can’t buy a mansion & collect $6,500. Limitation on cost of home you purchase is $800,000 if you want this gift, that is. Sorry!
This extension is good for December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010
Last, Congress has added anti-fraud measures.
Great news, isn’t it? Of course, at the bottom of this press release is the dreaded small print, reminding all of us taxpayers (and future taxpayers all the way 3 or 4 generations from now that we/they are responsible for this HUGE tax burden. Oh well, somebody has to pay for the economic collapse created and exacerbated by BANKS, the FED, Congress & Alan Greenspan & Congress. What, you still believe those people getting subprime and investors and their NINJA loans caused this collapse? I pity your naivety.
$8,000 Tax Credit (gift) is extended and the housing recovery continues. If you want to buy or sell in the Sarasota, FL, or Orlando, FL, markets, please contact me. You can visit me at my real estate website at Sarasota Homes For Sale Now website. I would appreciate working with you to sell or buy. Please pardon the dust, though, as I’ve rebuilt the site and need to “flesh it out.” Are you angry about this tax credit? Please scroll down and leave your comment. Want to challenge me on who’s at fault for this collapse? Be my guest. However, it’s too late to point fingers, isn’t it? With that said, I apologize for bringing it up. It has no relevance any longer?
Similar Posts:
- Consumer Spending, Inflation, & Mortgage Prices
- Mortgage Arrears come down
- Home Foreclosures Reach An All Time High
- Bankruptcy Filings Surge To A Five Year High
- Debt and Taxes: What You Need to Know
Tags: Buyers, Tax “gift”
Posted October 30, 2009 by admin under Credit Report