Will it or won't it? The $ 8000 tax credit is about to expire and the push is on to extend it past the end of November.
I think it was a great idea, but to extend it in its present form might not be the best idea. You see with loan qualifications at the tightest in our history, many people were not able to take advantage of the $8000.
Giving $4500 towards a car and $8000 toward a home seems a little unbalanced, so I would propose the following.
An off the top tax credit, not a refund, of $10,000 a year for three years for all home purchases period. Not just fist time buyers.
*Homes must be kept for 3 years and not resold.
*When you receive your Mortgage interest statement for your taxes there will be an additional entry for paid as agreed.
*If not paid as agreed no tax credit for that year.
*Program is permanent, thus promoting long-term home ownership. It also gives you the opportunity to upgrade if you wish.
*Buy all the investment property you want, just keep it 3 years and rent it. You get $10,000 per home per year on all homes you own.
I think this would promote a long term solution to the issues we now face in the Real Estate industry.
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