housing act: House Hopper May Suffer Under New Tax Rules!!!! - 09/07/08 04:11 PM
Life is getting tougher for some people who own more than one home.
Part of the housing-stimulus package signed into law last week by President George W. Bush could reduce -- though not eliminate -- the appeal of a tax-saving strategy used by wealthy home-hoppers.
While the new law won't affect the vast majority of the nation's homeowners, it will likely affect some people planning to sell their primary residence, claim the full home-sale exclusion to pay little or no capital-gains taxes -- and then move to a second or third home they've owned for some time, convert it into their … (7 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001) Ambassador large

Larry Bettag

Vice-President of National Production

Saint Charles, IL

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Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

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 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”(John 14:1-4, New King James Version) Follow this blog Larry Bettag var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-17798043-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();


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