Proposed Tax Credit - How Will This Sweetener Affect You?

By
Real Estate Agent with Baird & Warner Real Estate

Tax Credit on 2008 Return

First, this bill has not passed Congress yet - just the Senate.  But what a hopeful sign for potential homebuyers.  This is a real tax credit not a loan and is not limited to first-time buyers (as the recent $7500 "credit" was.)  

Here' the bill At A Glance:

  • Buyers would get 10% of the purchase price up to $15,000 applied to their tax bill
  • It applies only to primary home purchases (to deter speculators)
  • Anyone who buys a home within 1 year of the bill's signing would qualify
  • If you've already completed a purchase, this bill won't apply
  • There is no income restriction
  • You can file the purchase on your 2008 income tax return
  • You must live in the house for at least 2 years
  • The credit applies to houses or condos

This bill is part of the larger stimuls package that was introduced by President Obama.  Although passage may depend on shaving off some dollars, the National Association of Realtors is confident that the bill will pass with this amendment intact.

The hoped for result?  Buyers who have been waiting for prices to lower even more may decide to buy now and apply the credit.  And the heavy inventory that we are now carrying will start moving - to the relief of thousands of home sellers!Happy Homesellers

 

 

 

 

 

 

Posted by

Margaret Goss - Winnetka and North Shore Real Estate Broker
Specializing in homes for sale in Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, Glenview, Northbrook, and Evanston.

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Rainmaker
355,144
Alan Brown
Coldwell Banker Montrose Colorado - Montrose, CO
29 Years of Real Estate Experience .

I think will help some, anything is better than nothing. I still think the biggest problem now is the rising unemployment, no job you are more likely to be losing your home than buying one.

Feb 07, 2009 07:56 AM #1
Rainmaker
223,489
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

I think this will defenitely get some buyers off the fence.  I also think savvy buyers are waiting on this to make their move as well, which is not so much fun for sellers in limbo.

Feb 09, 2009 09:31 AM #2
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Margaret Goss

Chicago's North Shore & Winnetka Real Estate
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